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Top benefits of using a debit card
Even though debit cards have become common with over 80 crores in circulation since they are given out by banks to most account holders, many people are unfamiliar with the multiple benefits that a debit card offers. Debit cards may just look like a plastic payment card, but they are extremely beneficial. Let us understand how they can be a game-changer.
Convenience & insurance
Shop, dine, pay your bills whether offline, online or abroad with your debit card. A debit cards function like an ATM card for immediate withdrawals of cash, and also like a cheque when buying an item. The money used to pay for the debit card transaction is deducted from your savings account. Some banks like IDFC Bank have some cool offers like spend Rs 1000 or more on your first transaction using IDFC Bank Visa Signature Debit Card and get 10% back, up to a maximum of Rs 250. So, there is more than one reason to swipe your debit card.
Once you open an account most banks will issue you a debit card upon request. But while you don't have to carry cash or a chequebook, debit cards need the safety. Some top class institutions offer insurance on debit card usage. In case of lost card liability, the debit card holder has no liability for unauthorized transactions on debit cards upon receipt of notification from the cardholder. There is also personal accident insurance. For example, the IDFC Bank debit card comes with free insurance (death or permanent disability). All you have to do is to meet existing average monthly balance criteria applicable to the savings account needs in the previous month of the claim. Do check for your debit card charges if because some card providers may offer free insurance but charge you for it in an indirect manner.
Debit cards are used to facilitate expenses, but they can also help you save money. Yes, you read that right. Good debit cards have monthly cashback on buying movie tickets, provide 10% discount on hotel and holidays, meaty discount on course fees and also cheaper products and experiences at select shops.
That apart, you can enjoy the freedom from paying 2.5% fuel surcharge across any petrol pump in India. This waiver can be used by paying for fuel at fuel pumps via the debit card.
Debit cards also allow you to buy latest mobile phones at never before prices. For example, IDFC Bank's signature debit card can be used to get latest Samsung Galaxy smartphones and accessories at prices much lower than the marketplace.
If you have a preferred lifestyle, let debit cards shower you with benefits suiting your taste. Debit cards offer a whole host of offers on food and beverage outlets, wellness (spa and Gym subscription), pharmacies and diagnostic centres. Just announce your intent to avail of the offer before the bill is prepared by participating merchants and present the debit before billing.
In-built spend limits & lounge access
The good thing about debit cards is that they are not credit. But uncontrolled spending can also lead to your debit card making big purchases you may regret later. Hence, good debit cards let you take control of your debit card daily limits for cash withdrawal as well as for purchase. Do remember that the maximum limits can be set depending on your card variant. These type of caps also act as an inbuilt security for your money if the card details are compromised.
Credit cards are not the only ones which give you complimentary access to airport lounges in India. With a debit card like IDFC Bank Visa Signature Debit card, you can get the same privileges so that you can take a moment to relax in luxury and enjoy comfortable seats, F&B, free Wi-Fi, and much more. In this way, you can travel in style and make the most of stopovers en route to your final destination. Lounge accesses are free, and you can check them in your debit card charges. However, if you consume something, the lounge providers may bill you for them separately.