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Debit cards vs ATM cards
ATM and debit cards look almost identical, but what sets them apart?
If you’ve just opened a savings account, you’d probably come across both ATM cards and debit cards. Learn more about the difference between a debit card and ATM card, as well as the features of each card.
Compare debit cards in Singapore
Debit cards and ATM cards: What’s the difference?
ATM and debit cards may seem rather similar in terms of their functions and use, but there are a few differentiating factors between them. So before we delve into their differences, lets take a detailed look at the purposes for which these cards can be used.
What is an ATM card?
When you open a savings account, the bank will issue a simple PIN-based Automated Teller Machine (ATM) card to you. This card is primarily used for cash withdrawal or and make banking transactions at ATMs located nationwide (and overseas). In addition, you can also make cashless payments to pay for purchases at point-of-sale (POS) terminals.
Image: Sample of an ATM card from DBS bank.
You’ll typically find the following details on the front of an ATM card:
- Logo of the card issuer
- Embedded microchip with your account details
- The validity period in MM/YY format
- Contactless payment symbol (if any)
On the back of the ATM card, you’ll find the following:
- Magnetic stripe
- Logos of of electronic ATM networks (e.g. Cirrus and Maestro)
What is a debit card?
A debit card offers all the features that come with an ATM card, but can also be used for payments anywhere credit cards are accepted.
Debit cards are linked to payment processing networks such as Mastercard and Visa, which allows you to transact conveniently at any retail or online stores as long as debit payments are accepted. The payment amount will then be deducted directly from your account balance. You can apply for a debit card after you’ve successfully opened a bank account.
Image: Sample of a debit card from DBS bank.
You’ll typically find the following details on the front of an ATM card:
- Logo of the card issuer
- Embedded microchip with your account details
- Your 16-digit card number
- The validity period in MM/YY format
- Cardholder’s name
- Card network provider (e.g. Mastercard, Visa etc)
- Contactless payment symbol (if any)
On the reverse side of the card, you’d typically find:
- Magnetic strip
- Signature bar
- 3-digit CVC
- Logos of electronic ATM networks (e.g. Cirrus, Maestro, NETS etc)
- Helpline numbers to reach you bank in case of emergencies
ATM cards vs debit cards
Here’s a side-by-side comparison of between ATM and debit cards:
| Features | ATM card | Debit card |
|---|---|---|
| Purchase/withdrawal |
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| ATM access |
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| Usage |
|
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| Transaction authorisation |
|
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| Data storage |
|
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| Rewards |
|
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| Annual fee |
|
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| Payment network |
|
|
Bottom line
In a nutshell, a debit card has much more to offer than a basic ATM card. You can access all the features of an ATM card with a debit card, plus enjoy fast, easy and convenient transactions – whether it’s an online or offline, cash or cashless payment. Some debit cards even comes with merchant discounts, cashback rewards and other perks. Hence, most people prefer to carry a single debit card instead of both cards in their wallets.
Frequently asked questions
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