How to choose debit cards and use them safely?

In the 1970s, consumers lives became simpler thanks to the advent of debit cards. Gone are the days when shopaholics across the world carried cash in their wallet and stood in long queues for withdrawing funds from the bank. Payment these days get done with a simple swipe or tap of the card. Older generations would have probably faced challenges such as shortage of cash and not having adequate funds for covering the bill. But today users have the choice to make from the types of debit cards.

The popularity of plastic money has increased phenomenally with banks issuing them with personalised features and designs. As an easy alternative to cash, a debit card manages your daily expenses well, allowing you to plan the budget. Debit cards are primarily used for digital transactions and purchasing items on secure gateways offered by banks as part of their online services.

How to choose the right one?

Consumers who have a savings or current account need to select a suitable debit card. Compare a few cards before you make a choice. Understand what every card offers, the fees levied, the services offered, and the minimum balance requirement before applying for the card. Some cards also provide reward points, and these are beneficial for higher spenders. Also, make sure while purchasing on any e-commerce website or online purchase, the bank and the payment platform are secure for avoiding any fraudulent activities. Always select the one that suits your financial needs and not based on privileges and offers.

How to use them safely?

These cards serve different purposes and are extremely convenient to use. It relieves you from the burden of carrying huge cash in the wallet. But every good item has a flipside. Debit cards are susceptible to fraudulent activities. Although the transactions get done through secure platforms, they are still prone to hacking and cyber-attacks. For avoid being a victim of the same, you need to learn how to use them safely.

Keep the PIN secret

Make sure the debit PIN is safe and secure. Memorise the 4-digit PIN. Considering these are called ATM card as well, you should be aware of the PIN while using them in the ATM booth. Do not write them down anywhere. Also, never share it with a bank representative as well.

Report loss of debit card

Stolen card report should get done immediately to the financial institution so that they can hotlist the same.

Keep an eye on emails

This is the easiest and common way of identifying fraudulent transactions if they occur. As soon as the transaction gets done, you receive an email intimating about the same.

Follow RBIs directive

Make sure you authenticate every PoS transaction by entering your PIN and complete the entire transaction.

Tracking funds in the account

Review your account statement frequently to know where and how much you have spent. If you come across any unauthorized operations, report them to the bank soon.

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