Apply Debit Card

October 6, 2010Debit Cardsby EconomyWatch


Apply for a debit card if you want to make transactions in a simpler way. To apply for a debit card, certain criteria need to be fulfilled and procedures to be followed.

Apply Debit Card: Procedure

Upon opening a checking account, banks usually give a debit card to the account holder. However, if one has a very old accountthat did not furnish a debit card when the account was opened, one can apply for a debit card. The application for a debit cardcan be made online, by calling customer services or by visiting the main branch of the bank concerned. Some banks create a debit card on the spot, as soon as one applies for it. Others mail it to the account holder’s mailing address. Once the debit card hasbeen received, you need to activate it at an ATM or on the bank’s website.

To apply for a debit card, an individual needs to submit certain documents to the bank in which s/he has an account. Thesedocuments comprise identity and residence proof, among other things. Bank details in the form of statements for saving andcurrent account are also required. The account holder who wants to apply for a debit card needs to submit his/her salarystatement or income declaration. It is the salary slip or the monthly income declaration that is instrumental in deciding the debit or credit limit of a card.

Minors are not eligible to apply for a debit card.

Apply Debit Card: Why does One Need a Debit Card?

Possessing a debit card has several advantages, such as:

  • If a payment is made through a debit card, the amount is immediately deducted from the account. The cardholder is spending his/her own money and not borrowing from the bank, unlike with a credit card.

  • There are no annual charges for owning a debit card.

  • Debit cards are very useful for everyday transactions. From paying at a restaurant to booking an airline ticket; from shoppingin your local market to paying your telephone bill, one can use it in numerous ways.

  • A debit card bearing a Visa or a MasterCard logo is accepted by most merchants.

  • A debit card can be obtained much more easily than a credit card.

  • One never needs to bother about late payment charges in case of a debit card.

Since long term deposits are made in the savings account, applying for a debit card for these deposits is not necessary. However, if one wishes to have fast access to this cash, such as in an emergency, then one can apply for a debit card for thesedeposits as well.

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