A debit card is the most convenient tool designed for making all types of purchases. With a debit card in your pocket, you don’t have to bother about carrying large amounts of cash, every time you go shopping. In many ways, debit cards have replaced the practice of using cheques and cash for making payments. A Debit card transaction is reflected instantly on your bank account statement. Therefore debit cardholders can easily track each and every penny, and spend more efficiently, thus keeping an eye on the budget.
At present, there are many forms of debit cards that are available with various banks. Each card provides varied services according to the different need of its customers. Debit cards are classified according to their functionality and usage. Below listed are some of the most common types of debit cards:-
Online debit cards: Online debit cards need electronic authorization, every time a transaction is reflected in the user’s account. The transaction of an online debit card is further secured with a personal identification number (PIN) verification system for added safety. The PIN has to be validated during each and every transaction. The online debit card also minimises the problems with processing lag on transactions because of its secure authentication system and live status.
Offline debit cards: Offline debit cards generally includes the logos of major cards such as Visa or MasterCard. MasterCard is more preferable for international debit card as it is more widely accepted internationally in comparison to Visa. This type of card requires the cardholder’s signature for validation during each and every transaction. Offline debit cards usually have a daily limit restricted to the value of transactions. The transactions undertaken using offline debit cards might take 2-3 days to reflect in the users account balance.
Prepaid debit cards: - Prepaid debit cards are also referred to as reloadable debit cards. To use this type of debit card, the user has to pay the entire amount in advance and later use the money according to his/her discretion. The prepaid debit cards are advantageous for cost savings as they provide easy access to cash, along with improved security.