It is a type of card that is similar to carrying cash. While using a debit card for payments, the amount automatically gets deducted from your bank account. Usually banks issue ATM cards that also function as debit cards.
The card is linked to your account. Debit cards in India are usually issued by Visa, MasterCard or the local RuPay. Just like a credit card, a debit card also has a 16 digit number and a CVV. Debit cards function on a PIN that has to be set by the debit card holder. Some banks allow debit cardholders the flexibility to choose their limits for transactions. Debit card holders are intimated about their spends via SMS generally. The current debit cards come with chip-based security. Some banks also give free insurance cover if the cardholder incurs a particular amount of spends each month.
A debit card is a useful card to have. Here are the top 5 reasons to get a debit card now:
1. Convenience:
One of the best reasons to get a debit card is the convenience it gives. Debit cards also function as an ATM card. There's no need to carry any cash because the debit card can be used to withdraw some money as well from ATMs.
2. Cashback points:
Credit cards earn points, but debit cards earn cashback points which can be redeemed for cash back in the bank account. Each debit card has a specific lisft of transactions that give cashback points.
3. Chip protection for added safety:
With the new rules for debit cards in place, the old magnetic strip cards have been discontinued and replaced by chip security cards. These cards compulsorily have the chip verification system, which is inherently more secure.
4. Offers and discounts:
A debit card holder can get several discounts on a range of items such as utility bill payments, airline ticket bookings etc. These discounts depend on the type of online debit card that the holder applies for.
5. Can be used for international transactions:
An international debit card is a debit card that can be used to make purchases on foreign websites. The debit card will use either a pin based verification or an OTP based verification to authenticate the transaction. Note, the debit card can be used on international websites. It may not necessarily work outside the country.
The card is linked to your account. Debit cards in India are usually issued by Visa, MasterCard or the local RuPay. Just like a credit card, a debit card also has a 16 digit number and a CVV. Debit cards function on a PIN that has to be set by the debit card holder. Some banks allow debit cardholders the flexibility to choose their limits for transactions. Debit card holders are intimated about their spends via SMS generally. The current debit cards come with chip-based security. Some banks also give free insurance cover if the cardholder incurs a particular amount of spends each month.
A debit card is a useful card to have. Here are the top 5 reasons to get a debit card now:
1. Convenience:
One of the best reasons to get a debit card is the convenience it gives. Debit cards also function as an ATM card. There's no need to carry any cash because the debit card can be used to withdraw some money as well from ATMs.
2. Cashback points:
Credit cards earn points, but debit cards earn cashback points which can be redeemed for cash back in the bank account. Each debit card has a specific lisft of transactions that give cashback points.
3. Chip protection for added safety:
With the new rules for debit cards in place, the old magnetic strip cards have been discontinued and replaced by chip security cards. These cards compulsorily have the chip verification system, which is inherently more secure.
4. Offers and discounts:
A debit card holder can get several discounts on a range of items such as utility bill payments, airline ticket bookings etc. These discounts depend on the type of online debit card that the holder applies for.
5. Can be used for international transactions:
An international debit card is a debit card that can be used to make purchases on foreign websites. The debit card will use either a pin based verification or an OTP based verification to authenticate the transaction. Note, the debit card can be used on international websites. It may not necessarily work outside the country.
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