5 Lesser-known benefits of having a Debit Card

With the rise of digital banking and online transactions, card usage has been on the rise. In these times, it is important to know each and every benefit you can avail by using a debit card. Why miss out on so many benefits? Keep reading to know more about availing the most out of owning a debit card.

In the past few decades, debit cards have gained popularity. People prefer directly using a card rather than standing in long queues of banks or ATMs to withdraw money. Not just that, they have also become a preferred mode of payment at retail and online stores replacing cash.

Debit Cards are issued on the bank account itself and helps you withdraw or deposit money from or into the account. Let us have a look at certain boons of using debit cards.

Five benefits of Debit Card you may not have come across

Other than general advantages of having a debit card such as safety, convenient usage and ease of availability, there are a few benefits that you would not be aware of. Have a look at the same.

1. Payback benefits: A lot of shopping malls, stores and e-commerce services provide buyback benefits on purchase using a debit card. Debit card, being an instant payment option, comes with certain advantages. In some cases, this benefit might be offered as virtual money such as loyalty points or coins, and in others, you may receive money itself as cashback into your account. A lot of e-commerce sales too come with special discount options on payment with a debit card.

1. High Spending limit: People generally believe that debit cards don’t allow them to spend more at a time. The typical rage of spending via a debit card ranges from 10,000 to 2,00,000 rupees. However, a lot of banks offer debit cards with a spending limit that is more towards the upper cap (2,00,000) of the range mentioned. This allows you to freely spend money whenever you wish and on whatever you wish.

1. Sets a budget: Debit cards are directly linked to your bank account. Unlike credit cards, where you might be tempted to go on a shopping spree ending up repaying the credit, debit cards keep a check on you. Every time you use your debit card, the money is debited from your account then and there itself. It lets you know how much you have spent and how much money you still have as balance in your account.

1. Variety in Availability: This is one of the most exquisite debit card benefits. Debit cards come in different types. For example, there are companies such as RuPay, Visa and Mastercard. Further, they also have different cards such as platinum, gold, classic, business, etc. Each of these has its own benefits. It is totally up to you to decide which one to go for and which one might suit your needs the most.

1. Special benefits: Special benefits include accident cover and insurance too. The range of insurance cover starts at around 50,000 and may go up to 10 lakh rupees. Other additional advantages include zero charges or transaction fee on fuel payment, dining at a restaurant or watching a movie at a multiplex.

Increasing Popularity of Debit Cards

It won’t be wrong in saying that soon, physical transactions involving cash at hand might become totally obsolete. Hence, it is advisable to own a debit card and make the most out of all benefits available.

Savings account are the most conventional methods of saving money, and they have been around for a long time.