What is Debit Card, Debit Card is a plastic money card, which we can use to withdraw money. 7 Benefits of Debit Cards, From ATM machine and make online payment. Debit Card is directly connect to our saving or current account. With which we can withdraw our money without going to the bank or even buy something online. Debit Card is completely prepaid, due to which the money withdrawn on every transaction is deduct from your account. A 16-digit number is write on the front side of the card. In which the first 6 number is called Bank Identification Number. 7 Benefits of Debit Cards, And the last 10 number is the account number of that card holder. Apart from this, the card has a CVV (card verification value) code of 3-digit on the back side. Which we use as a security code to complete the online transaction.
How many types of debit cards are there?
The types of “Debit Card” in India depend on the type of payment platform associated with the card. These are of many types, in which the main one is.
Visa Debit Card Master Card RuPay Card Contactless Debit Card Maestro Debit Card.
If you are confuse about what is the difference between them, then let me tell you. These are all payment processing networks to happen, but there are some differences between. Them when there are different network companies. However, their purpose is the same.
7 Benefits of Debit Cards You Must Know
Online payments have changed the landscape of the traditional way of giving money. These days transactions have become easy, quick and hassle free – all thanks to debit cards. Owing to the features offered by Debit Cards, the experience of spending money. Paying bills and shopping is becoming easier than ever before.
Debit cards are very easy to use and have their own advantages like
Most banks have no annual fee, although sometimes a small amount may be deduct as a service or maintenance fee. Fees may vary from bank to bank. For example- SBI Classic Debit Card charges Rs. 125 +GST for annual maintenance.
Unlike credit cards, there are no interest charges on debit cards. As the money is directly debit from your bank account.
They are quite secure as you have to enter the PIN code before every transaction. Also, most of the banks provide 24×7 customer care.
In case of loss or theft, you can immediately contact your respective bank and get the card block.
Since debit cards are directly link to your bank account, you can easily get money from any ATM.
Debit Card Advantages
With a credit card, you can buy anything, even when you don’t have money. But with a debit card, you have a limit because you are spending directly from your bank account. So it always sets a limit in the user before swiping the card.
One of the advantages of a debit card is that there are no dues. No interest rate, no credit points, you just keep how much you spend in your bank account.
Hence, a debit card is undoubtedly a smart choice as compared to a credit card.
Initially, there was no EMI option available on debit cards. But recently, e-commerce sites are providing debit card EMI shopping option. Wherein you can buy certain things on EMI and pay monthly through your debit card. can do. It may, however, attract certain interest rates.
Note-Sometimes some ATM machines charge a small amount while withdrawing. This usually happens when you withdraw cash from another bank’s ATM or when you exceed the withdrawal limit. So, it is suggest to check before withdrawing money.
Key Features of Debit Card
Make sure that the Personal Identification Number (PIN) is not reveal to anyone as it has direct access to your bank account.
To avoid any fraudulent activity, make sure you don’t share your PIN with anyone.
Also, it is also important to check that the Card Verification Value (CVV) number is not expose when you are in public.
By reading the benefits of a debit card. You must have come to know why having a debit card is beneficial as it will meet your needs and demands. It basically puts a limit on your spending habit, so you can only spend according to your budget.
Know the advantages and disadvantages of Debit Card
Today, almost all bank account holders get to see Debit Card because almost all. The big banks provide debit card to their customers along with opening the account. Bank account holders get a lot of benefit from this card. Due to this, you do not have to stand in the long line of bank customers. You can withdraw your money from ATM within a few minutes.
Even if you want to deposit money in the bank, you do not need to stand in line. Because you can also deposit money in your account through ATM machine with debit card. If you have an ATM card, then you must know about the advantages and disadvantages of Debit Card because. If you have this information, you can use this card properly.
Advantages and Disadvantages of Debit Card
There are many benefits of this card due to which almost all account holders use this card. The biggest advantage of these is that you do not have to go to the bank to withdraw your money. With this card, you are save from standing in the long line of the bank. This also saves your precious time. The second advantage is that you can do online shopping with this card. Today more online shopping is being done in India than before.
Those who do not have Debit Card, then tell them that you can apply for Debit Card in your branch. For this, you will have to submit a form by filling it and within 15 to 20 days after submitting the form. Your debit card will be sent to your home through the post office. The biggest thing here is that you do not have to pay any kind of fee for this. It is absolutely free to make it in many banks.
Advantages of Debit Card
- If you have this card then you are save from the long line in the bank. With this you can save time in the bank.
- You can use this card for online shopping, which is becoming very widespread today. In the online site, you get the thing of your choice, which you can buy with this card.
- Earlier, one had to go to the bank to transfer money, but since the use of debit card has increased. People have started using it to transfer money as well.
- With this you can recharge your mobile online, recharge DTH and fill electricity bill etc. Earlier, one had to go to his office to pay the electricity bill, but now you can do this work online.
- Like credit card, you can also pay on international website with debit card. Although for this your debit card should be enable for international payment.
- If you want to enable internet banking in your bank account. Then you can enable internet banking with debit card without going to the bank.
Disadvantages of Debit Card
- If this card is stolen or lost, then there is a danger of its misuse. However you can also block it from your register mobile number in case it is lost or stolen.
- This card is also use online, so there is a possibility of online fraud in it. Although you can avoid online fraud by taking some precautions.
- If you use the debit card more than its daily limit. Then you have to pay the charge to the bank. Although this charge is minor.
- You can withdraw lakhs of rupees in a day by going to the bank. But in this card you can withdraw only 40 thousand a day. If you need more money then you will have to go to the bank.
- When you withdraw money from ATM through debit card, sometimes due to technical fault. Money does not come out of ATM but money is deduct from your account. In such a situation you have to complain to the bank.
- Most of the debit cards are not enable for international payment. In this case you cannot make payment on international website with these debit cards. For this, you have to get another ATM card made from the bank.
So now you must have come to know that what are the advantages and disadvantages of Debit Card. In Advantage, you do not have to go to the bank again and again. You can do many banking tasks from your computer or smartphone sitting at home. In Disadvantage, if you have an ATM card, then there is a possibility of fraud with you.