Plastic card types in Lebanon -
Available plastic card types
Credit Cards
A credit card enables a customer to buy something with money that is borrowed from the bank, which he can repay later in monthly installments or as a lump sum. In a sense, it is a form of short-term personal loan.
Debit Cards
A debit card can be thought of as plastic cash. It allows cardholders to pay for their purchases even while not carrying cash. All they have to do is swipe their card (or have it swiped) at a point-of-sale and have the payment immediately debited from their bank account. A debit card also allows cardholders to withdraw cash or perform basic bank transactions using the bank’s ATM network. Two conditions are required for a debit card: First, cardholders should have an account at the issuing bank, and second, debited amounts should not exceed their account balance. Additional cards on the same account may be issued to designated people.
Prepaid Cards
Prepaid cards function as ordinary debit cards, either for ATM withdrawals or for purchases anywhere around the world that accepts Visa or MasterCard cards. Prepaid cards are quick to obtain, easy to use, and safer than carrying cash. Prepaid cards are issued at the bank and loaded with preset cash amounts. They are more flexible than gift certificates and can be reloaded.
Internet Cards
Internet cards are a type of credit card that was introduced to facilitate buying goods through the Internet while minimizing the risk of credit card fraud. These cards cannot usually be used for retail purchases or for ATM withdrawals. Banks set a monthly ceiling between $50 and $500 – although a few banks fix this ceiling at $1,500 or up to $5,000 – which can be lowered or raised upon request. They either work as charge cards, where the monthly total is deducted on a specific date, or as debit cards, where each purchase is paid for as soon as the invoice is received.