Applying for a debit card? Know about these types

 The way we do transactions nowadays has changed. The advent of a debit card has enabled us to access funds quickly. These cards may also be used for making payments or online purchases at the domestic and global front. This pocket-sized card comes with hosts of benefits.

The bank issues debit cards to those individuals who hold a savings account with them. They are also given to business entities. Such cards are meant for current account holders. When you use a debit card for a transaction, the cash gets debited from your account.

Now, there are different types of debit cards available in the market. It is imperative to understand its features. This helps you to use your card to the maximum. It is also essential to know about various financial tools available in the market.

Types of cards:

VISA cards

They are the most popular debit cards in India. Most of the banks in the country have VISA tie-ups. The VISA debit card allows banks to offer online transaction with a VISA verified service for enhanced security. The VISA global customer assistance program operates 24*7 and addresses the problems or inquiries relevant to any card immediately. It also provides 24-hour concierge service, which makes everything easier, including flight bookings, hotel reservations, restaurant reservations, ticket purchases, etc.

VISA Electron cards

They are like VISA cards but do not offer VISA debit card overdraft functionality. Most of the Indian banks give VISA Electron cards. It is a necessary debit or ATM card that is cost-effective and does not charge much for its services. If you withdraw cash, there are no interest charges either. You can use the VISA Electron card for shopping online and paying utility bills.

MasterCard cards

Besides VISA, MasterCard is one of the global debit or credit card companies. MasterCard debit cards are standard, and most Indian banks have them at their offering. MasterCard is famous for its quick service and excellent customer care, along with a superb package of benefits and rewards. MasterCard debit cards get accepted globally and not only in India.

RuPay cards

It is India’s VISA and MasterCard version and has been famous since RBI launched it in 2012. The RuPay debit card allows secure payments and online transactions at POS terminals. Owing to low transaction costs and easy availability, even in rural areas, RuPay is used by many and considered the best alternative to VISA and MasterCard.