MasterCard Debit Card: Get an Overview of MasterCard Debit Card on how to get & apply for MasterCard, its benefits & charges in India at Moneycontrol.
Debit cards provide easy access to your savings accounts. You don’t have to stand in a queue at the bank to withdraw money. Simply use your debit card at an ATM. You can also make transactions using the debit card. Swipe your cards at merchant establishments if you make an in-store purchase. If you shop online, enter the details of the card. A debit card has got you covered for all situations. A debit card is linked to a payment system. MasterCard is one of the payment systems. MasterCard debit cards are quite popular in India. Here is what you need to know!
Overview of MasterCard Debit Cards
The Interbank Card Association (ICA) was formed in 1966 when United California Bank, the Wells Fargo Bank and the Union Bank of California were established. They were joined by the HSBC Bank USA (formerly the Marine Midland Bank) to create the “Master Charge: The Interbank Card”. In the succeeding years, other banks followed suit and merged their bank cards with the Master Charge. The card became really popular and was later renamed as “MasterCard” in 1979. In the last few years, MasterCard has become a globally accepted debit and credit payment system. A debit card which uses MasterCard as its payment system is called a MasterCard debit card.
MasterCard Worldwide is an American multinational financial services corporation. The primary business of this company is co-ordinating and processing payments between the banks of the retailers and the banks issuing the MasterCard. MasterCard is one of the biggest names in the international payments system which can be linked to both credit and debit cards.
MasterCard debit cards are also known for their immensely swift service. There are a number of lucrative benefits in the form of reward points for every transaction. MasterCard debit cards have several features and benefits which make them one of the best payment systems in the world.
Features of the MasterCard debit card
Regarded as one of the world’s best payment systems, a MasterCard debit card has a number of features. Here’s what you need to know:
Accepted across the globe: The MasterCard payment system is an international payment system which has acquired a global presence. MasterCard debit cards are accepted all over Europe, Australia, Asia and Southern America.
Uninterrupted banking services: As a MasterCard debit card holder, you have access to uninterrupted banking services round the clock. You can reach out to the toll-free MasterCard help-line number mentioned on the flip side of your debit card and raise your concerns.
Access your bank accounts from any corner of the world: The MasterCard debit card is an international debit card. You can use your MasterCard debit card to make payments for your purchases at retail outlets in foreign countries which accept MasterCard payment system.
Allows cash withdrawal: MasterCard debit card allows you to withdraw cash from ATM vestibules as well as making purchases from retail stores. If you authorise its international usage, you can also withdraw cash from ATMs across the world.
There is a wide range of MasterCard debit cards: MasterCard debit cards come in various ranges and are typically provided to customers based on factors such as their relationship with the bank as well as the type of account (including the average monthly balance) they hold. The three most popular types of MasterCard debit cards are the standard debit card, the enhanced debit card and the World Debit MasterCard. In India, you typically get the standard debit card when you open your bank account.
Benefits of the MasterCard debit card
Here are the benefits of using a Mastercard debit card:
You get a detailed account of your expenses: MasterCard debit card holders receive a detailed monthly account of all their purchases made using their card. You can get a record of all the transactions made on your card simply by logging into your net banking account or getting in touch with your bank.
You can access ATMs across the world: The MasterCard payment network is a widespread network. The debit card is accepted for payments at almost all retail stores accepting card payments in the world. You also have access to over 900,000 ATMs globally. All MasterCard debit card holders including those who have a Maestro or Cirrus debit card can access these ATMs to make cash withdrawals.
There is a 24x7 helpline: If you are a MasterCard debit card holder, you can reach out to their 24x7 helpline. You can just call the toll-free number on the flip side of your card or found easily on the internet in case you lose your card, or it is stolen. This helps you tremendously when you are travelling abroad and lose your card.
Fees and charges of a MasterCard debit card
You have to pay two types of charges to use this card. Most banks charge an annual fee for the issuance/maintenance of the card to the user. A convenience fee is charged separately for swiping the debit card at the Point of Sale terminal.
A customer is allowed eight free ATM transactions in a month. Of these, five are at the ATM of the bank which has issued the card. Three free transactions are permitted when Mastercard debit card is used at the ATM of other banks. Any transaction in excess of the limits attracts charges. A customer has to pay INR 20 for every financial transaction undertaken. The charge for a non-financial transaction is INR 8.5.
A MasterCard debit card does not attract any delayed interest or other penal charges. The card is linked to your account and the deductions are made real time. There is no transaction on credit.
How to Get MasterCard Debit card
You can apply for a MasterCard Debit card at your bank where you have a savings or current account. Get in touch with the nearest branch of the bank to apply. You can also apply for the card online by visiting the website of the bank. As you already have a savings or current account, minimal documentation is required for issuing this card. These documents are required for KYC compliance. Here’s a list of documents commonly requested by the banks:- Proof of identity
- Proof of residence
- PAN card.
- Form 16 (only if PAN card is not available)
- 2 latest passport size photographs.
Can I use my MasterCard debit Card in foreign countries?
Yes, the MasterCard debit card is an international debit card. It is accepted worldwide. You can use your card to withdraw cash and pay for products and services. You get access to over 900,000 ATMs across the world and more than a million retailers accept MasterCard.
How do I report the loss/theft of my card?
In the event of loss or theft of your card, you must notify the bank issuing the MasterCard debit bank immediately. The next step would be to block your card to prevent fraudulent transactions. You should also lodge an FIR with the police station and submit a copy of the same to the bank.
Is it possible to make a transaction of a higher amount that is not present in my savings account? If yes, what is the procedure?
This is not possible. The MasterCard debit card is linked to your savings or current account. It can only process transactions up to the amounts available in your account. However, you can check with your bank if it provides the overdraft facility. This can allow you an access to additional funds in case of emergency.
Can I link multiple accounts to my MasterCard debit card?
Yes, it is possible to link multiple accounts to a single debit card. This facility may not be available with all banks. Check with your issuing bank if such a linkage is allowed.