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.
By the way , there are many people even today who do not know what is Debit Card , then tell those people that it is such a plastic card , with the help of which you can withdraw the amount deposited in your account through ATM within a few minutes . . Not only this , you can do online shopping with this card . Today , with the advent of online shopping sites like Amazon , Flipkart in India , the online usage of debit cards has increased to a great extent . Debit card is also commonly called ATM card because it is used in ATM machine . So let us now know about the advantages and disadvantages of Debit Card , although like a credit card , there are many advantages of this card , but its disadvantages are also not less , so let’s know what are the advantages and disadvantages of this ATM card .
What is Debit Card?
Debit Card is a plastic money card , which we can use to withdraw money from ATM machine and make online payment. Debit Card is directly connected 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Debit Card is completely prepaid, due to which the money withdrawn on every transaction is deducted from your account. A 16-digit number is written on the front side of the card, in which the first 6 number is called Bank Identification Number 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. Let us now know about the benefits of debit card.
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 several types, the main ones being:
- Visa Debit Card
- Master Card
- RuPay Card
- Contactless Debit Card
- Maestro Debit Card
How does Debit Card work?
Debit cards are often linked to a particular bank account of the customer. Banks offer debit cards to the customers whenever they open any new savings, current or overseas accounts.
With the help of a debit card, any user can easily buy things from merchant outlets and online stores. These types of transactions are called cashless transactions because cash is not used at all during the entire transaction.
When a debit card is swiped, the money is transferred directly from the customer’s bank account to the merchant’s account. You can say that with instant payments that too with instantly available cash.
In this , unlike credit cards , you do not have to pay bill payments later, rather you pay the money there at the same time. At the same time, Debit card users receive a monthly statement in which it is written about all the transactions done by them so that it can be easy for them to track their transactions.
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 saved 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 saved 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 enabled 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 registered mobile number in case it is lost or stolen .
- This card is also used 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 deducted from your account , in such a situation you have to complain to the bank .
- Most of the debit cards are not enabled for international payment , in this case you cannot make payment on the international website with these debit cards . For this , you have to get another ATM card made from the bank .