Types of Payment Card
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Credit Card
A credit card can be used by a cardholder to pay for goods or services or to withdraw cash using credit which has been made available to them by the cardholder’s bank or credit card issuer. Credit cards operating in Ireland are Visa and MasterCard and there are currently more than 2.5 million active cards in use. Cardholders receive a monthly statement detailing payment activity and balance information. Cardholders may pay their outstanding balance in full, a minimum amount required as outlined in their bill or another amount of their choosing.
Debit Card
Originally developed as an electronic form of a cheque, debit cards are increasingly being used as a cash substitute. There are more than 3 million debit cards in use in Ireland. When a debit card is used to purchase goods or services, the purchase amount is debited shortly thereafter to the cardholder’s current account. In Ireland, debit cards include Laser Card, Maestro and Visa Debit. Debit cardholders can only spend funds available in their current accounts. Some debit cards also offer a Cashback facility when making purchases.
Charge Card
Charge cards work in a similar way to credit cards however cardholders are required to pay off their full balance upon receipt of each bill. Charge cards operating in Ireland include American Express (AMEX) and Diners Club.
Pre-paid Card
A cardholder pre-loads the card with funds via the card issuer and can then spend the value of those funds when using the card. Some pre-paid cards are for single use only while others can be re-loaded. Businesses can accept pre-paid cards in a similar way to other payment cards. If a cardholder attempts to spend more than is available on their pre-paid card, the transaction will automatically be declined.
For further information on payment cards please click on the menu to the left.
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