Comparing the Types of Debit Cards

Posted on Monday, November 29th, 2021 | By IndusInd Bank

Debit cards have transformed the way transactions are undertaken. Facilitating instant access to funds, a debit card enables users to withdraw cash from the ATM, pay bills, and make online purchases on various shopping websites. A debit card is typically linked to a savings account issued by the bank in which the individual has an account. In addition to the aforementioned uses, a debit card comes with an array of benefits. 

There are several types of debit cards for a user to choose from. Here’s a complete guide to understanding the different types of debit cards so you can compare and pick the one most suited to your financial needs.

Popular Types of Debit Cards

Visa Debit Cards:

Used in more than 200 countries, Visa debit cards are the most globally accepted debit cards for all types of online, offline, and electronic transactions. Visa card comes with additional layers of security i.e. “Verified by Visa” which ensure the safety and security of your transaction. Commonly equipped with an overdraft facility, Visa debit cards are issued by banks that have collaborated with the International Visa Payment System network. There are different types of Visa Debit Cards such as Visa Platinum Debit Card, Visa Classic Debit Card, Visa Gold Debit Card, and Visa Infinite Debit Card among others.

MasterCard Debit Cards:

These debit cards are extremely popular for their excellent customer support and benefits and reward program all over the world. A MasterCard debit card enables you to access your savings or current account via the company’s SecureCode payment platform. Moreover, with this debit card, you can have a detailed record of all transactions that took place during a particular month. The most widely used types of MasterCard debit cards are the World Debit MasterCard, Titanium Debit MasterCard, and Platinum Debit MasterCard.

RuPay Debit Cards:

The RuPay debit card is an India-based domestic debit card launched by the National Payments Corporation of India. Created to provide people living in rural areas with electronic access to their bank accounts, these cards are only meant for domestic transactions. Like any other debit card, RuPay debit cards can be used at ATMs for cash withdrawals, to make payments online, and at retail outlets. This card comes with relatively lower processing cost and time and has low transaction costs. 

Contactless Debit Cards:

As the name suggests, contactless debit cards enable payments to be made without the need to hand over the card to the cashier and swipe the card, thus providing a faster and safer cashless transaction. The debit card is connected to the PoS terminal through RFID (Radio Frequency Identification) or NFC (Near Field Communication) technology, ensuring extra security while making electronic payments. Several major banks in India issue contactless debit cards.

Other Types of Debit Cards

Additionally, there is a Maestro Debit card which is similar to the MasterCard debit card. Again, this is a globally accepted card that performs the key functions of a standard debit card. The key difference between Maestro and MasterCard debit card however, is that the former can be issued only as a debit card, whereas the latter is available as a debit as well as credit card. 

Last but not the least, there is a Visa Electron debit card which is almost the same as a Visa debit card, except that the Visa Electron debit card does not come with an overdraft facility. Also, Visa Electron debit cards are not accepted in some countries like Canada, Australia, United States of America and Ireland. 

More than a Debit Card!

Nowadays, debit cards have evolved a good deal to offer benefits and facilities that were earlier only available to credit card users. One of these facilities is EMI on debit card. Some of India’s top banks, including IndusInd Bank, are already offering this service. At IndusInd Bank, customers can enjoy the EMI feature with a pre-approved limit. Additionally, repayment options are affordable, with the flexibility to repay over a tenure of 3, 6, 9, 12, 18 or 24 months. Check your debit card EMI eligibility online to avail this facility today! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author 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.