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2-min read

Types of Debit Cards

Different types of debit cards in India you need to know about.

Updated:May 3, 2019, 12:27 PM IST
Types of Debit Cards
Different types of debit cards in India you need to know about.

One of the biggest revolution in banking will always be the debit card. It solved so many existing problems at its time; the need for reaching out to the bank for withdrawing money, the need for face-to-face interaction with staff members, the use of paper while form filling in order to withdraw, and the time saving aspect as all you needed to do was drive to the nearest ATM and you had cash in your hand. Sure, next was the credit card but there are purists who still swear by the debit card since it allows them to stay debt free and well within their means; can’t say we blame them. So let’s take a look at the types of debit cards there are.

Mastercard Debit Cards:

This along with Visa covers most of the market when it comes to credit or debit cards, and is offered by a large number of banks in India. MasterCard is well known and loved for impeccable and timely customer support, and the kinds of benefits and rewards they offer. Also, MasterCard debit cards are accepted globally; which makes it a handy one while travelling abroad.

Visa Debit Cards:

Arguably the most recognized and used debit cards in India, Visa is affiliated with a majority of Indian banks. Along with MasterCard, Visa offers 24X7 assistance, and are prompt in providing the same. Visa has a lot of unique features such as the 24 hour Concierge Service (which is self explanatory) and the Verified by Visa service (that is a major boost for secured online transactions).

Visa Electron Debit Cards:

The only way in which these debit cards differ from the Visa cards is the overdraft function. While Visa debit card allow the user to over withdraw while charging them for it, Visa Electron doesn’t allow that; which is a great feature since it does allow one to spend within their limits. Another attractive feature is the zero interest charge on withdrawing cash. Visa Electron Debit cards are safe, secure and simple.

RuPay Debit Cards:

This is the Made in India competition to the biggies such as Visa and MasterCard. Made public in 2012, the best aspect of RuPay is its massive reach. You can use these cards in deep flung rural areas as well. Due to the lower transaction costs, RuPay is definitely a healthier domestic alternative to people who want secure banking and don’t want to go for the bigger multinational companies.

Maestro Debit Cards:

Apart from ICICI Bank, most of the banks are using Maestro. It is known for its enhanced online security system, that makes it the choice for many.

Contactless Debit Cards:

Want even faster transactions? There are debit cards based on NFC (Near field Technology) which offer super fast transactions as there is no need to swipe in and enter details. Many of the major banks are slowly embracing contactless debit card services.

To know more, click here.

This content has been created in association with YONO SBI.

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