bank card

noun

Definition of bank card 

: a card (such as a credit card or an ATM card) issued by a bank

Examples of bank card in a Sentence

Recent Examples on the Web

That data is generally limited to adults or older children, though, as young ones are less likely to carry bank cards, Callahan said. Courtney Astolfi, cleveland.com, "How have missing persons investigations in Cleveland changed since Amanda Berry, Gina DeJesus and Michelle Knight were found?," 3 May 2018 Removed from the vehicle included a Michel Kors purse and wallet valued at $150, $30 in cash, two social security cards, six Chase and Wells Fargo bank cards and a Florida driver's license. Sun-Sentinel.com, "Coral Springs, Coconut Creek area crime reports," 21 June 2018 MetroCards, which fully replaced tokens in 2003, will be phased out by New York City Transit by 2023 and will be replaced by electronic payments with phones and bank cards. New York Times, "Selling MetroCard Swipes Remains Illegal, and a Way of Life," 17 June 2018 The group was arrested and found to have 62 credit or bank cards between them — 47 confirmed fraudulent — and $17,000 in gift cards. Ashley Luthern, Milwaukee Journal Sentinel, "Five people, 62 credit cards, and a nationwide fraud scheme stopped by Milwaukee investigators," 3 Apr. 2018 The vehicle had been ransacked and a black leather bag and wallet, containing a driver's license, cash and bank cards had been taken from inside. Sara Cardine, latimes.com, "Crime Report: Vehicle possibly related to earlier home break-in evades capture during pursuit," 23 May 2018 The women complied and the man fled with a phone and a bank card. Hanna Krueger, NOLA.com, "4th local Boost Mobile store in a month robbed in 1 of 6 robberies," 26 Apr. 2018 The news from some physicists like the late Stephen Hawking is that the universe might be a hologram, an illusion like the three-dimensional images on a bank card. Dennis Overbye, New York Times, "‘2001: A Space Odyssey’ Is Still the ‘Ultimate Trip’," 10 May 2018 Larger transactions are done by bank card or transfer — although some vendors are charging double for electronic payments. Rachelle Krygier, Washington Post, "Venezuela hopes to tackle the world’s worst inflation by deleting zeros from its currency," 23 Mar. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'bank card.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of bank card

1947, in the meaning defined above

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Last Updated

5 Sep 2018

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Time Traveler for bank card

The first known use of bank card was in 1947

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More Definitions for bank card

bank card

noun

Financial Definition of bank card

What It Is

A bank card is a plastic card issued by a financial institution that allows the user to make purchases with funds either borrowed from or held at that financial institution.

How It Works

The most common bank cards are credit cards and debit cards.

When a consumer uses a bank card to make a purchase, he is essentially authorizing the card issuer (the bank) to pay the merchant on his behalf. The merchant must verify that the card is the user's by swiping the magnetic strip on the back of the card or obtaining identification in other ways (via a personal identification number (PIN) or other identification). Merchants generally like to take bank cards because they are almost immediately paid by the card issuer. Merchants must pay a fee to the card processing company for each transaction, however.

Most bank cards have limits, meaning that there is a maximum amount the user can withdraw or borrow using the card. The issuer determines the limit based on the user's account balance, overdraft protection, credit rating, and/or credit history.

Credit cards are one form of bank card that requires the user to pay his or her balance in full, usually on a monthly basis. If the user does not pay the balance in full, the issuer adds interest to the balance, and this interest compounds for as long as the balance is outstanding. As with credit limits, the user's credit rating and credit history often influence the interest rate on the card, and in some cases, the issuer can raise the interest rate.

Many bank cards also charge a yearly fee, late payment fees, fees for going over a limit, cash-advance fees, and fees for conversion into other currencies.

Why It Matters

Bank cards allow users to avoid carrying cash, earn frequent-flier miles, or earn other "rewards." They are usually accepted around the world. In many cases, the cardholder can get cash advances through ATMs as well. However, interest rates on credit cards are almost always higher than the amount typically charged for personal loans, and consumers with little impulse control often rack up huge balances that they can't repay. Many cardholders also find it easier to burn through their money, and they frequently underestimate the time and money it takes to pay down balances, especially when interest rates are high and minimum payments are low. It is also important to note that bank card numbers are often stolen; therefore, it important for users to protect their privacy and to check their credit reports frequently.

Source: Investing Answers

bank card

noun

English Language Learners Definition of bank card

: a card (such as a credit card or debit card) that you get from your bank and that you use to pay for things or to get money from an ATM

More from Merriam-Webster on bank card

Britannica English: Translation of bank card for Arabic Speakers

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