Every customer will receive a metal Mastercard debit card. This card can be upgraded to also being a credit card (approval required). With the metal feeling, it would give a higher status feeling to it. Handing the card to a representative to make a payment will feel the metal touch to the card. The card will be all black with the name, and bank logo in light gray. The card will have an EMV chip for secured transactions, and will also support NFC. There will be no magnetic stripe on the card. This will reduce the chance of skimming, and since the card will use a chip or NFC to make the payment, the card number is secured.
As noted, the card will have the account owner’s name on the card. The card numbers will not be printed on the card. This will be a security feature. A waiter for example can’t copy the numbers on the card if there is no card, and since there is no magnetic stripe, there is little to no way of getting the card numbers. If you need the card number, it will be available on your bank’s portal site.
The card will function as a credit card for most purchases. Anytime a PIN is entered, the transaction will then process as a debit transaction. This eliminates the need for multiple cards. This means the card will function as a debit when getting cash out of the ATM, or cash back with a store. In addition, there will be no foreign transaction fees. FSP Bank will seek to partner with All Point for the ATM network. This should give a sufficient number of ATMs made available since there will be no physical branch of FSP Bank.
You will also get cash back for using the card. FSP Bank will like to be your only carry card, and by giving you an incentive to use the card, this will push for that desire. The cash back ability will apply for both debit and credit card transactions. You will also be rewarded on paying the principal of the card. Again, the idea is to give an incentive to use the card. The cash back are as follows:
- Debit: 1%
- Credit: 2%
- Payment on principal: 1%
Assuming you have a credit card ability attached to the account, you would be able to setup authorized users. However, these cards will be plastic. All other features will apply the same as the primary card. If an authorized user needs the card numbers, then you would have to log into the portal, and find the numbers in your cards section of the site. Again, FSP Bank wants your card to be a safe card where no one will be able to acquire the numbers unless you give it to them.