Debit cards make ATM transactions secure and convenient. They offer many features and advantages. With seamless transactions and real-time tracking, these cards are powerful tools for managing monetary transactions online as well as offline.
What is a debit card?
A debit card is a reliable and handy resource that permits you to withdraw money through ATMs and get instant cash. It is also a reliable and helpful way to purchase online and offline.
In short, your day-to-day financial journey goes smoothly when you have a debit card. Thanks to its dependable PIN authentication and cutting-edge features, security always stays a priority.
5 Features of debit card
A debit card offers a range of features that make it a popular and practical financial tool.
1. Convenient and immediate transfer of funds:
Debit cards permit on-the-spot access to your bank account, enabling seamless fund transfers and bills. Kotak811 debit card is an excellent option for individuals just getting started with their finances. You can open a zero balance savings account and get a free virtual debit card from Kotak811 with all features of a physical card.
2. Budgeting and financial control:
Debit cards help you check your balance and spend accordingly. This lets you control your spending because you can only spend what is available in your bank account. In this regard, Kotak 811 has introduced the innovative ActivMoney feature, where your savings account balance can earn FD-like interest after crossing the designated threshold, helping you grow your savings.
3. Online shopping:
Debit cards permit you to make secure online purchases, giving you access to an extensive range of online products and services. With Kotak811 debit card, you can shop online and make global transactions with ease.
4. Contactless payments:
One of the best features of a debit cardis contactless cash generation, allowing quick and hygienic transactions.
5. No interest charges:
Unlike credit cards, which could gather interest on unpaid balances, debit card transactions do not incur any interest charges, saving you cash ultimately.
Must Read: What Is CVV in Debit Card?
Debit cards provide numerous benefits for individuals and organisations alike:
1. Debit cards can be easily obtained:
Getting a debit card is an easy process, provided that you are an account holder in the bank.
2. Very convenient to use:
Debit cards make buying and spending convenient, eliminating the need to carry massive cash in the wallet.
3. No debts:
With debit cards, you spend from the available amount in your account, preventing any debt, as with a credit card.
Debit cards have options like PINs and chip technology, safeguarding your money from theft or fraud.
5. Readily accepted:
6. Instant withdrawal of cash:
You can instantly access your money and cash withdrawals from ATMs with debit cards. It's a practical approach to handling your finances and conducting transactions worry-free.
Are there any limitations to using a debit card?
Despite several great features of debit cards, they also have some limitations to be aware of:
1. No credit allowed:
Unlike credit cards, debit cards do not grant you credit. The total of your account balance is the maximum that you can spend.
2. Additional fees on atm withdrawals:
Extra costs may apply if you exceed the number of withdrawals per month.
3. Potential fraud:
Debit cards can be subject to fraud or unauthorised transactions, although banks commonly protect against such incidents.
4. Debit card fees:
Some banks may have annual fees for using debit cards, besides predefined charges for select transactions or services.
Things to avoid while using a debit card
To ensure a safe and secure experience with your debit card, take into account the following precautions:
1. Secure pin:
Choose a unique PIN, and avoid sharing it with anyone.
2. Check statements regularly:
Watch for unauthorised transactions on your account statements and report them immediately.
3. Avoid using public wi-fi:
When making online transactions, avoid the usage of public Wi-Fi networks to safeguard your information.
4. Keep card details private:
Never share your debit card information and the CVV number with anybody.
5. Stay cautious with atm's:
Use ATMs in secure areas and be aware of any suspicious gadgets attached to the machine.
Must Read: The Convenience Of Contactless Debit Cards
What to look for in a debit card?
When choosing a debit card, consider the following factors:
1. Low or No Fees:
Look for a debit card with minimal charges for transactions and ATM withdrawals.
2. Wide Acceptance:
Ensure the card is accepted everywhere, locally and globally.
3. Security Features:
Opt for a card with superior protection features like an EMV chip and PIN safety.
4. Rewards and Incentives:
Some debit cards provide cashback or rewards, which may be helpful.
5. Online Banking Services:
To access your accounts online, ensure the bank offers an intuitive online banking system.
With its safe, practical, and cash free payment options, debit cards have completely changed how we handle our finances. Their easy usability, robust security features, and low debt consequences can be credited to their widespread popularity.
To make the most of the benefits offered by a debit card that suits your lifestyle and financial needs, open a Kotak811 savings account and get a Kotak811 physical debit card.
Debit cards make ATM transactions secure and convenient. They offer many features and advantages. With seamless transactions and real time tracking, these cards are powerful tools for managing monetary transactions online as well as offline.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.