Debit cards have transformed the way transactions are undertaken. Facilitating instant access to funds, a debit card enables users to withdraw cash from the ATM, pay bills, and make online purchases on various shopping websites. A debit card is typically linked to a savings account issued by the bank in which the individual has an account. In addition to the aforementioned uses, a debit card comes with an array of benefits. 

There are several types of debit cards for a user to choose from. Here’s a complete guide to understanding the different types of debit cards so you can compare and pick the one most suited to your financial needs.

Popular Types of Debit Cards

Visa Debit Cards:

Used in more than 200 countries, Visa debit cards are the most globally accepted debit cards for all types of online, offline, and electronic transactions. Visa card comes with additional layers of security i.e. “Verified by Visa” which ensure the safety and security of your transaction. Commonly equipped with an overdraft facility, Visa debit cards are issued by banks that have collaborated with the International Visa Payment System network. There are different types of Visa Debit Cards such as Visa Platinum Debit Card, Visa Classic Debit Card, Visa Gold Debit Card, and Visa Infinite Debit Card among others.

MasterCard Debit Cards:

These debit cards are extremely popular for their excellent customer support and benefits and reward program all over the world. A MasterCard debit card enables you to access your savings or current account via the company’s SecureCode payment platform. Moreover, with this debit card, you can have a detailed record of all transactions that took place during a particular month. The most widely used types of MasterCard debit cards are the World Debit MasterCard, Titanium Debit MasterCard, and Platinum Debit MasterCard.

RuPay Debit Cards:

The RuPay debit card is an India-based domestic debit card launched by the National Payments Corporation of India. Created to provide people living in rural areas with electronic access to their bank accounts, these cards are only meant for domestic transactions. Like any other debit card, RuPay debit cards can be used at ATMs for cash withdrawals, to make payments online, and at retail outlets. This card comes with relatively lower processing cost and time and has low transaction costs. 

Contactless Debit Cards:

As the name suggests, contactless debit cards enable payments to be made without the need to hand over the card to the cashier and swipe the card, thus providing a faster and safer cashless transaction. The debit card is connected to the PoS terminal through RFID (Radio Frequency Identification) or NFC (Near Field Communication) technology, ensuring extra security while making electronic payments. Several major banks in India issue contactless debit cards.

Other Types of Debit Cards

Additionally, there is a Maestro Debit card which is similar to the MasterCard debit card. Again, this is a globally accepted card that performs the key functions of a standard debit card. The key difference between Maestro and MasterCard debit card however, is that the former can be issued only as a debit card, whereas the latter is available as a debit as well as credit card. 

Last but not the least, there is a Visa Electron debit card which is almost the same as a Visa debit card, except that the Visa Electron debit card does not come with an overdraft facility. Also, Visa Electron debit cards are not accepted in some countries like Canada, Australia, United States of America and Ireland. 

More than a Debit Card!

Nowadays, debit cards have evolved a good deal to offer benefits and facilities that were earlier only available to credit card users. One of these facilities is EMI on debit card. Some of India’s top banks, including IndusInd Bank, are already offering this service. At IndusInd Bank, customers can enjoy the EMI feature with a pre-approved limit. Additionally, repayment options are affordable, with the flexibility to repay over a tenure of 3, 6, 9, 12, 18 or 24 months. Check your debit card EMI eligibility online to avail this facility today! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Gone are the days when EMIs or Equal Monthly Instalments were exclusively associated with loans or credit cards. If you’re asking, “can we do EMI with a debit card?” then the answer is yes! Select Indian banks – such as IndusInd Bank – offer their customers the debit card EMI option.

So, how does this payment method work, and why should you opt for it? Let’s find out.

What is EMI on Debit Card? 

EMI on a debit card is a payment facility that lets you convert high-value purchases into easy, bite-sized instalments, without needing a credit card. It works just like a standard EMI but uses your savings or current account instead of a credit limit. 

Many people believe EMIs are a credit-card-only feature, but debit card EMIs have opened up the instalment option to a much larger audience. With this facility, you can buy now and pay later, using the balance from your linked bank account.

How Does Debit Card EMI Work? 

Here’s how the debit card EMI process generally unfolds: 

Step 1: Check Eligibility 

Not everyone with a debit card automatically qualifies. Banks usually pre-approve select customers based on factors like account activity, balance history, and past loan behaviour. You can check your eligibility via SMS, internet banking, or by contacting customer support. 

Step 2: Make a Purchase 

Choose a product from a retail partner or an e-commerce platform that offers the EMI on debit card option. At checkout, select ‘Debit Card EMI’ as the payment mode. 

Step 3: Choose Tenure 

You’ll get to pick a repayment period, typically ranging from 3 to 24 months. Some merchants may also offer no-cost EMI options, depending on the bank’s tie-up. 

Step 4: Authorise Transaction 

Enter your debit card details and authenticate the transaction using your registered mobile number and OTP. Once approved, the amount is debited from your account, and the EMI plan kicks in. 

Step 5: Monthly Instalments 

The EMI amount will be auto-debited from your bank account every month on a set date until the full amount is repaid. Some banks may also charge nominal processing fees or interest, depending on the terms. 

This facility brings flexibility to debit card users, letting them access credit-like features without actually using a credit card.

Debit Card EMI Eligibility

It is important to note that the debit card EMI facility is not available for everyone. It depends upon a number of factors, the most important of which is the bank’s decision. Based on certain criteria, your bank will decide whether or not you’re eligible for a debit card EMI on your purchase.

In the case of IndusInd Bank, you can check your eligibility by sending an SMS MYOFR to 5676757.

Good news is that even if you are not eligible now, the Bank can extend the facility to you in future, as the eligible customer base is updated every couple of months.

Some Things to Note Regarding EMI on Debit Card

• You do not need to maintain a Fixed or Recurring Deposit to avail of this facility.
• Even this scheme, taken as a loan, can be foreclosed. However, there will be foreclosure charges involved.
• The minimum purchase amounts may differ from bank to bank.

Should You Opt for EMI on Debit Card?

Well, to help you determine that, let’s take a look at some of the benefits IndusInd Bank offers –

• No down-payment needed
• No money in your account is blocked
• You get 100% finance to buy the products or services of your choice.
• No lengthy documentation processes
• The loan is approved, and the money is disbursed instantly.

Another benefit offered by IndusInd Bank is that of no extra costs charged on the scheme. If you get to avail of this benefit in particular, such schemes are usually a great option to finance your big-ticket purchases. They help you buy what you want conveniently and without going beyond your means.

Moreover, our customers also get to enjoy the no-cost EMI option, allowing them to save a ton on interest. Plus, you can use your debit card to purchase products or services with a minimum cart value of Rs. 10,000 at both brick-and-mortar stores and online merchants via affordable repayment options.

Don’t have an account with us yet? Then, explore our range of personal accounts and choose the one that aligns with your saving requirements. Click here.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.