Debit Card is a payment card which debits the money directly from the customer’s bank account to make a purchase and eliminates the requirement of carrying cash. It has a daily purchase limit beyond which the customer cannot spend even if it has money in the account. These cards have a dual purpose: They allow you to withdraw funds from your checking account through ATM or the cash-back function that various merchants offer at the point of sale.
The debit cards available in India include MasterCard Debit Card, RuPay Debit Cards, Maestro Debit Card, Visa Debit Card, Visa Electron Debit Card. There are issued by the banks who make a tie-up with any of these brands.
A debit card is also known as check cards, and they offer the convenience credit cards. One vital fact is that unlike credit cards, debit cards don't allow you to face debts, except maybe for small negative balances, which might be incurred if you have signed up for overdraft protection. When purchases are done with these cards, at times, no personal identification number (PIN) is required. Similar to credit card reward programs, few debit cards also offer reward programs.
