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  • VISA Electron Debit Cards

    Overview of VISA Electron Debit Cards

    Debit cards provide you the same accessibility as credit card. But there is no possibility of reckless spending here as these cards necessitate customers to deposit or transfer cash into their bank account beforehand. And you can only spend what you have saved and not a dime more.

    Visa Electron is a debit card obtainable universally except for Australia, Canada, Ireland and the United States. This card system was established by Visa in the year 1985 and is deemed as a sister-card to the Visa Debit card. The only notable variance between the two is that transactions with Visa Electron necessitate that chances of overdrawing are minimal. Majority of prepaid debit cards need no special application and usually there are no charges entailed and even if there are it would be quite nominal.

    A large number of reputed financial and banking institutions provide debit cards that comes with similar customer protective codes as any. You need to be cautious about maintenance fee and inactivity penalty lurking somewhere about the fine print though as debit cards basically target the under and unbanked customers, who fallaciously think that these cards are more cost-effective. A Visa Electron Debit card functions like a cheque, only better.

    When you buy something online or from stores, the money is subtracted directly from your account. But you can also avail additional handiness and secure payment options. There are umpteen banks and fiscal organizations that issue Visa Electron Debit cards to their clientele, facilitating bank account usage. Almost every country (except the ones mentioned above) has authorized Visa Electron Debit practicality to be integrated on the same plastic card that gives you access to ATM, sales and other domestic payment gateways.

    Features & Benefits:

    1. You do not need to sweat over your credit check:

      While many people in India are not able to start or keep a current account, debit cards are not issued on any credit basis. Even for those with humble credit, perks of a current account are easily accessible.

    2. Starved you may be but without debt:

      Visa electron debit cards allow you to spend money only if it is already deposited in the account, else it is a strict no-no. It is not possible to carry dues, and hence, impossible to fall into the deathtrap by the name debt.

    3. Safety from unnecessary interest and overdraft costs:

      Visa electron debit cards also escape the expenditures and charges related to profligacy incurred while using a traditional debit card. As there is no dues to be ensued, there are no interest charges, nor can you withdraw cash. The transaction will simply be declined.

    4. Shopping and utility bill payment online:

      While it is not impossible to survive monetarily without a current account, there are plenty of present-day expediencies that people from unbanked areas are unable to access. Debit cards have succeeded in bridging this gap over the years.

    5. Making better financial arrangements:

      For any person who has a tough time reining his spending habits or needs can keep aside a precise expense budget. Your monthly EMIs, pocket money for kids, unexpected contingencies and more can be handled if you budget things accordingly albeit loosely.

    6. Keeping your bank information strictly private:

      As visa electron debit card helps to preserve a bridge between identity thieves and your delicate financial details, it is a safer option from traditional debit cards.

    FAQs:

    1. Can I apply for a Visa Electron Debit Card even if I do not have the required credit history?</strong>

      Yes, you do not need to meet any specific credit score to get a Visa Electron Debit card. You simply need a qualified current account. Money is debited directly from your account.

    2. Can I claim rewards for my Visa Electron Debit Card shopping bills?

      Almost every bank offer lucrative rewards programs like Visa Extras for Visa Electron Debit Card. You can discuss with your Visa Debit Card provider to see what kind of rewards they offer.

    3. How do I make payments with a Visa Electron Debit Card?

      Visa Debit Card dealings can be done in umpteen ways like signing your receipts or order something by using a secret PIN number.

    4. Are there perks to registering for my Visa Electron Debit Card funds transfers?

      When you sign for your purchases, you get security protections that help prevent, detect and resolve fraud. Many rewards programs also require you to sign to collect rewards points. However, if you PIN for your Visa Electron Debit card transactions, you may not receive the same security protections for Visa Debit card transactions not processed by Visa.

    5. How can I sign for my Visa Electron Debit card when there is a PIN pad or terminal?

      On many terminals, pressing CREDIT allows you to sign for your transaction. However, other terminals require you to swipe your card without being able to select CREDIT/DEBIT, then prompt you for your PIN. In such cases, either press CANCEL to be able to sign or tell the cashier you want to sign for your transaction.

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