While going through the different cards in your wallet, looking for one to complete a purchase, you suddenly find yourself thinking about which card to use – a debit or credit card. If you are completely new to this world of plastic money, this confusion can be as difficult as solving an algebraic equation! You would think that both are a form of plastic money! And you nay some people searching for What is Debit Card in Hindi.
Wondering what a debit card is and how is it different from a regular credit card? Simply put, a debit card combines the functionality of an ATM card and a credit card. They give cardholders instant access to cash from their bank accounts. Debit cards are commonly known as easy-to-accept plastic. Providing access to our savings accounts electronically through an ATM or by swiping a mobile card at any bank.
They work much like a credit card, with the main difference being that the amount is deducted directly and immediately from the cardholder’s account, rather than being paid by the cardholder at a later date.
Debit card- What is it?
Many banks issue debit cards and they look like ATM cards with the functionality of a credit card. A debit card is a payment card that allows safe and easy online and in-person transactions by withdrawing money directly from one’s checking/savings account.
In other words, the person does not borrow money from a line of credit as with a credit card; Debit card money belongs to individuals. This card can also be used to withdraw your money at ATMs. Besides cash registers and ATMs, these cards also work with mobile payment platforms like Samsung Pay, Apple Pay, and Google Pay, as well as a number of other money transfer apps.
How Does Dedit Card Works?
Some other names used for debit cards are charge card, bank card or checking card also search for What is Debit Card in Hindi. Because of their worldwide use, debit cards issued from one country are often valid for use in another. Debit cards can be used to pay for purchases over the Internet or over the phone. The four major debit card issuers are American Express, Discover Card, MasterCard, and Visa.
In addition to these four issuers, some countries may have their own country-specific debit cards, which may be popular in these countries as well as others. Some examples of country-specific debit card issuers would be RuPay in India, UnionPay in China and Maestro in the UK.
Here are some guidelines on how to take care of your debit card:
- Report lost cards immediately – Whenever you lose your debit card. Notify your bank or financial institution immediately so they can take action and try to prevent fraud.
- Monitor Your Emails – Regularly checking your email will allow you to detect. Any fraudulent transactions taking place through your debit card. Every time a transaction is made with the card. An email is authortalking generated to notify the cardholder of the transaction. Authenticate every transaction – Ensure you adhere to the authentication standards mandated by the RBI for every PoS (point of sale) transaction made by a card. Including entering a PIN or providing a signature to complete any transaction pandemic.
- Track SMS Alerts – List details of every transaction made on any purchase with your card to set up and receive your banking. That way, it will allow you to track your debit card spending.
