In the digital age, the banking sector has witnessed a tremendous shift. Gone are the days when you would visit the bank to withdraw money. It’s also unlikely that you will carry a lot of cash with you to pay at merchant establishments – thanks to the advent of debit cards.
Using a debit card. you can pay for all kinds of transactions; whether they are small or high value transactions. Every bank offers a debit card and ties up with a special payment systems that make these transactions possible. These are the Visa, MasterCard, RuPay, American Express and RuPay.
Visa debit and credit cards have become immensely popular. Visa debit cards are most widely accepted cards across the globe. Here is what you need to know about Visa debit cards.
What is a Visa debit card?
Visa Debit Cards are one of the most widely used and widely accepted debit cards across the globe. Visa payment system finds its roots back in 1958 when Bank of America initiated the Bank Americard programme. This was a unique payment system in the American city of Fresno, California. At first, it was meant only for the state of California. With Visa’s popularity across USA, several American banks obtaining licenses to adopt the Bank Americard system initiated by the Bank of America. In 1976, this centralised system of payments was renamed to Visa.
Today, Visa cards enjoy a world-wide presence and are widely used in more than 200 countries across the globe. Visa’s significance in the global financial markets is tremendous. There are more than 1.46 billion Visa debit and credit cards in circulation, across the globe, which generate in excess of over $4.3 trillion in sales, accepted in about 200 countries.
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The bank where you have your savings account issues a debit card. Most banks have tied up with the Visa payment network to support the transactions. A debit card which is linked to the Visa payment system is a Visa debit card.
Features and benefits of VISA Debit Cards
The visa debit card is the most accepted card at various PoS terminals in India and the world. If you pay for your purchases with your visa debit card, the money is debited from your savings account linked to the card in real time. Here are some of the key features of the visa debit card:
A great alternative for cash: If you have a visa debit card, you do not have to worry about carrying cash. Visa cards are a safe alternative for cash. You can pay for all transactions by swiping your card at PoS terminals.
Visa debit cards are accepted worldwide: Visa debit cards are accepted all over the world at more than a million merchant establishments. Since the visa payment system is an international payment system, you can also use your visa debit card to purchase products from online shopping sites, both Indian and international.
You can access your account instantly: Visa debit card gives you access your savings or current account at any time. You can withdraw cash from ATMs across the world and also pay for your purchases when you are travelling abroad. Make sure to authorize international transactions on your Visa debit card.
You can make online purchases and payments: The Visa payment gateway is one of the world’s most secure payment gateways. You can use a Visa debit card to pay for all your online purchases by using your Visa debit card. Visa’s secure network and additional layers of security such as Verified by Visa ensure that your transactions are secure. You can pay your utility bills like telephone, electric, water and gas bills using your visa debit card.
Types of Visa debit card
Visa offers a wide range of debit cards. Each card is designed to meet the specific needs of the card holder. Depending upon your savings or current account type and the average monthly balance maintained in it, you can get several exclusive privileges for various lifestyle activities which include shopping, dining, travel, golf and so on, with your visa debit card. Here are the types of Visa cards issued:
The Visa Classic Debit Card: The visa classic debit card is accepted in millions of locations across the globe. The card is typically an ATM cum debit card and can be used to both; pay for your purchases at retail stores and online shopping website as well as to withdraw cash from ATMs.
The Visa Gold Debit Card: The visa gold debit card is for individuals who like to indulge in the good things in life. This card comes with a host of privileges and provides special offers on retail, dining, travel and entertainment. Moreover, gold card holders are also eligible for medical and travel assistance as well as legal assistance. Card holders also receive 24 hour customer assistance service by calling on a toll-free number.
The Visa Platinum Debit Card: With features and privileges better than the Visa gold card, the visa platinum debit card offers all the above mentioned benefits and more. You receive 24x7 concierge service for various lifestyle activities such as flight reservations, restaurant recommendations and so on. You also get exclusive discounts and deals with this card.
The Visa Signature Debit Card: The visa signature debit card is a notch above the visa classic, gold and platinum cards. Apart from providing the card holders with the best rewards, discounts and deals out there, the card provides 24 hours concierge services as well as round the clock assistance concerning your card.
The Visa Infinite Debit Card: The visa infinite debit card is for customers who only want the best in life. It is a debit card that surpasses all other debit cards provided by visa. Apart from all the privileges provided by other visa debit cards, this card also provides their card holders with complimentary lounge access to airports in India and abroad; a facility generally offered with credit cards. Moreover, you can use your infinite debit car atmerchant locations and ATMs across the world to get instant access to your cash whenever you need.
Fees and Charges of Visa debit cards
You have to pay two types of charges to use this card. Most banks charge an annual fee for the issuance/maintenance of the card to the user. A convenience fee is charged separately for swiping the debit card at the Point of Sale terminal.
A customer is allowed eight free ATM transactions in a month. Of these, five are at the ATM of the bank which has issued the card. Three free transactions are permitted when Visa debit card is used at the ATM of other banks. Any transaction in excess of the limits attracts charges. A customer has to pay INR 20 for every financial transaction undertaken. The charge for a non-financial transaction is INR 8.5.
A Visa debit card does not attract any delayed interest or other penal charges. The card is linked to your account and the deductions are made real time. There is no transaction on credit.
How to apply for a Visa debit card?
You can apply for a Visa Debit card at your bank where you have a savings or current account. You have to put in a request with your bank for issuance of this card.
You can also apply for the card online by visiting the website of the bank. As you already have a savings or current account, minimal documentation is required for issuing this card. These documents are required for KYC compliance. Here’s a list of documents commonly requested by the banks:
-Proof of identity
-Proof of residence
-PAN card.
-Form 16 (only if PAN card is not available)
-2 latest passport size photographs
Make sure you check with the bank if any additional documents are required.
FAQs
Can I avail concierge service on my Visa debit card?
Visa offers platinum, signature and infinite debit card holders with a premium service known as the concierge service. This is a 24x7 service through which card holders can receive assistance in booking their flights, planning for trips, renting cars, hotel and restaurant reservations and so on. You can easily contact the concierge service by calling on the concierge helpline or getting in touch with them online from any corner of the world.
Are my transactions made using Visa debit card secure?
Visa has introduced a secure Visa network, powered by VisaNet to provide your card with an additional layer of security. The VisaNet system provides multiple levels of protection for each of your online transactions. The Verified by Visa payment gateway is the world’s most secure online payment gateway. To authenticate a transaction, you need to enter a 7 digit one-time password (OTP) sent to the card-holder’s registered mobile number.
I am travelling abroad. Can I use my Visa debit card during my travel?
You can use your Visa debit card internationally. Most banks provide international Visa debit cards, which enables you to access your savings account and make cash withdrawals in more than 200 countries worldwide. Just look for ATMs with the Visa logo, which are very easy to find. There are more than 1.9 ATMs with the Visa logo worldwide, which you can access for cash withdrawals. You can also swipe the card at any merchant establishment abroad.
How do I report the loss/theft of my card?
In the event of loss or theft of your card, you must notify the bank issuing the Visa debit card immediately. The next step would be to block your card to prevent fraudulent transactions. You should also lodge an FIR with the police station and submit a copy of the same to the bank.
Is it possible to make a transaction of a higher amount that is not present in my savings account? If yes, what is the procedure?
The Visa debit card is linked to your savings or current account. It can only process transactions up to the amounts available in your account. However, you can check with your bank if it provides the overdraft facility. This can allow you an access to additional funds in case of emergency.
