What are the Different Types of Debit Cards?

A debit card is a type of plastic money that allows users to withdraw money from ATMs or pay for goods and services online or in person. But did you know that the debit card you use for online/offline transactions or ATM withdrawals may differ from the debit card used by someone else?

There are various types of debit cards available to a user depending on their specific use and transaction value. Before you decide to purchase a debit card, it is critical that you understand the differences between the various types of debit cards so that you can select the most appropriate one for your financial needs.

What are the Different Types of Debit Cards?

Debit cards can be differentiated into 5 types-

Visa Debit cards

Visa Debit Cards are accepted all over the world, giving users financial flexibility for transactions both within and outside of the country. Visa Debit Cards can be issued by banks or financial institutions that have partnered with the International Visa Payment System Network. These cards provide users with quick, secure, and convenient access to their money in person, abroad, online, and over the phone.

The following are the Visa Debit Cards that are available to users:

  • Visa Classic Debit Card
  • Visa Gold Debit Card
  • Visa Platinum Debit Card
  • Visa Infinite Debit Card
  • Visa Signature Debit Card

RuPay Debit Cards

The National Payments Corporation of India introduced RuPay, an Indian-multinational payment service. RuPay Debit cards are issued under the domestic debit card scheme and can only be used for domestic transactions. These cards can only be used to withdraw cash from ATMs and make online payments within the domestic boundary only. In addition, when compared to Visa and MasterCard, these cards have lower processing cost and time.

The following are the various types of RuPay debit cards:

  • RuPay Platinum Debit Card
  • RuPay PMJDY Debit Card
  • RuPay PunGrain Debit Card
  • RuPay Mudra Debit Card
  • RuPay Kisan Card
  • RuPay Classic Debit Card

MasterCard Debit

MasterCard Debit Cards are accepted worldwide. These cards can be used at ATMs as well as for online transactions. Any transaction made with a Mastercard debit card is deducted from the user’s bank account. Furthermore, these cards provide a detailed record of all transactions made in a given month.

Below is the list of MasterCard Debit cards available-

  • Standard Debit MasterCard
  • Platinum Debit MasterCard
  • World Debit MasterCard
  • World Delite Elite MasterCard

Contactless Debit Cards

Contactless debit cards are popular because they eliminate the need to enter the PIN up to a certain amount (Rs. 5000, particularly). Because these cards operate on the RFID (Radio Frequency Identification) or NFC (Near Field Communication) principle, payments with contactless debit cards can be made simply by waving or tapping at the POS terminal (equipped with contactless payment technology).

Maestro Debit Cards

Maestro Debit Cards are similar to MasterCard Debit Cards in that they are accepted worldwide. Users with a Maestro Debit card can easily conduct online transactions within and outside of the country. Aside from that, he or she has the ability to withdraw cash from ATMs all over the world.

Because there are so many different types of debit cards, it’s a good idea to compare them all before applying for one. This comparison can be made on the basis of benefits, reward programmes, security, processing fees, and other extra features.

To summarise, you should not be swayed solely by the rewards or additional offers provided by various types of debit cards. Instead, choose only the debit card that best meets your requirements and transaction needs.

FAQs
Is it possible to get a personalised debit card?
Yes, several banks allow you to personalise your debit card. You can get a personalised debit card by selecting an image or design from your phone’s gallery or from images provided by the bank.
Is it possible to withdraw money without entering a PIN?
No, you cannot withdraw money unless you enter a PIN. In fact, a debit card PIN is a protective shield that keeps debit cards safe from malicious activity or theft.
Is it safe to use my mobile phone to make a debit card transaction?
Yes, you can use your phone to make online purchases with a debit card. Before completing the transaction, the online portal sends a confirmation message to your registered number after you enter your account details such as the CVV number, expiry date of your card, and other relevant information. This ensures that the transaction is safe, secure, and confidential.
Are Debit Cards different from ATM cards?
A debit card is multifunctional in that it can be used to withdraw money from an ATM as well as for online and offline transactions. ATM cards, on the other hand, are only used to withdraw cash from ATM machines.
What type of debit card should I apply for?
The type of debit card you select is entirely dependent on your needs, preferences, and the service you expect from the bank.
How can debit card fraud be avoided?
To avoid debit card fraud, make certain that you-
  • Do not reveal your debit card PIN to anyone
  • Do not reveal any account-related information, such as your account number, PIN, or others, over the phone or the internet unless you initiated the communication
  • If you use a debit card online, take extra precautions with your personal devices, and keep them up to date against viruses and spyware
  • Check your bank account statements carefully as soon as they arrive. If you notice any suspicious activity, notify the bank immediately
  • Be extremely cautious when using your debit card
  • Register for instant alerts to stay up to date on your bank account transactions
  • If your debit card is no longer in use, cut it into multiple pieces and discard it
0 Shares:
You May Also Like
Read More
How to Use ATM cards?
An ATM card is one that you insert into an automated teller machine in order to perform certain…