Debit Card
Debit card is a plastic card that eliminates the need of carrying cash, as it directly draws funds from your bank account to fund transactions.
Debit card helps you to enjoy any electronic access to your savings bank account through ATMs. Debit cards are also known as bank card, plastic cash, etc
These are mainly used for withdrawals as well as deposits according to your convenience, thus eradicating the need of standing in long queues. You may also debit card for internet banking, mobile banking or shopping at restaurants and merchant outlets.
A Debit card, can be utilized instead of cash for making payments at wide range of places, including restaurants and merchant outlets. . You don’t need to carry any cash or physical cheques for making purchases. This plastic way of payment won’t put you in debt, except in case you have signed up for overdraft protection, any negative balances would be incurred. Every debit card that you own has a limit of purchase. Simply put, you can make large payments only if you have sufficient daily purchase limit.
Types of Debit Card
Visa Debit Card
For this the bank ties-up with the VISA payment services that offer the Verified by Visa (VbV) platform for carrying out online transactions.
MasterCard Debit Cards
MasterCard Maestro Card will offer you access to your funds worldwide. You can also perform online transactions with the help of your bank accounts on the MasterCard SecureCode platform.
Visa Electron Debit Cards
This type of debit card are not too different than Visa debit cards however such cards do not offer the overdraft feature
Contactless Debit Cards
You can make payments with the wave or simply a tap of your contactless debit cards at places such as PoS terminals. These cards are worked on Near Field Technology (NFC) that makes electronic payments safer
Maestro Debit Card
This card was founded in the year 1992. Being the most premium International Debit Cards service, these are majorly used in over 13 million locations that are widely spread across 100+ countries
RuPay Debit Cards
This card was launched as a domestic card scheme by the NPCI. These RuPay debit cards simplify online purchases as well as transactions on the Discover network. They also facilitate ATM transactions under the National Financial Switch network
Mentioned below are the benefits of applying for a debit card in India:
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You can pay your bills, browse, and shop, buy groceries, book tickets and use for any online transactions with just the click of your mouse at home or office
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You cannot overspend and thus won’t be in debts due to specified day limit as well as non-availability of credit facility
- Due to the 128-bit encrypted security, just with one swipe either at POS or ATMs, you can carry out any transactions.
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You also get cashback offers, reward points and much more on the usage of your debit card
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Being a highly transparent system, you know how much you are spending and the balance in your bank account. You also get SMS as well as e-statement on every withdrawal/deposit or purchases made
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Debit cards are of dual uses: You can withdraw money from your savings bank account via an ATM or via the cash-back function that most of the merchants today offer at the point of sale. Besides, you can also make purchases with the help of a debit card
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ATM cards are however different than debit cards. They allow you to only withdraw money through an ATM, while you can only make purchases with the help of credit cards unless your credit card has an advance feature of PIN-enabled cash. However, remember that this cash advance feature will lead in incurring interest, unlike any withdrawals done from a savings bank account
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You can make purchases with the help of a debit card either with or without a personal identification number (PIN). In case the debit card has a major payment processor’s logo, the same can be run as a credit card, thus you don’t need to take the risk of revealing your PIN number. Certain debit cards provide reward programs that are similar to credit card reward programs
Some of the frequently asked questions about Debit Cards
Any transaction that is made with the help of a debit card will reflect on your monthly statement, thereby making it easier for keeping a track of your purchases. Unlike cash purchases, you can’t lose the track of the amount that you have spent on a debit card. Another advantage is while any lost or robbed cash is gone forever, a debit card that is lost or robbed can be reported to the bank. Debit card deactivation can eradicate any fraudulent transactions from your card and the bank then issues a new debit card.
- Report loss of your debit card immediately- In case of loss of your debit card, you should report the same to the bank or the financial institution immediately, to avoid any frauds from happening
- Keep track of your emails- You should keep checking your emails regularly since fraudulent transactions made via your debit card can be easily tracked.
- Validate each transaction- At every Point of sale, you must follow the authentication norms by RBI by entering the correct PIN and/or give signatures by finishing the entire transaction.
- Follow SMS alerts – You must set up SMS alerts system from your bank listing details for each and every transaction that you make on account of any purchases. Simply put, you can easily track your spends with the help of a debit card.
- Keep tracking your money –You should also check your account statements at regular intervals to know about your spends. In case you come across any unauthorized transactions, immediately report the same to the bank to avoid any fraudulent transactions.
The money from your own bank account will be debited immediately on using your debit card. Whereas, when it comes to using a credit card, you receive the credit from your bank and then you will need to make the payment within the due date otherwise penalty and interest is charged
In case you have a daily cash limit on your debit card of a lakh or more, you can certainly use your debit card for withdrawals or at PoS.
How do I get Debit Card?
A debit card usually is a part of your bank account opening kit. Besides, if you bank account opening (welcome) kit didn’t have one, you can visit any nearest branch of your bank and apply for one. You can also contact the customer service department or apply for a debit card online. If you are already a debit card holder and wish to upgrade the same, you may contact the customer care or visit the nearest branch of your bank or apply the same online
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