Debit cards are divided into transfer cards, special cards and stored value cards according to different functions. Debit cards cannot be overdrawn. The transfer card has the functions of transfer, cash deposit and withdrawal and consumption. Special card is a special-purpose debit card used in a specific area (except for department stores, restaurants and entertainment industries). It has the functions of transferring money and depositing and withdrawing cash.
Credit cards are divided into credit cards and quasi-credit cards. Credit card refers to the credit card that the issuing bank gives the cardholder a certain credit limit, and the cardholder can spend first and then repay. Quasi-credit card refers to a credit card in which the cardholder deposits a certain amount of reserve fund according to the requirements of the bank, and when the reserve fund is insufficient to pay, it can be overdrawn within the credit limit stipulated by the issuing bank.
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Commercial banks that have started credit card or debit card business may apply to the People's Bank of China for issuing joint cards/ID cards, special cards and stored-value cards; Commercial banks offering RMB credit card business may apply to the People's Bank of China for issuing foreign currency credit cards. Commercial banks issuing nationwide joint-name cards, IC cards and stored-value cards shall be reported to the head office of the People's Bank of China for approval.
Branches of commercial banks handle the bank card business approved by the head office of the People's Bank of China, and file with the local China People's Bank with the approval documents of the People's Bank of China and the authorization documents of the head office. The special cards and co-branded cards used in the distribution area of branches of commercial banks shall be reported to the central branch of the local People's Bank of China for the record with the authorization document of the head office of the commercial bank and the agreement between the two parties.
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