Debit Card Write for us: A debit card is a convenient alternative to cash availability linked to the savings or current account. The debit card can be called the first step to digital banking, from ATM cash withdrawals/deposits, cashless purchases, and also contactless swipe payments to online payments.
Cash management becomes much easier with debit cards. Account holders are spending their own money, unlike credit cards. If spending regulates, the advantages of debit cards are unmatched. So, what are the benefits of a debit card? Let us regard the features and also advantages of debit cards.
Most banks issue one debit-cum-ATM card that can use at ATMs, for online payments, and also for swiping at other card payment gateways. Banks or financial institutions connect with payment network processing companies like Visa, forever Mastercard, or Repay to provide Debit ATM cards. Let’s read further to learn in detail about different types of ATM cards.
Features of Debit Card
- Debit card benefits and features that are most significant to a typical user are:
- Convenience, cash withdrawal from an ATM, or payment through a card, both in-person or online
- Allows spending within the capacity
- You know your spending limit
- Overdraft option, which helps you to spend even when your account has low cash
- Rewards points add up
- These are secure cards
Advantages of Debit Card
The debit card is digital cash or an alternative to traditional currency. If you have money in the bank, your debit card accordingly powers with spending capacity. Let us go through the advantages together.
Debit cards quickly obtain.
These cards link with savings, current accounts, and issues with every new tab. Once the version opens, the account holder must request a debit card. The bank physically gives the debit card at the address the account holder mentioned, along with the PIN (Personal Identification Number).
Very convenient to use
A cash alternative, debit cards conveniently use to make ATM withdrawals and deposits. These cards can use as contactless and swipe at Poss. You can easily make online payments by incoming your card details.
No more debts
Debit cards have all the advantages of a credit card without functioning on credit. A debit card uses funds from your account and acts like a bank account card. It would be best if you were mindful of having the spending balance in your account when using a debit card. If there is not enough balance, the card will inform you.
Another vital feature of debit cards is their safety. The debit card has a magnetic bar or a digital chip; both augment its safety. The card has a PIN which adds protection during transactions. The cards directly link to the account and the listed mobile number of the account holder. Each time a transaction takes place, the user receives a security PIN, without which a transaction remains incomplete. These layers of safety checks make this banking instrument highly dependable.
Debit cards are accepted everywhere within the country and internationally. Supported by international card networks Visa, and Mastercard, the account holder must inform their bank to enable its global usage.
Alternative to Cash
Debit cards are alternative cash cards. Linked to the account, you pay for purchases online and in person through this card. You can also withdraw money from an ATM through debit cards.
Immediate Transfer of Funds
Online money transfers can make from a debit card safely. Money is sent to the merchant’s account after online transactions. No manual intervention is required.
What is the Difference between ATMs and Debit Cards?
Debit Cards are pretty similar in terms of their functions and use. However, what we must know is that they are two unlike cards. An ATM card is a PIN-based card used to manage ATMs only. While a Debit Card, on the extra hand, is a much more multi-functional card. They accept transacting at stores, restaurants, online, and ATMs.
Even though most banks these days issue you an ATM cum Debit Card, there are a few differentiating factors between them.
With ATM Cards, the sole function you can perform is to withdraw cash from the ATM. ATM Cards use a 4-digit PIN or unique Personal Identification Number and link to your bank account. So, your bank account balance is reduced in real time if you withdraw any cash at a given time.
While ATM Cards do not charge any interest, the most inhibiting factor is that you cannot use them everywhere. They have minimal utility. By this, we mean they are not accepted at all major retail and payment outlets.
Also, another factor to consider about ATM Cards is that your bank and the other bank might charge you high fees in the name of ATM Charges if your bank and ATM are not the same.
Also, you cannot utilize the Overdraft facility on ATM Cards in case of inadequate funds in your account.
Easy, Convenient Hassle-Free. These are the three words that describe a Debit Card best. You can use a Debit Card anytime and also anywhere for various reasons. They are multi-functional in terms of utility, and also all you will need is your PIN to complete your purchase. Debit Cards tie to your Savings Accounts. Therefore, whenever you make any payment, you will see your funds deducted immediately upon the transaction. You can read more on the benefits of a Debit Card here.
How to Submit Your Articles
To Write to Us, you can email us at email@example.com
Why Write for The Who Blog – Debit Card Write for Us
Guidelines of the Article – Debit Card Write for Us
You can send your mail to firstname.lastname@example.org