Do you know your Debit Card offers additional features apart from carrying out routine transactions? Today, you have the option to choose from a wide range of Debit Cards, depending on the features you want. Let us learn more about the different types of Debit Cards available in India.
Debit Card - What is it and how many types?
It is a physical card that enables you to withdraw cash from the ATM instantly, make payments at POS terminals, and carry out online transactions easily. A Debit Card lets you deduct money available in your savings account. It is safe and very convenient to use.
Here is a list of the types of ATM cards in India-
1. Visa Debit Card:
This is a very popular type of Debit Card issued by almost all the major banks in India. Visa Corporation is based in the US and facilitates electronic transactions worldwide. There are different types of Debit Cards belonging to this category and their benefits increase in this order - Classic, Gold, Platinum, Signature, and Infinite. Visa Debit Cards have many features like higher cash withdrawal limits, international transactions and ATM withdrawals, shopping rewards, airport lounge access, insurance cover, etc.
2. Mastercard Debit Card:
Mastercard is one of the largest payment-processing corporations in the world. Many merchants accept Mastercard Debit Cards worldwide as well as in India. You will get many benefits with this type of Debit Card. Broadly, there are 3 types of Mastercard Debit Cards: Standard, Platinum, and World. You can enjoy many privileges like attractive offers in shopping, dining, travel, airport lounge access, roadside assistance, etc.
3. RuPay Debit Card:
RuPay Debit Card uses an Indian payment service system. It was launched in 2014 by the National Payments Corporation of India (NPCI). Similar to Visa and Mastercard, the RuPay Debit Card enables you to perform money transactions. Almost all the banks in India issue it. The Axis RuPay Platinum ATM Card is very popular in this category. It has many appealing features like a high online transaction limit, discounts on food delivery and e-commerce platforms, airport lounge access, and personal accident insurance cover.
RuPay Debit card comes in two types - Classic and Platinum. You can avail of many benefits such as cashback offers, airport lounge access, free insurance coverage, etc.
Since the payments on RuPay Debit Cards are processed in India, the processing fee is less than Visa or Mastercard. However, RuPay cards are not yet accepted at international payment gateways.
4. Visa Electron Debit Card:
This is a different kind of Debit Card issued by Visa. The basic difference between a Visa Electron and a Visa Debit card is that with a Visa Electron Debit Card, you are not allowed to overdraw money. It means you can only use the amount available in your Savings Account. Visa Electron Debit Card is issued in every country except Canada, Australia, Argentina, Ireland, and the United States.
5. Contactless Debit Card:
Contactless Debit Cards are the latest upgrade in our banking system. They use NFC or near-field communication technology. With these types of Debit Cards, you can make payments of up to ₹5000 just by placing the card near the POS machine. There is no need to swipe or hand over your Debit Card. You can get a contactless Debit Card at any bank. It has a payWave sign in the top right corner of the card.
6. Virtual Debit Card:
These types of Debit Cards are also the latest addition to banking. A virtual Debit Card is a non-physical Debit Card and is completely digital. It has details just like a normal ATM card like the card number, CVV, and expiry date. But it will be stored on your phone.
Virtual Debit Cards have more secure features than traditional ATM cards. You need to connect to the internet to use a virtual Debit Card. You can make all kinds of online transactions with this card but ATM cash withdrawal is not possible.
They come with a plethora of other benefits like the Axis E-card, which gives 1% cashback on online spending and a complimentary movie ticket every month! It has a low annual fee and will also give you attractive reward points on annual spending.
How to select the right Debit Card for yourself
Choosing the right type of Debit Card can feel a bit daunting. However, checking the below points will make it easy for you.
- Fee and charges: Check the annual fee and issuance charges of the Debit Card. Usually, as the features on an ATM card increase, the annual fees also rise. Some banks also offer fee waivers after a certain spending amount.
- International acceptance: If you tend to use your Debit Card for international transactions like purchasing from a foreign website, make sure it is an international Debit Card.
- ATM withdrawal and online transaction limit: You should choose the type of ATM card that suits your daily cash and online spending requirements. There are many types of ATM cards, and their limits are also different.
- Features: Check the benefits associated with the Debit Card. Select the one that you can make the most of. For example, if you travel frequently, choose a Debit Card that gives you reward points on booking air tickets.
Also Read: Virtual debit card: The future of card payments
Conclusion
There are many types of Debit Cards available in the market today. You should opt for that kind of Debit Card that not only fulfils your cash and online requirements but also helps you get rewards and offers on your purchases. Consider your spending habits and lifestyle needs, which essentially means your daily money requirements and other specific needs like shopping or travel, before you settle on the right type of Debit Card for you.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
