A card that resembles a credit card but which debits a transaction account ( checking account) with the transfers occurring contemporaneously with the customer's purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment. Bloomberg Financial Dictionary
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A means of payment for consumer goods and services which allows retailers to draw funds directly from a consumer's bank account. Unlike a credit card it does not offer the possibility of purchasing using borrowed money.
► See also Credit Card.
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debit card UK US noun [C]
► COMMERCE a small plastic card that you can use to get cash from cash machines, or to pay for goods and services. When you use the card, the money is taken directly from your bank account: »
Make online payments using your MasterCard or Visa debit card.
»Debit card payments will incur a small handling fee.
»Can I pay by debit card?
»All debit card transactions will be in pounds sterling.
→ Compare BANK CARD(Cf. ↑bank card), CHECK CARD(Cf. ↑check card), CHEQUE CARD(Cf. ↑cheque card), CREDIT CARD(Cf. ↑credit card)
Financial and business terms. 2012.