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A bank card is typically a plastic card issued by a bank to its clients that performs one or more of a number of services that relate to giving the client access to a bank account.

Physically, a bank card will usually have the client's name, the issuer's name, and a unique card number printed on it.[1] It will have a magnetic strip on the back enabling various machines to read and access information.[2] Depending on the issuing bank and the preferences of the client, this may allow the card to be used as an ATM card, enabling transactions at automated teller machines; or as a debit card, linked to the client's bank account and able to be used for making purchases at the point of sale with a bank card using a payment terminal.

The first bank cards were ATM cards issued by Barclays in London, in 1967, and by Chemical Bank in Long Island, New York, in 1969.[3] In 1972, Lloyds Bank issued the first bank card to feature a personal identification number (PIN) for security along with the information-encoding magnetic strip.[4]

Historically, bank cards have also served the purpose of a cheque guarantee card, a now almost defunct system to guarantee cheques at points of sale.

See also

Look up bank card in Wiktionary, the free dictionary.

References

  1. ^ Gough, Belinda; Du Toit, Trudie (20 December 2007). FCS Hospitality Generics L3. Cape Town: Pearson Education South Africa. p. 120. ISBN 978-1770251335.
  2. ^ Wonglimpiyara, Jarunee (1 March 2005). Strategies of Competition in the Bank Card Business. Sussex Academic Press. p. vi. ISBN 978-1903900550.
  3. ^ Wonglimpiyara 2005, p. 1-3.
  4. ^ Wonglimpiyara 2005, p. 5.
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