What is Debit Card,ATM card, and Credit card?

Debit Card

A Debit card is basically a card used for financial transactions. You can enjoy electronic access to your savings account through an ATM at any bank. You can collect and withdraw cash at your convenience without the hassle of standing in a long queue. The same can be used for mobile banking and Internet banking.

Debit Cards:- Types of Debit Cards in India

Visa Debit Cards -These debit cards are issued with the bank’s tie-up with VISA payment services providing the Verified by Visa (VbV) platform for online transactions.
Visa Electron Debit Cards -Visa Electron Debit Cards are pretty much similar to the Visa Debit Cards but Visa Electron Debit cards do not provide any overdraft features.
MasterCard Debit Cards A MasterCard Cirrus Card or a MasterCard - Maestro Card gives customers access to their funds worldwide and they can perform online transactions using their bank accounts on the MasterCard SecureCode platform.
Contactless debit cards - Consumers can pay near the POS terminals with just the tap or tide of their contactless debit card, making electronic payments safer with cards working on Near Field Technology (NFC).
Rupee debit cards - Rupee debit card has been introduced as domestic card schemes by NPCI, Rupee debit cards facilitate online shopping and transactions on Discover Network and ATM transactions under the National Financial Switch Network.
Maestro Debit Card: -Established in 1992, the MasterCard Debit Card is an international debit card service that is popularly adopted in 13 million locations spread across 100+ countries worldwide. Maestro can easily be identified by the signature logo on all Partner Cards, enable customers to access their own money through robust, compatible ATMs, international networks, posters, and online resources. It helps the costumers to get instant access.

What are the differences between an ATM card, Debit card, and Credit card

There are different types of ATM cards, Debit cards, and Credit cards are the payment cards issued by a bank that allows customers to perform certain transactions through ATM cards, Debit cards, and Credit cards. Not only this, it makes your purchase smooth and easy, but some retailers need it for billing purposes as well. Nowadays banks are trying to add more value to the services they can offer and this is why the cards come with many offers and discounts. The most striking feature of a card transaction is that it is secure and reduces the need for hard cash withdrawals. The following are some of the key differences between an ATM card, a Debit card, and a Credit card.

ATM Cards

ATM cards can only be used on ATM machines to withdraw cash.
You will need a personal identification number (PIN) to make a successful transaction.
An ATM card is associated with your existing account or bank savings account.
The card does not offer credit and therefore is deducted on a real-time basis.
If there is a transaction going on at another Bank's ATM machine, the ATM will charge you a fee.

Debit card

Debit cards come with almost every feature of credit cards, though Debit cards do not allow credit.
Just like an ATM card, you'll need a four-digit personal identification number (PIN) to complete your transaction.
In addition to ATM machines, your debit card can be used in stores or restaurants and can also be used for online payments.
There are usually two types of Debit cards. Visa Debit Cards and MasterCard Debit Cards.
Just like an ATM card, a debit card allows you to use the money from your savings account.
This is different from a credit card because the customer does not need to pay interest or repayment schedules.

Credit card

Although credit cards facilitate ATM withdrawals, they are mostly used as loan options and are issued by the bank upon confirmation of your creditworthiness.
Your credit score affects your credit card request. Many credit card requests can adversely affect your overall score.
This allows you to buy any product that is within your spending range and you can pay later.
It offers attractive discounts on specific brands and services.
In addition to the standard and premium versions, there are many types of credit cards that offer a range of activities, from shopping and dining to air ticket booking.

Most people with an ATM card usually use ATM machines for the sole purpose of withdrawing cash. However, ATM machines also perform other tasks. These include:

The best savings bank accounts to get maximum interest.

Payment of utility bills.

ATMs can be used to pay for electricity, insurance premiums, and telephone providers. However, this payment can be made only if the bills do not cross their due dates.

Chequebook Request.

Cardholders can apply for a new Chequebook through their bank-owned ATM. One thing to remember when applying for a new Chequebook is that the address provided to the bank is up to date.

Paying for a Credit card.

Most ATMs have the option of paying for credit card bills. However, it is important to make the payment at the ATM, which is owned by the bank where the credit card was issued.

Paying taxes.

Cardholders must be enrolled in the ATM for tax payment service. However, this service is only available for direct tax payment. After the cardholder registers for the service, the amount paid will be debited to the card holder's account. Once debited, the cardholder receives a Special Item Number (SIN) that should be included as a reference when filing a tax.

Recharging mobile phone.

Cardholders can use their debit cards to recharge their prepaid mobile numbers. This can be done at an ATM owned by a card holder's bank. In this process, the cardholder will have to enter his mobile number and his ATM PIN to confirm and confirm the transaction.

Safety tips for first-time Debit card users.

According to the RBI guidelines, the debit card issuing banks are responsible for protecting the information of their customers. But there have been numerous instances of data breaches caused due to negligence of debit card users. The following are some of the do's and don'ts for debit card users.

Sign on the back of your debit card as soon as you receive your Debit card. Your card is only considered valid if you sign in the space provided on your debit card.

Sometimes fraudsters can jam the Enter and Cancel buttons on the ATM machine to stop your transaction. In such cases, do not leave the ATM without canceling the transaction.

Make sure you have your debit card PIN memorize. Do not write your debit card PIN number anywhere.

When dealing with an ATM counter, make sure you don't have anyone else with you.

To improve your security, keep changing your debit card PIN from time to time.

If you are withdrawing cash from an open space ATM, make sure you hide the PIN.

If you are no longer using your debit card, discard your old debit card.

Do not through the balance receipt within the ATM. Hackers and fraudsters can use this information to access your bank account.

Track your account transactions on a regular basis. This will help you identify any unusual activity in your account.

When making transactions at petrol banks, restaurants, and similar locations, make sure your debit card is used to a POS machine only in your presence. Otherwise, there are possibilities for accessing your information. Skimming is the process of replicating a debit card using a Skimming device.

If you suspect a skimming device is installed in an ATM machine, refrain from making any transactions and notify the relevant authorities immediately.

Block your debit card immediately if it's lost or stolen. You can do this by calling the bank's hotline number.

Whenever you receive an email or call asking for your account details or debit card information, report the incident to your bank.

As your bank will never ask you for card information. Never share your information over the phone, call, or message with anyone, even if the person claims the bank.

When shopping online with your debit card, make sure the e-tailer's website starts with 'HTTP'. This is a sign that the website is safe and secure.

Do not save your debit card details on your merchant's website for ease of payment. Because if a website is hacked, you risk losing your banking information to hackers and fraudsters.

What is a Near Field Communication (NFC) Debit Card or Contactless Debit Card?

As per the Reserve Bank of India (RBI) norms, transactions that do not exceed Rs 2,000 can be processed without using the PIN. The reports also show that over 60% of financial transactions in India are below Rs 2,000. NFC cards or contactless cards enter the scene. NFC means near-field communication. The NFC principle applies to contactless cards. When the connection is conducted using a radio transmission when cards are wired from NFC near the POS terminal. This action does not require the user to swipe the card and enter a PIN. The transaction can be completed by waving the card.

What is Debit Card,ATM card, and Credit card?

NFC debit card

Both Visa and MasterCard offer this feature, and a number of banks are offering this feature on their debit cards and credit cards. If your visa card has a payWave written on it, you can use the card for a contactless transaction. In the case of a MasterCard, the cards have a PayPass written on the card.

Top Bank Providing Debit Cards in India

Indian consumers can choose from a wide range of debit cards offered by various Indian banks, which are tailored to their banking needs. The following is a list of banks.

The State Bank of India Debit Card provides a selective array of SBI Visa, MasterCard, and Rupee debit cards depending on customer requirements. State Bank of India offers 10 different debit cards, including personal and business cards.
HDFC Bank Debit Cards can be hassle-free cashless purchases with HDFC Debit Cards and secure online transactions on the Visa and MasterCard Secure Code platform. HDFC offers 11 debit card alternatives to Indian consumers.
ICICI Bank Debit Card, Select an ICICI Bank Debit Card of your choice and customize it with an image that is a reflection of your personality. ICICI Bank users can choose from a wide selection of premium, personal, business, express, and uniformed 31 cards.
Axis Bank Debit Cards Axis Bank Debit Cards are full of privileges and offers, and users have the option to design their own debit cards. The bank offers a total of 17 debit cards classified as Business, Commercial, Premium, and other segment cards.
PNB Bank Debit Cards -PNB Debit Cards are offered in conjunction with MasterCard and Money and are accepted in a number of merchant outlets worldwide. Customers can choose from 5 different types of debit cards with an add-on card if needed.
Canara Bank Debit Card users can enjoy cashless shopping through the Canara Bank MasterCard or Visa Debit Card. Canara Bank's debit card offered in two variants is packed with special privileges and features.
Bank of India Debit Card MasterCard, offered on Visa and Rupee payment platforms, is a type of Bank of India card suitable for domestic and international transactions. BOI Debit Card has been customized to suit the needs of every Indian user, with a comprehensive assortment of up to 14 cards.
Bank of Baroda Debit Card offers six different types of Bank of Baroda Debit Card in conjunction with Visa, MasterCard, and Rupee to meet consumer lifestyle needs.
HSBC Debit Card- HSBC offers Visa based debit cards to private banking users and can be used on many merchant outlets and ATMs worldwide. HDFC offers 11 types of debit cards and users can choose the debit card depending on their savings account.
Indusind Bank Bank Debit Card Indus Bank offers a mix of international and platinum debit cards on the Visa platform, along with an exciting rewards program for consumers. The bank offers four different types of debit cards, depending on the user's account.
Citibank Debit Card Citibank offers debit cards with savings accounts, and consumers can enjoy unlimited benefits and extra features from their Citibank debit cards.
Standard Chartered Debit Cards Access your bank accounts from anywhere in the world, enjoy attractive discounts and offers with standard chartered debit cards. A standard chartered debit card is a must-have, offered in seven variants.