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Debit Cards

Debit card is popularly known as easily accessible plastic cash, which offers electronic access to your savings account in any bank via ATM machines or card swipes. It has functions similar to those of credit cards, with the major difference being the fact that the amount is directly and immediately deducted from the user’s account instead of the money being paid by them at a later date. They have got names like bank cards, cash cards or check cards. With the widespread usage of debit card in the world, a debit card issued from one country is often valid to be used in some other country. Debit cards may also be used for making payments of the purchases made over phone or internet. You can apply for debit card online or offline. Nowadays you might not even need to apply for a debit card to get one, because it is readily offered if you open a new savings account.

The primary four issuers of debit cards around the world are – American Express, Discover Card, Master Card and Visa. Apart from these there are some country specific debit cards popular in those countries along with a few more. To name a few UnionPay in China, RuPay in India and Maestro in the United Kingdom are some of the country specific debit card issuers.

 

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Debit Cards

Visa Debit Cards These debit cards are issued with the bank’s tie-up with VISA payment services providing the Verified by Visa (VbV) platform for online transactions.

Visa Electron Debit Cards Visa Electron debit cards are very similar to Visa debit cards but these cards do not provide the overdraft feature.

MasterCard Debit Cards A MasterCard Cirrus Card or a MasterCard Maestro Card gives customers access to their funds worldwide and they can perform online transactions using their bank accounts on the MasterCard SecureCode platform.

Contactless Debit Cards Customers can make payments with just a tap or wave of their contactless debit cards near PoS terminals, with the cards working on Near Field Technology (NFC) thereby making electronic payments safer.

RuPay Debit Cards Introduced as a domestic card scheme by the NPCI, RuPay debit cards facilitate online purchases and transactions on the Discover network and ATM transactions under the National Financial Switch network.

Maestro Debit Cards Founded in 1992, Maestro from MasterCard is a premier, international debit card service that has been popularly adopted at over 13 million locations spread across 100+ countries around the world. Maestro, as easily identified by the signature logo on all partner cards, helps the customer gain immediate access to his/her money through a robust, international network of compatible ATMs, POS outlets, and online resources.

Debit Card

Debit Cards and Credit Cards both look alike bearing a unique 16- digit card number, month and year of expiry and a 3 digit CVV (Card Verification Value) number on the back of the card. While they resemble each other look wise, features of debit card and credit card and their usage pattern varies drastically.

Debit cards on the other hand are directly linked to the bank account of the user. Money for the debit card transactions is directly debited from your bank account which is linked to the debit card . These debits are however subject to maximum wi thdrawal or purchase limit per day decided by the bank.

Credit cards on the other hand are like a line of credit offered by the banks and are linked to a credit card account that features a pre-defined limit. This card is issued by the banks on the basis of eligibility and credit history of the applicant. Once swiped, the bank pays the amount to vendor and the debits are added to the card holder’s account, which, in turn the cardholder needs to pay back to the bank within a stipulated time period.

Credit card actually offers borrowed money which you must pay back in total at the end of your statement period. In case of debit card, it is not permissible for you to use money which is not in your account. 

The perks, costs and protections offered by debit cards and credit cards vary according to the bank policies, thus making their suitability for a person vary. Credit cards are known for offering more benefits and rewards as compared to what debit card offers. But credit card is a preferable choice only for people having good financial discipline. For the ones who are more likely to use cards without proper planning for repayment or are impulsive shopaholics, debit card is a better option to prevent them from spending beyond their means.

For any fraudulent transactions, the risk involved in case of debit cards is comparatively lesser. Because in case of debit cards the money in your account is at stake, but in case of credit cards your potential liability is based on your entire credit limit. But it is not the same case always; even a debit card fraud may drain your entire account balance and pose greater harm to your finances.

 Most banks offer better than minimum protection at their individual levels for both credit cards and debit cards. Apart from this there are also CARD PROTECTION PLANS offered to ensure quick actions against any sort of fraudulent transactions.

How to prevent Debit Card Frauds?

  • Avoid using any online portal for making payments unless you are too sure about it.
  • Avoid making use of card reading instruments that are damaged, mismatched or seems to have an ill-fitting at any publicly accessible kiosks placed outdoor. Such kiosks may have hidden skimmers which may leak your debit card credentials to unauthorized sources.
  • Be precautious while handing over your cards to someone, especially if it leaves your sight. For example while giving your card to a waiter/waitress at a restaurant, keep a track of the time they take to get back to you. 

In most cases it is suggested to make frequent use of a debit card tied into a separate account which has limited amount of money meant exclusively for debit transactions. 

How to use Debit Card?

At ATM

  1. Swipe your card or insert it into the machine according to the kind of technology it uses.
  2. Follow the instructions displayed on the screen
  • Choose your preferred language
  • Choose the type of your account
  • Select the kind of service you wish to proceed with like withdrawal, mini statement or balance enquiry.
  • Enter your 4 digit PIN (Personal Identification Number)
  •  In case of cash withdrawal, enter the amount you wish to withdraw and then proceed.
  • Complete the entire procedure and after you are done with the transaction, make sure to collect your cash and card.

At POS (Point-of-sale)

  • Offer your card to be swiped or inserted into the card reader machine.
  • Post this the POS operator will enter transaction details which includes the payable amount.
  • You will then be required to enter your  4 digit PIN(Personal Identification Number) to authenticate the transaction
  • After this hit enter and wait for the payment slip to be generated. Sign it if required and keep a copy of it with yourself.

Online

  • At an authentic online portal, enter the necessary details like your unique 16 digit card number, date of expiry, name of cardholder and CVV (Card Verification Value) number.
  • You will be directed to another page if all these details are found valid, here you need to enter your PIN or your unique password you had set for authenticating online payments. In some cases you might have to enter OTP(One Time Password) generated for this particular transaction and sent to you via SMS or Email. 

Indian consumers can choose from a wide range of debit cards offered by various Indian banks which are made to suit their banking requirements. The list of banks are as follows:

  1. State Bank of India Debit Card SBI provides an eclectic array of Visa, MasterCard, and RuPay debit cards customizing the card features depending on the customer’s needs. State Bank of India offers 10 different debit cards comprising of personal and business cards.
  2. HDFC Bank Debit Card Hassle-free cashless shopping with HDFC debit cards and secure online transactions can be done with on Visa and MasterCard SecureCode platforms. Eleven debit card alternatives are offered by HDFC to Indian customers.
  3. ICICI Bank Debit Card Pick an ICICI bank debit card of your choice and customize it with an image that is a reflection of your personality. ICICI customers can choose from an extensive selection of 31 cards categorised under Premium, Personal, Business, Expressions and Unifare.
  4. Axis Bank Debit Card Axis Bank debit cards are packed with privileges and offers and customers also have the option of designing their own debit card. The bank offers a total of 17 debit cards categorised as Business, commercial, premium and other segment cards.
  5. PNB Debit Card PNB debit cards are offered in collaboration with MasterCard and RuPay and are accepted at multiple merchant outlets worldwide. Customers can choose from 5 different types of debit cards along with add-on card if required.
  6. Canara Bank Debit Card Customers can enjoy the convenience of cashless shopping with a Canara Bank MasterCard or Visa debit card. Offered in two variants the Canara Bank debit card comes loaded with exclusive privileges and features.
  7. Bank of India Debit Card Offered on MasterCard, Visa and RuPay payment platforms, the Bank of India debit card is a one-of-a-kind card which is valid for domestic and international transactions. With a wide assortment of cards totalling up to 14, BOI debit cards are customised to suit the needs of every Indian consumer.
  8. Bank of Baroda Debit Card Bank of Baroda offers six different types of personalized debit cards in association with Visa, MasterCard and RuPay to suit the lifestyle requirements of customers.
  9. Union Bank of India Debit Card Union Bank of India provides international debit cards with multiple account access and add-on cards on the Verified by Visa (VbV) platform. Union Bank provides two types of debit cards to customers including a RuPay debit card.
  10. Syndicate Bank Debit Card Customers can transact in a currency of their choice but pay in Rupees using their Syndicate Bank Global Debit Card. With half a dozen debit cards, Syndicate Bank tries to offer convenience and efficiency to its banking customers.
  11. HSBC Debit Card HSBC offers Visa based debit cards to personal banking customers and HSBC debit cards can be used at multiple merchant outlets and ATMs worldwide. HDFC offers 11 types of debit cards and customers can choose a debit card depending on their savings account.
  12. IndusInd Bank Debit Card IndusInd Bank offers a mix of international and platinum debit cards on the Verified by Visa platform along with an exciting rewards program for customers. The bank offers four different types of debit cards depending on the account held by the customer.
  13. Citibank Debit Card Citibank offers debit cards along with savings accounts and customers can enjoy unlimited benefits and add-on features with their Citibank debit cards.
  14. Standard Chartered Debit Card Access your bank accounts from anywhere in the world, enjoying attractive privileges and offers with a Standard Chartered debit card. Offered in seven different variants, a standard Chartered debit card is a must-have card.

‘PIN’ stands for Personal Identification Number. A debit card PIN is a four digit numerical code, provided as a security feature while performing card purchase transactions. When a customer opens a savings or a current account, the bank provides a debit card along with the corresponding PIN to be used while transacting using the debit card. Customers have the option of changing or setting PINs of their choice if they have forgotten or lost their current PINs. The Reserve Bank of India mandates the use of PIN while making purchases at merchant outlets using debit cards as a security measure. Banking customers are always advised to keep their PINs safe and not share it with other individuals as a move to provide protection to their bank accounts.

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