There's something about debit cards you must know, before you shop online
In this festive season sale, it is difficult to not get lured by various deals and offers brought out by e-tailers like Amazon, Flipkart and Paytm. And if the discounted price matches your expectations, no one can stop you. Now imagine this: You have found a good deal on MacBook on which you had set your heart for long. As soon as you make payment through your debit card, it gets declined. You instantly check your account for funds. But it has sufficient funds for making a purchase. So where is the problem? While cards whether debit or credit have made our life simpler, a situation like this often arises with bank customers and take them by surprise. Unlike a credit card, a debit card doesn't levy any interest charges but a purchase can be declined for exceeding the transaction limit set by the bank. Knowing your debit card transaction limit before you set out for shopping can save you from all the fret and embarrassment.
Like credit cards, there are different debit cards too ranging from basic to premium to value to international ones. And the purchase limit for each of them at point of sales or for e commerce transactions differs accordingly. Take for instance a simple classic card offered by SBI. It has a purchase limit of Rs 50,000 per day, but the purchase limit offered on its international debit card is four times i.e. Rs 200,000 per day. It is important to know which card you carry and the transaction limit set on it. Here's a glimpse of the transaction limit offered on their debit cards by some prominent banks across the country. Here's a glimpse of the purchase limit offered on debit cards by some prominent banks across the country.
ICICI Bank
With ICICI's Gold debit card you can shop at various point of sales terminal for Rs 1.25 lac a day, while if you are an international card customer the limit is set for Rs 2 lac per day.
State Bank of India
If you hold a Classic debit card from SBI, you are only entitled for a purchase limit of Rs 50,000 per day. But with Gold International Card, you can shop up to Rs 2 lac per day
Axis Bank
Axis Bank offers it Classic or platinum debit card customers a purchase limit to the tune of: Rs 1 lac per day but with its premium cards like Burgundy World debit card and Privee debit card, which are targeted at wealthy segment it is possible to shop up to Rs 6 lac a day.
HDFC Bank
One of the biggest private banks, HDFC too has number of debit cards for its customers with different transaction and purchase limit. With its Easyshop debit card, you can purchase to the tune of Rs 1.25 lac but if you hold the gold debit card from its stable you can easily shop to the tune of Rs 2.75 lac a day.
While the purchase limit varies from card to cards, some banks like ICICI allows the daily purchase limit to be changed. The customer has to call up the customer care centre for this. The request is activated within 24 hours.
