When demonetization happened, it was debit and credit cards that helped you go through this situation. They were basically your saviours. You can rely on them to meet your everyday needs. Among credit and debit card, it is a debit card that is most considered for the fact; the processing charges are less. Furthermore, it is convenient to use. This has further led to the growing demand for debit cards. To meet the increasing needs, banks are now offering different types of debit card with different and interesting features. The features can be availed by the Cardholder with the offers or with the buyers.
Having a debit card is a relief when you run short of cash. All you need to do is swipe and use the card at any outlet, whether restaurant, shopping centres and more. Your debit cum ATM card can be used in ATMs too to withdraw cash. Having a debit card works in your favour. Some of the benefits include:
• Cheaper – One of the greatest benefits of having a debit card is, it is cheaper. In short, an individual stand to earn some amazing discounts, whether on shopping, fuel, entertainment, dining, or travel and more.
• Smarter – Cannot find an ATM with cash, worry not as you can now use your debit card for end number of purposes.
• Safer – Transacting through debit card is completely safe as it is protected by a pin. Furthermore, all the online transactions too are safe as they are verified, and a one-time password is sent to the person to continue with online transactions. Other than this, they are offered with chip cards for added security.
Types of Debit Cards
Online Debit Systems:
As the name suggests, these cards are majorly used for online transactions. These type of debit cards require electronic authorization for every transaction you do. Furthermore, the user is notified of the transactions immediately. For added security, the transactions are secured with Personal Identification Number (PIN). In this, the user is required to input the pin on every transaction. Apart from this, for added security, a user also must add the CVV number which is majorly at the back of the debit card. It helps you enjoy cashless shopping experience whether in the store or online.
Offline Debit Systems:
Offline debit cards majorly hold either of the two major logos, Visa or MasterCard. Some of the major debit cards also hold Maestro in the UK. This type of debit card comes with a daily limit or in simple words, maximum limit. It takes around 2-3 days for all the transactions done on the offline debit card to be reflected in your account.