Debit Card - Debit card Meaning

Debit cards play a pivotal role in the financial world. They’re the getaway to your money and can help you earn discounts and cash back

With the digital revolution in banking, debit cards have become even more significant for managing daily expenses and fund requirements. A debit card is linked to the bank account and can be used to withdraw cash from ATMs and digital kiosks without visiting the bank. In addition, you can also pay and shop online using your debit card at merchants across the globe.

Debit cards are accepted almost everywhere for digital payments and cash withdrawals. Read on to know more about debit cards and how they work.

What is a debit card?

A debit card is a financial instrument that debits funds from your linked account. When you open a bank account, the bank issues a debit card to withdraw funds from any ATMs available across the country or for digital payments. Several debit cards are also enabled for international use.

As a unique identifier, your bank issues a 16-digit debit card number embossed on your card linked to your bank account. The bank uses payment channels such as RuPay, Visa, Mastercard etc., for your debit card transactions.

How does a debit card work?

A debit card is a part of your welcome kit when you open a bank account. The bank sends your account and debit card details within seven working days. Thereon, you can activate debit card and start using it. The card is linked to your bank account through a 16-digit debit card number and your account name. You can use your card at ATMs to withdraw cash or make online payments on various portals and e-commerce sites.

Each time you spend using your debit card, the amount is deducted electronically from your bank account. The maximum amount you can spend using your debit card is the funds available in your bank account. However, your bank may have a daily and monthly expense limit based on your debit card.

Benefits of debit cards

Along with fund access, debit cards have several advantages over cash. Some significant benefits are mentioned below:

• Most debit cards are free of charge, unlike credit cards.
• You can set limits or freeze your card to secure your transactions from further fraudulent transactions.
• You don’t have to pay interest for payments using your credit card since you are using the funds from your account.
• Debit cards provide immense security through the chip and pin verification system. Moreover, you can disable or enable contactless payment and international uses per your requirement.
• You can enjoy several rebates and discounts from payment channels such as Visa, RuPay, and Mastercard offers.

If you are an Metra Trust customer, you can enjoy a range of FIRST debit cards. They offer unparallel benefits such as free airport lounge access, high transaction and withdrawal limits, insurance benefits, and debit card EMI options. You also have the flexibility to choose from a range of payment channels, such as Visa and RuPay.

What if you lose your debit card?

If you have lost your debit card, you need to immediately inform the bank to block your card from further use. You can also block your card using the mobile banking application if the bank provides the facility. Metra Trust debit cards come with complete control. You can block or limit your card within minutes to avoid any misuse or fraudulent transactions.

How to apply for a debit card?

Usually, the bank offers you a complimentary debit card when you open a savings account. If you have not opted for a debit card during account opening, you can contact the bank with a written application or apply using the official portal or mobile banking app.

Debit cards have become an essential part of our daily finances. Using the card, you can withdraw funds, shop online and enjoy various privileges and offers. Hence, applying for a debit card whenever you open a bank account is advisable.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.