Important Considerations Before Swiping Your Credit Card at an ATM (2024)

FAQs

What should you do before you use an ATM answer? ›

Before you approach the ATM, have your card ready, know your code and if anything such as a deposit slip needs to be filled out, have it completed.

Taking cash from an ATM using a credit card is called a cash advance and not only involves a cash advance transaction fee (often 3% to 5% of the transaction amount) but is also subject to a separate, often much higher, cash advance APR.

Some things to consider when choosing a credit card is their interest rate, any annual fees or foreign transaction fees they may offer, and their late payment fees. There are a few types of credit cards to consider, the most common being rewards cards, low-interest cards, and student cards.

How to Swipe a Card Properly. Position your card so that the magnetic stripe is down and facing the card reader. Insert the corner of your card into the card reader's swipe terminal. Swipe your card from the top to the bottom of the terminal.

In selecting a credit card provider, APR is the most important factor to consider. Credit card attracts other fees other the interest. These fees include Balance Transfer Fee, Foreign Transaction Fee, Annual Fee, and Cash Advance Fee. These fees affect the customer's overall cost of using the credit card.

Which of these items is NOT important to consider when selecting a credit card? The look of the credit card. When you need a loan, you'll have more loan offers to pick from.

Swipe your card through the point of sale machine.

Most merchants will have a separate point of sale (POS) machine that you will need to use to swipe your debit card. If your debit card has a chip on one side, you will need to insert your chip into the bottom gap in the POS machine for the transaction to process.

What is the swiping method? ›

Insert the magnetic stripe into the card reader with the stripe facing down and toward the terminal. Move the card quickly and smoothly through the reader in a single motion.

What should you do before you use an ATM? Inspect the ATM and its surroundings to make sure it is safe to use. Ask someone nearby for help using the ATM. Share your pin number with trusted friends so you don't forget it.

The full form of ATM is Automated Teller Machine. It's a self-service banking kiosk that allows you to access your bank account and conduct various transactions without needing a bank teller. This includes withdrawing cash, depositing checks or cash, transferring funds, and checking account balances.

Final answer:

Before withdrawing money from an ATM, inspect it for tampering, keep your PIN private, and choose a well-lit and visible ATM.