Debit cards provide more than just a simple method for accessing your funds and making purchases. While it's common knowledge that they simplify transactions and eliminate the need for cash, they offer several lesser-known benefits that can greatly improve your financial management and lifestyle. Here's an in-depth look at some of these surprising features and advantages you may not have realised:
Many debit cards offer attractive cashback and reward point schemes for shopping. This applies both to retail purchases and online transactions. By using your debit card, you can earn cashback on specific categories or merchants and accumulate reward points that you can redeem for various products or services.
One of the standout features of debit cards is the ability to customise your daily shopping limits. This can be particularly useful if you want to manage your spending and avoid impulse purchases. You can set daily or monthly limits on your card through your bank's online platform or mobile app. Additionally, if you're travelling abroad, you can adjust your international spending limits via Net Banking, helping you control your expenditure and protect against fraudulent transactions.
Debit cards can also offer convenient EMI (Equated Monthly Instalment) options for purchasing expensive items like electronics or white goods. Many banks provide EMI facilities on debit cards without additional cost, allowing you to spread the cost of high-value purchases over several months. This feature can be particularly beneficial during financial crunches.
If you plan your travel smartly, you can benefit from discounts on travel fares using your debit card. Banks often partner with travel agencies and airlines to offer special discounts or cashback on flight bookings and other travel-related expenses.
A lesser-known benefit of debit cards is complimentary insurance coverage. This often includes coverage for accidental death and permanent total disability, with insurance amounts that can go up to ₹10 lakh. In order to take advantage of this benefit, it's essential to be aware of the claim procedures and deadlines.
Some debit cards offer discounts or special rates for those investing in Fixed Deposits or other financial instruments. This is particularly advantageous for investments made for children, with some plans providing extra benefits for girl children. Such discounts can enhance your investment returns and contribute to better financial planning.
Debit cards may also come with free health insurance coverage, which can be a lifesaver in emergencies. Some debit cards offer discounts of up to 40% on medical bills through tie-ups with hospitals and pharmaceutical companies. This feature reduces the burden of unexpected health expenses.
Debit cards often come with a variety of year-round benefits, including:
HDFC Bank Debit Cards are ideal if you prefer to manage your spending from your savings account rather than using credit. They have many valuable features, ensuring you benefit most from your card. New customers can easily obtain a Debit Card by opening a new Savings Account while existing customers can quickly reissue their cards.
HDFC Bank's Cardless Cash service also allows you to withdraw cash from any HDFC ATM 24/7 without carrying your physical card.
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