VISA Debit Card: In the past, our grandparents used to go to a bank to get the cash they needed. The had no idea as to what the meaning of Online payments and Virtual money was. The generation for cash payments and the visit to the bank to withdraw cash are all gone now, replaced by the use of online technology and debit/ credit cards. Multiple competitors in the business of card payment have been coming up in recent times. online payment and these cards have paved the way for a corruption-free society.
The biggest problem with instilling online payments throughout the country is the fear among the people, questioning the safety of such methods. Because of this, security has been increased to a great extent with the invention of platforms for online transactions.
When our country was riddled with the demonetization scheme by the Modi government, Modi Ji explicitly mentioned this move as a way to improve the electronic banking system in our country and to improve the access of such facilities to all parts of our country.
One of the most famous is the Visa company- which is one of the most used cards. Most of us have at least one card belonging to Visa. So it goes without saying, that it is our duty to be more informed about the company and how your card works.
Hence, this is an article to inform you about the same. I will highlight the basic details of a Visa card, how to get one, the banks it is associated with and a list of a few other competitors.
The Visa Card Company
Visa is a multinational company, offering electronic bank services and based in California, USA. However, an important point to be noted it that this company doesn’t dispense cards or set the fees for its customers. It is solely responsible for the smooth functioning of the online transactions that occur using their cards.
VISA functions in most of the countries. The idea was first founded in 1958 by the Bank of America, under the leadership of Joseph. P. Williams.
What is a VISA card?
VISA inc. provides different kinds of cards. A Visa card is any payment related card which uses the VISA network and is branded by the same.
VISA functions of debit cards, credit cards and Gift cards. Each card can be issued from the bank in which your account is made. Of course, the bank has to be a partner of VISA inc., in order to allow the issuance of VISA branded cards.
VISA debit cards
The debit cards branded by VISA have a set of terms and conditions, set by the individual banks issuing them. These terms and conditions have nothing to do with the company of VISA itself.
The cards are ranked according to superiority and the number of benefits each receives by the bank itself. Here is a list of all the types and variations of an original VISA card, and their individual benefits:
- Offers high levels of security
- Free assistance through the globe 24X7 by VISA’s global customer assistance services.
- Emergency card replacement
- Emergency cash advance
- All the features provided by the classic card
- Travel insurance, medical and legal reference
- Special offers at selected retail, dining, travel and entertainment establishments
- All the features provided by the Gold category
- Even more and better offers at retail, dining, travel and entertainment establishment
- Special offers at the banks issuing the card
- A special Platinum concierge service
- All the features provided by the Platinum category
- Better and more offers
- Priority services and assistance
- Special concierge Signature services
- All the features provided by the Signature category
- Better offers
- Priority over all other categories
- Special concierge Infinite services
How to get a VISA debit card?
The process is more or less the same for all banks. You can either apply online or go directly to the bank. A debit card is usually issued when you open your bank account for the first time. You just have to let the bank know that you want one, at the time of opening your bank account. Some banks issue the debit card whether it is asked for or not.
How do I use the VISA debit card?
The VISA debit card is linked to funds in your bank and stops working if you have used up all the funds. You can withdraw money from the nearest atm near you or use it for online payments.
Depending on the type of VISA card issued to you, you get various benefits from the usage of these cards. VISA also offers one of the best security systems among the financial world, to prevent theft.
VISA credit cards
The VISA credit cards work on almost the same basis as the debit cards, just that funds are not linked to your bank account, instead you credit amount every time you make a transaction.
Like the debit cards, the credit cards also have certain categories. These categories are the same as the debit card categories.
Credit card limits
The limits differ according to the type of card issued and the individual bank. It can range from a few thousand to many lakhs. The credit card issued by HDFC bank- the Powerplus Business card offers a limit of Rs 25 lakhs (for businesses) and Rs 5 lakhs for individual bankers.
How to use a Visa Credit card
A credit card works the same way as a debit, except you don’t extract funds from your bank account. You get a credit card bill every month, which you have to pay off- this includes certain taxes induced by the bank.
You can use the card to withdraw money from an ATM as well, but it is not recommended as there is a heavy tax imposed at the time of withdrawal of funds.
VISA prepaid card
the concept of a prepaid card is more of a rural concept, and not used by many people. it basically works like a Visa debit card and a gift card combined. You put in a certain amount of money and those funds can be used to transfer the money to any other account. this is not linked to any bank account.
Why are prepaid cards used?
- These cards are mainly used when you want to keep a track on your expenses. It is used much the same way as a Debit card, but you have to load your card with a specific amount of money like a prepaid Sim card for your phone. you cannot spend beyond what you have charged on your card.
2. This card is also useful for instant transfers to another account.
3. It can also be used to keep track of your expenses during travelling.
4. Can be used for online payments
5. Instant withdrawal of cash from all ATMs and simple transfer of funds to another bank account
Banks which issue a VISA card in India
However popular, only certain banks issue a visa card. These banks are partners of VISA inc. The rest of the banks in India issue a variety of other cards. The bank looks at your credentials and statements and decides the type of card, and the priority you will receive. here is a list of banks issuing the VISA card:
- Andhra Bank
- Axis Bank Limited
- Bank Of Baroda
- Bank Of India
- Barclays Bank PLC
- Canara Bank
- City Union Bank Ltd
- Corporation Bank
- Dena Bank
- Deutsche Bank AG
- Development Credit Bank Ltd
- HDFC Bank Limited
- ICICI Bank Ltd
- IDBI Bank Ltd
- Indian Overseas Bank
- Indusind Bank Limited
- Karnataka Bank Limited
- Kotak Mahindra Bank
- Oriental Bank Of Commerce
- Standard Chartered Bank
- State Bank Of India
- Syndicate Bank
- The Dhanalakshmi Bank Limited
- The Federal Bank Ltd
- The Karur Vysya Bank Ltd
- The Lakshmi Vilas Bank Ltd
- Uco Bank
- Union Bank Of India
- American express
And many more…
Advantages of using VISA
- Theft protection- VISA is one of the safest alternatives to use when worried about losing funds. Also, in this case, it is better to use a credit card since you do not lose any funds in case of theft. But the tax charges will be significantly higher.
- Benefits- you can get many benefits from a Visa card of all kinds like discounts at retail stores, travel insurance, cheaper deals at restaurants and many more. These benefits only get better with the type of card you have.
- 24/7 assistance- VISA offers assistance all 365 days of the year, all through the day. it is easy to get in touch with any of its representatives and has a great customer service. The higher priority card you have, the faster the customer service.
- Worldwide acceptance- VISA credit and debit cards are supported throughout the world, in all 7 continents. It is very rare to find a place which doesn’t accept VISA cards. it is the 2nd largest electronic funds company in the world.