Your Debit Card Guide
Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like cash or personal cheques. A debit card directly accesses the money deposited in your bank account.
What you should know about debit cards:
Which One is Best For Me?
Using a debit card saves you from carrying cash or writing cheques.
More than an ATM card
Different debit cards may have different features. Some may be just an ATM card. Others may also be used for point-of-sale purchases at local merchants and even internationally.
Do you have a debit card?
You may not realize that you have a debit card. Some banks may be replacing their standard ATM cards with one that has a debit feature. This means that you can use your debit card at any merchant outlet that displays your card brand’s name or logo.
Debit vs. credit
Debit means ‘subtract’. When you use a debit card, you are subtracting money from your own bank account. Debit cards allow you to spend only what is in your bank account. Credit means money is made available to you by a bank or other financial institution, e.g. a loan. The amount the issuer allows you to use is determined by your credit history, income, debts and ability to pay. You may use the credit with the understanding that you must repay the charges, plus interest, if you do not pay the amount in full each month.
Before you use a debit card
Tips for using debit cards responsibly
Deduct debits and any transaction fees from the balance in your cheque register immediately.
If you lose your debit card
In the event that your debit card is lost or stolen, report so to your bank or financial institution immediately. Check with them about their liability policies. You also need to know the extent of protection available to you. If a problem arises, remember that it is your money that is at stake. You need to be careful in order to prevent unauthorized use of your card or card number.
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The information on this webpage is not tax, legal or investment advice, and no member of ICICI Bank Group has given you any advice.
Nothing in this document is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, or a solicitation of any type.
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