Free Debit Card

By: EconomyWatch   Date: 6 October 2010

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A free debit card can be referred to as a debit card which does not attract an APR(annual percentage rate). A free debit card can also be referred to as a debit card which is given as an add-on debit card.

 

Every debit card issuing bank imposes a debit card charge on the credit cards or the debit cards issued. These debit card rates may differ from bank to bank.

Transparency:

There are banks claiming that an add-on free debit card is given to the joint account holders without any extra fee. But this may not be always true.

As a compensatory means the free debit card issuing bank may include the cost of the seemingly free debit card in some other fees or charge. Here comes the question of transparency of the free debit card issuing bank.

Facilities at par:
The free debit card entitles the free debit card holder to enjoy all the facilities equivalent to the benefits enjoyed by the primary debit card holder. The several benefits which a free debit card holder may enjoy are summarized below:

  • Withdrawal:
    A free debit card holder can withdraw money from any terminal or POS( point of sale) displaying the free debit card logo.
     
  • Deposit:
    A free debit card holder can deposit cash at any terminal displaying the free debit card logo.
     
  • Bookings:

    Hotel bookings, Airways ticket booking, Railways ticket booking, Concert ticket bookings can be carried out with the help of a free debit card.
     

  • Balance enquiry:

    One can get information about the status of ones account, the available balance etc.,
     

  • Payment for the goods purchased (including household and grocery):
    The free debit card enables a free debit card holder to pay for purchases made either online or offline.

     

    The free debit card is the best option of payment, alternative to cash and can also be easily carried around.


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