Debit Card Definition, Fees, and How They Work - Investopedia
What Is a Debit Card? A debit card is a payment card that deducts money directly from your checking account. Also called "check cards" or "bank cards," debit cards can be used to buy goods or services or to get cash from an ATM. Debit cards can help you reduce the need to carry cash, although using these cards can sometimes entail fees. Key Takeaways Debit cards are payment cards that reduce the need to carry cash or physical checks to make purchases. You can use debit cards at ATMs to withdraw cash. Debit card purchases may require a personal identification number (PIN), but some purchases can be made without one. You may be charged an ATM transaction fee if you use your debit card to withdraw cash from an ATM that's not affiliated with your bank. Some debit cards offer rewards, similar to credit card rewards, such as 1% back on purchases. How a Debit Card Works A debit card is a card linked to your checking account. It l...