Payment card

Under the Access Device Regulation Act of 1998 (Republic Act No. 8484), a payment card is a card that can be used by cardholders and accepted by terminals to withdraw a cash and/or make payment for purchase of goods or services, fund transfer, and other financial transactions. Typically, payment cards are electronically linked deposits, prepaid, or loan credit accounts. (Sec. 3(b), as amended by R.A. No. 11449)

Later in the same section, the amendatory law provided another definition of payment card: “any card of whatever material or form including any kind of debit card, but not a credit card, issued by a bank or business entity that enables a customer to access an automated teller machine in order to perform transactions such as deposits, cash withdrawals and obtaining account information.” (Sec. 3(o)). A payment card is considered an access device for the purpose of the law.