Meaning – The term payment card, refers to a credit card, debit card, or charge card (a) that is issued by a financial institution and shows a relationship between the cardholder and the financial institution and (b) for which a certificate can be issued from an authenticated certificate authority.
There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder.
Example of usage – “In some banking networks, the two functions of ATM cards and debit cards are combined into a single card, simply called a “debit card” or also commonly a “bank card”. These are able to perform banking tasks at ATMs and also make point-of-sale transactions, with both features using a PIN.”