Bank Cards

Bank-issued plastic card with a magnetic stripe that holds machine readable identification code. Bank cards are used for electronic commerce (with magnetic stripe readers or viaInternet) and for banking transactions through automaticteller machines (ATMs). Two main types of bank cards are: credit cards (which allow drawing of funds up to an approved credit limit) and debit cards (which allow drawing of funds up to the available balance in cardholder's account).

Credit cards
small plastic card issued to users as a system of payment. allows its holder to buy goods and services based on the holder's promise to pay for these goods and services (continuing balance of debt) the information on the card is read by automated teller machines (ATMs), store readers, and bank and Internet computers. The first universal credit card -- one that could be used at a variety of stores and businesses -- was introduced by Diners Club, Inc., in 1950. With this system, the credit-card company charged cardholders an annual fee and billed them on a monthly or yearly basis. Advantages:
Free, short-term credit - as long as you always pay your balance in full by the due date shown on your statement. Credit cards offer a safe and convenient way to pay for goods and services both in the UK and abroad,

particularly if you are purchasing over the internet, phone or by mail order. Purchase protection - under Section 75 of the 1974 Consumer Credit Act card issuers and retailers take joint responsibility for faulty purchases, If you pay for something with a credit card, valued between 100 and 30,000, that turns out to be faulty or which you do not receive because the company goes bust, you can claim a refund from the card provider. Protection against fraud if you are the innocent victim of fraud you will not be expected to pay if a criminal uses your card. A truly global currency, as credit cards are accepted in virtually every country around the world. Disadvantages:
You will incur interest if you are unable to repay your balance in full every month. Interest rates vary

significantly so if you cant afford to clear your debt you should look for a card that offers a competitive rate of interest. The amount you can spend on a credit card is capped so you may not have access to as much money as you expected.

Debit cards
a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution can be used as an alternative payment method to cash when making purchases the funds paid using a debit card are transferred immediately from the bearer's bank account Advantages of debit cards
A consumer who is not credit worthy and may find it difficult or impossible to obtain a credit card can more

easily obtain a debit card, allowing him/her to make plastic transactions. For example, legislation often prevents minors from taking out debt, which includes the use of a credit card, but not online debit card transactions. Like credit cards, debit cards are accepted by merchants with less identification and scrutiny than personal checks, thereby making transactions quicker and less intrusive.

 Unlike a credit card, which charges higher fees and interest rates when a cash advance is obtained, a debit card

may be used to obtain cash from an ATM or a PIN-based transaction at no extra charge, other than a foreign ATM fee. It is easy to obtain a debit card Disadvantages of debit cards
Use of a debit card is not usually limited to the existing funds in the account to which it is linked, most banks

allow a certain threshold over the available bank balance which can cause overdraft fees if the users transaction does not reflect available balance. Many banks are now charging over-limit fees or non-sufficient funds fees based upon pre-authorizations, and even attempted but refused transactions by the merchant (some of which may be unknown until later discovery by account holder). [8] In some countries debit cards offer lower levels of security protection than credit cards. Theft of the users PIN using skimming devices can be accomplished much easier with a PIN input than with a signature-based credit transaction. However, theft of users' PIN codes using skimming devices can be equally easily accomplished with a debit transaction PIN input, as with a credit transaction PIN input, and theft using a signature-based credit transaction is equally easy as theft using a signature-based debit transaction. In many places, laws protect the consumer from fraud much less than with a credit card. While the holder of a credit card is legally responsible for only a minimal amount of a fraudulent transaction made with a credit card, which is often waived by the bank, the consumer may be held liable for hundreds of dollars, or even the entire value of fraudulent debit transactions. The consumer also has a shorter time (usually just two days) to report such fraud to the bank in order to be eligible for such a waiver with a debit card,[8] whereas with a credit card, this time may be up to 60 days. A thief who obtains or clones a debit card along with its PIN may be able to clean out the consumer's bank account, and the consumer will have no recourse.

American Express Black Card, officially called the Centurion Card

It's a charge card Charge card-A card that charges no interest but requires the user to pay his/her balance in full upon receipt of the statement, usually on a monthly basis. While it is similar to a credit card, the major benefit offered by a charge card is that it has much higher, often unlimited, spending limits. It comes with a variety of services and perks that are unusual for a credit card. (tickets, private jets, At many hotels/resorts and certain major airlines and cruise lines, a Centurion will get you automatic upgradesfrom coach to first-class, for example, or from a regular room to a luxury suite, free meals, gift certificates in hotel gift shops, spa treatments, free companion flights and a subscription to Black Inc. magazine, the only magazine published solely for those who have a Black Card, Translator, personal concierge, personal shopper ) It's black. The card is made out of titanium, not plastic American Express' most exclusive card, and was once only available by personal invitation from American Express Today you must own first a platinum card and spend more than 250. 000$ in a year For the privilege of opening a Centurion account, you will pay a one-time fee of$5,000. To keep your account, you'll pay an annual fee of $2,500.