UnionPay Unbounded Card is the first digital bank card officially released in response to the needs of users in the digital payment era. It is available in two types: debit card and credit card. Relying on platforms such as Cloud QuickPass APP, UnionPay Unbounded Card provides cardholders with comprehensive and convenient digital financial services.

Debit Card refers to a bank card issued by the issuing bank to the cardholder. It has no credit limit and the cardholder deposits first and uses it later.

Debit cards are divided into debit cards, special cards and stored-value cards according to different functions. Debit cards cannot be overdrawn. Debit cards have the functions of transferring money, depositing and withdrawing cash, and spending money. A special card is a debit card used in a specific area and for special purposes (purposes other than department stores, restaurants, and entertainment industries). It has the functions of transferring funds, depositing and withdrawing cash. A stored-value card is a prepaid wallet-style debit card in which the bank transfers funds to the card for storage at the request of the cardholder and directly deducts funds from the card during transactions.

Starting from August 1, 2017, the annual bank card management fee will be cancelled, and some basic financial service charges of commercial banks will be suspended.

The difference between debit cards and credit cards

Credit cards

Credit cards are issued by commercial banks to individuals and organizations, which can be used to shop, consume and make payments to specially appointed organizations. A special carrier card for depositing and withdrawing cash from the bank and with consumer credit. It is in the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Credit card.

Debit Card

Debit Card is called a debit card in Mastercard and a Visa debit card in Visa. It is a payment tool that is linked to a living account. To spend (or withdraw cash) after depositing, the cardholder must open a current account at the card-issuing bank at the same time. With a credit card, you can spend money first and then return the money to the bank within a certain period of time when there is no money in the account. Debit cards can be used for online banking, POS consumption or ATM transfer, consumption and withdrawal. Overdraft is not allowed and deposits must be made before spending. You can use as much as you deposit. When making purchases at merchant POS machines, you do not need to pay any fees other than the price of goods or services. The amount in the card is subject to interest as a current deposit. Funds are withdrawn directly from your savings account when you spend or withdraw money. Like credit cards, debit cards are also bank cards that use the ISO 7810 standard.

Most banks stipulate that you do not need to pay any fees when you use a debit card to deposit and withdraw cash at the local business counter of the card-issuing bank or at the bank's local self-service equipment. When depositing and withdrawing cash on the device or conducting cross-bank (non-card-issuing bank) cash deposits and withdrawals, balance inquiries and other transactions (whether local or remote) through networks such as UnionPay, you need to pay corresponding handling fees.