What is plastic money

What is plastic money?

All three types of ATMs, debit cards and credit cards are called 'Plastic Money'. Although there is a similarity in the nature of these three, there is a difference between their use, specifications and limitations in all these cases.

Let's see the types of plastic money

ATM: ATM means Automated Teller Machine. It is also called 'Annie Time Money'. Use of ATM card is limited to withdrawals from ATMs. You can only remove the amount of money your card has associated with this card. This money immediately turns from your account. To complete the transaction, a special four-digit number has to be used as a 'Pin' (Personal Identification Number).
Debit Card: Doing the bills of service and doubling. Thereby, all transactions related to ATM cards can be made; It is also used for the purchase of goods, hotel bills, cinemas, trains, passenger buses, aircraft tickets and other such services. All of these transactions can also be done from the home based online method. Like ATM, this card is also linked to your account and can be traded only to the extent of the balance in the account. It also has to be used for dealing with PIN. However, when an online transaction is conducted, a number is sent to your mobile phone. It's called 'One Time Password'. You can complete online transactions using this OTP. For transactions done through this card, we generally have to give 1.36 percent to 2.25 percent more. But not all establishments charge this fee. So, you should use this card after getting information about such charges.

Credit Card: Cray Diet means 'Credit'. Only after inquiring about the number of people who work for the card, their job, their business, their annual revenues, etc., then the banks give a credit card. This card also has a limit on the extent to which transactions can be conducted and the bank concerned determines the limitations mentioned above. If the amount is not paid before the due date of the transaction using the card, interest is charged from 36% to 48% of the annual interest. This type of card is a life cycle cycle.

Plastic money means that the transaction is complete using cash / debit card without any debit / credit card. You are using plastic money when using credit / debit card without completing cash or using cash. Used for debit / credit card or other card transaction, it is referred to as plastic money.