For payments on the Internet, cards of international payment systems are most often used, directly or indirectly. So getting a plastic card is the first step to virtual shopping.
Which card should you choose?
Payment cards of MasterCard, VISA systems are widespread, American Express and others are less common. Is there a difference between them? Yes, but not essential for the cardholder.
To pay with a card in a store, you need to enter the card details: number, name of the owner, card expiration date, and secret verification code CVC2 / CVV2. All these details are printed on the card on the front side, except for the verification code, which is printed on the back.
On the reverse side of the card, as a rule, the address and contact phone number of the bank’s support service are printed.
Maps come in different levels:
- Entry-level cards: VISA electron, Maestro. Subscription electronic use only on such cards means that the card should be used only using electronic means of card authorization. Salary cards usually come in this class. Payment in online stores with such a card sometimes passes if the full number and verification code are indicated on it, and, of course, if the bank allows such operations. This is the easiest card to get, but no one can guarantee that it will work in all the stores you need.
- Mid-level cards: VISA Classic, MasterCard Standard. As a rule, cards are more expensive to service, but they are accepted everywhere. Of course, all the details on such cards are imprinted.
- Cards of premium and super-premium class: VISA Gold, MasterCard Gold, MasterCard Platinum, etc. They do not differ much from the previous point in the online shopping acceptance.
- Virtual cards: These are cards that exist only in the database of the bank that issued them. The owner of such a card is simply given its details – number, validity period, secret code. As a maximum, the “material carrier” of such a card can be a cardboard box with details, on which there is neither a magnetic strip nor a chip. Such a card cannot be used at a terminal or ATM.
In general, the functionality of virtual cards, the pros, and cons of using them strongly depend on the issuing bank.
Which bank to choose?
- First, you need to find out the list of services in a particular bank and their cost.
For example, not all banks issue virtual cards. It is imperative that you need an SMS-informing service on the movement of funds on the card. It is highly desirable to have a developed Internet bank. In many banks, these services are free, but some still require money for them. Some banks overvalue the rate when conducting foreign exchange transactions, some refuse to pay without specifying a secret code, which is why it will not be possible to pay in a number of stores.
- Secondly, in case of any problems, only the bank’s support service will save you.
So the support service should be sane and easily accessible – if you suddenly need to block the card urgently, then the extra 10 minutes of waiting for the operator’s response can be very expensive. In addition, it is possible that employees of a foreign online store will have to communicate with the support service of your bank, and this communication will determine whether a purchase will be allowed.
- Thirdly, think about how convenient it will be to deposit funds to the card.
Convenient location and opening hours and no queues will make your communication with the bank much more pleasant.
- Fourth, be sure to read reviews about the bank on the Internet in various forums.
You need to treat them quite critically, but the quality and quantity of reviews, especially negative ones, will help you understand what pitfalls may await you when working with this particular bank.
- For information, Bank of America – a large financial conglomerate in the United States, provides a full range of financial services to individuals and legal entities, governments, and global corporations. It is included in the TOP-4 financial groups of the country. For example, if you have a bank account in the bank of America then check all their card services like what is the benefit that bank’s card can give us. And if you’re making a wire transfer (whether domestic or international), then you’ll need to provide a routing number then check out the bank of America routing number.
- Consumer Banking – opening and maintaining current and savings accounts for clients, issuing debit and credit cards, consumer lending. This division serves individuals and small entrepreneurs through the Internet bank network and a mobile application, 4400 branches, and 17 thousand ATMs.
- Global Banking – the division serves large corporations, international charities, and foundations, global companies. In addition, this organizational structure deals with financial advice, granting loans, and offering shares.
Which card is worth issuing?
There are credit or debit cards. They differ in that a credit card implies the use of bank money with interest payments, and a debit card implies the client’s hard-earned money. Getting a debit card from many banks is easier and cheaper than a credit card.
At first glance, it is not at all profitable to get a credit card if you can get a debit card, put money into an account and not feel like a debtor.
- But, firstly, in most banks that issue credit cards, there is a grace period, in which interest is not taken on the loan. In fact, this is a payment by installments for a period of up to 50-60 days.
- Secondly, a meeting with such an unpleasant phenomenon as “double blocking” is not excluded, when part of the money in the account is not spent and is not available for use. It is better if it will be the bank’s money and not your hard-earned money.
Always make sure to check the credit card validity and eligibility with a credit card checker before making any payments.