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Debit Cards- Your Key To Cashless Transactions

By Mano Prakash on August 29, 2013

Cashless transactions are increasingly becoming important in today's times. More and more people are making use of their debit or credit cards for various transactions on a daily basis. It has become the most convenient method for transactions. There are different types of credit cards which are available at different interest rates by banks. These cards provide a person with electronic access to their bank accounts (either a saving accounts or a checking account) and are quick methods to make payments of large amounts. They are instant and can also be used at ATM's (Automatic Teller Machines) where a person can withdraw money.

Most of the cards use VISA or MasterCard network providers which are universally accepted across the world. In India, there are four major network providers. These include VISA, VISA Electron, MasterCard and Maestro. These cards often have certain details printed on it such as a person's full name, expiration month and year of the card and the 3 digit CVV code which is a security number.

These cards make it extremely easy for people to make payments online through differing shopping portals and websites such as Flipkart, eBay, etc. you can book movie or concert tickets online or even your flight tickets.

Certain debit cards which are specific to certain countries and can only be used within those. International Debit Cards which can be used globally across the world. These provide travellers with easy ways to make payments when they travel overseas.

When you get a debit card you are issued a four digit PIN (Personal Identification number). This number is used when a person wants to withdraw money from an ATM. This number has to be punched in as a personal identification number and it is often a wise idea to change the PIN that is issued to you by the bank.

Your debit card often is linked to your mobile number and for every payment that you make you receive an SMS regarding the same. These cards are similar to prepaid cards where money has to physically be present in the accounts for a person to use, unlike in a credit card where a person can borrow certain loan amounts from the bank.

There are a number of benefits that are available for people using these cards. Not only are they convenient means of making cash transactions and offer people cashless transactions but they also come with a number of rewards as well as discounts. There are no interest rates, finance charges or monthly bills for these cards.

These cards are easy to apply with options for application for the same online as well. All a person is required to do is fill out an online application form and submit that to the bank. It will then take approximately 14 days for the card to be despatched to your residential address.

In case the car has been misplaced or lost, it is easy to call up the helpline and cancel the card. It is important to do this as soon as you realise the card is missing as their misuse is possible. You can then re-issue for a fresh one.

There are a vast number of benefits of using a debit card in today's time and age. People can make use of a number of discounts that are offered as well as rewards. VISA and MasterCard are the two main network providers for debit cards in India.International Debit Cards which can be used globally across the world.

Original article published on SooperArticles.com

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