What are Debit Card: Online banking is currently one of the most popular ways of banking in India. One banking instrument that has contributed to the victory of electronic banking is the debit card. A debit card is also known as a check card, bank card, or plastic card. The debit card give you instant access to your funds. You can use a debit card for online purchases, pay at the cash register or even in a mobile wallet app instead of writing a check.
What are Debit Card?
Today in this article we will learn everything about a Debit Card. A debit card is a plastic, electronic card issued by banks that gives you instant and easy access to your savings and current accounts. You can use debit card to purchase online shopping websites or withdraw money from ATM. If you have an international debit card, you can access it worldwide. You can also use a debit card to pay utility bills or transfer funds from one account to another account.
How Does a Debit Card Work?
A debit card is a plastic, electronic card that gives you instant and easy access to your savings and current accounts. You can use a debit card for online purchases, pay at the cash register or even in a mobile wallet app instead of writing a check. When you buy something using a debit card, you will swipe, insert, or contactless pay into the card terminal like a credit card.
Then you will enter your PIN number into the machine, though some merchants allow you to use your debit card without a PIN. Once your bank verifies that you have the funds to make the purchase, your transaction is approved. When you pay for a purchase or withdraw money from an ATM using your debit card, you can complete the transaction because your linked account already has the required funds.
Types of Debit Cards
There are main four types of debit card these are –
- Regular debit card
- ATM card
- Prepaid debit card
- Electronic Benefits Transfer (EBT) Card
What are Debit Card Brand: Debit cards partner with major credit card brands, such as VISA, RUPAY, Mastercard and Discover, allowing you to use your debit card to make payments anywhere those branded cards are accepted.
Debit card vs Credit Card
Debit Card:- When you make a transaction using your debit card, the card pulls money directly from your account for the purchase and transfers it to the merchant/seller’s account. You can complete your transaction by entering your four digit PIN number at retail stores and for online shopping websites you have to enter your name, card number, card expiration date and CVV number.
Credit Card: Credit cards allow you to make credit transactions. You are essentially borrowing money from the credit card issuer with the understanding that you can pay the money back at the end of your statement term.
What are Debit Card Documents
There are some required documents you need to apply for a debit card, these are –
- Passport Size Photographs
- Proof of Identity ( Driving license, Voter’s ID)
- Address Proof ( Driving license, Voter’s ID)
- PAN card
- Form 16 (only if PAN card is not available)
How to Apply For a Debit Card Online?
Today we learn What are Debit Card and its use. Now in this section we will learn how to apply for a debit card. Usually banks provide the debit card at the time of opening the account. In case you have not received the debit card, you can follow these steps below.
- Visit your bank’s official site.
- Clink on “Apply For A Debit Card” option.
- Next Choose the type of debit card you want.
- Fill in the required details such as account number, phone number, etc.
- Now submit the application form.
- You will receive your debit card within 2-3 days.