What Are The Types Of Debit Card One Can Have?

Gone are the days when withdrawing or transferring money meant waiting in queues at the bank counters for hours and hours. With the rise of debit cards, the world of banking witnessed a massive change. Today, whether you are paying your medical bills or purchasing goods online, a debit card has become a one-stop solution for all your monetary transactions. The best part is that it eliminates the need to always carry tons of cash with you.

But did you know that this wallet-sized card also comes in different types? You heard it right! There are six types of debit cards, and to avail of one, you must know the features of each and every card. This will help you use your card wisely.

Let's find out what each of them is:

1. Rupay Debit Cards

Rupay debit cards were introduced by the National Payments Corporation of India. A Rupay debit card is only accepted domestically and provided under the domestic debit card scheme. You can use this card to make online purchases from various domestic merchant websites and also withdraw cash from ATMs. They are issued by all private and public sector banks and make a great alternative to Visa and Mastercard. What’s more, is that these cards have low transaction costs and are easily available even in rural areas.

2. Visa Debit Cards

A visa debit card is a globally accepted debit card that allows users to easily make any electronic and online transactions. This card is used for both domestic and international purchases. And since it provides the Verified by Visa platform, there is enhanced security for all your online transactions. A visa debit card is offered by banks or financial organisations that have collaborated with the international Visa Payment System network. It helps users to access their money online, abroad, in person, or even over the phone quickly and safely. A visa debit card provides the benefit of having an overdraft facility.

3. Visa Electron Debit Cards

This type of card is similar to a visa debit card. The only exception is that a visa electron debit card does not provide an overdraft facility. You can use this card to withdraw cash from both domestic and international ATMs. The best part is that no interest is charged on retreating cash from this card. However, you cannot use this card for any type of offline payment on trains, flights, and more.

4. Mastercard Debit Cards

A Mastercard debit card is accepted all over the globe for online transactions and ATM withdrawals. Along with Visa, a Mastercard is one of the most widely used debit cards and is also one of the most commonly recognised forms of electronic payment worldwide. A Mastercard debit card offers a variety of benefits and reward programs. One of the benefits of using this card is that you can access both your current and saving accounts via the company’s SecureCode payment system. Further, this type of debit card provides a detailed list of all your transactions made in a particular month.

5. Maestro Debit Cards

Maestro is another type of international debit card that is issued by Mastercard. This card is similar to a Mastercard debit card and is accepted globally. With a maestro debit card, performing all your online transactions both within and outside the country becomes a breeze. Not only that, but you can also use this card to take out cash from ATMs all over the world.

6. Contactless Debit Cards

Contactless debit cards are quite popular because they don’t require a PIN when withdrawing money up to a specific amount. Plus, with this card, payments can be made without having to swipe the card. Just tap this card over the cash machine or POS outlet and you’re done. It is because these cards work on RFID (Radio Frequency Identification) principle, making cashless transactions faster and safer than ever.

Now that you know the different types of debit cards, think and make a wise choice. Since debit cards come in a wide variety of forms, it’s always safe to evaluate each of them before applying for one. This will make it easier for you to understand the benefits, rewards programs, services, fees, and minimum balance requirements of each card.