Debit cards were once only helpful in withdrawing money from ATMs, but their use has now expanded to include POS transactions, online purchases, and the UPI interface.
However, not all debit cards offer the same facilities, so choosing a card that meets your specific needs is important. Different cards have different charges and features.
Consider where you intend to use the card. If you plan to use your debit card abroad, Visa and MasterCard cards are suitable as they are accepted worldwide.
For those who prefer to limit card usage to the country, getting a RuPay card, managed by the National Payment Corporation of India, is a better option. RuPay cards usually have lower charges compared to others.
Co-Branded Debit Card: Some debit cards offer unique benefits such as free movie tickets, hotel booking discounts, and more. However, it’s essential to note that the charges for these cards are usually higher.
If you want to take advantage of these benefits, a co-branded debit card may be the right choice. Otherwise, opting for a non-co-branded debit card without any extra charges for non-branded payments, ATM withdrawals, and online transactions is better.
Most banks issue a debit card by default unless you specify your preference. Therefore, you should communicate your requirements to the bank officer before getting a new debit card to ensure you receive the most suitable card.
When choosing a debit card, compare its charges and features to find one that suits your usage. This will allow you to carry out financial transactions without depending on others.
Additionally, debit cards allow transactions without entering a PIN, and contactless cards have become popular during COVID-19.
These cards are suitable for quick payments, especially for smaller amounts. However, contactless cards may pose a higher risk of loss.
Nevertheless, you can take precautions, such as turning off the phone’s contactless feature, blocking the card through customer care, and setting a lower transaction limit.