Today, credit cards have many functions and are very versatile. They can be summarized in the following functions:
Credit
The holder can obtain extended credit up to an agreed limit at a published interest rate.
Loaded
The holder can refund the entire amount at the end of the month, free of charge, as long as no cash advance has been taken.
Cash
On presentation at the corresponding banks, subject to check, cash can be obtained. In most cases it can also be used at ATMs to obtain cash.
Check warranty
A check drawn on a bank may be guaranteed up to a published limit as long as it is accompanied by a Check Guarantee Card (or, in some cases, a Visa or Mastercard) issued by the bank on which it is drawn.
Check cashing
The guaranteed check as stated above can be used to obtain cash from most bank branches, although a fee may be charged in certain circumstances.
International
If the card is a member of Visa International or Mastercard International, you can use your card in many countries where there are many banks that are members of them.
Perhaps the most significant fact that emerges from the summary of the card’s functions is that, strictly speaking, they are not debit cards. Although they can be used to obtain cash through an ATM, the debit will be made from the credit card account and not from the holder’s bank account.
The credit cards mentioned above are bank cards. Different bank cards have different card functions. The functions of bank cards really depend on the individual bank itself. Some bank cards may have all of the above functions and some may not.
There are other credit cards issued by retail stores such as Petrol Card, Quasi Card and Private Label Card that may have some of the functions mentioned above.