• Getting a debit card is easier than getting a credit card. Most banks will give you one as soon as you open an account with them.
• You cannot spend more than the amount available in your account.
• It helps you if you are in dire need for cash because you can withdraw money form any ATM. In case the ATM is not affiliated with your bank then there will be a charge when you withdraw money.
• Your money is debited directly from your account instead of it piling up upto the end of the month (as in the case of credit cards).
• Incase you have no balance in your account, your transaction will be denied. This means that you cannot afford to overspend on your debit card and helps keep your expenses in check.

Corporate Advantage

Your corporate salary account will not only give you your debit card but it allows you to maintain zero balance without any additional charges.

Having said that though just because your corporate account allows you to have a zero balance, try and refrain from emptying your account. Remember that it is always safer for you to have money in your account as a saving that you can fall back on when you really need the money.

Also Read: 10 Typical ATM Bloopers

Renewing Your Card

The procedure for renewing your card depends completely on your bank and the policies they follow. Each bank will have their own procedures. We checked with three banks and found out what you need to do when you want to renew the card.

HSBC (India) will send you a new debit card a month before the old card expires. Say your card expires in December 2007 the bank will automatically send you a new debit card in November 2007.

This is done automatically by the bank and you do not need to do have to go through any formalities like filling forms, intimating the bank or even applying for a renewal.

Renewing an ICICI Bank debit card is similar to the HSBC cards.

If you have an SBI (India), you need not need to renew your card. It depends completely on the physical state of your card and how well it is working.

This simply means that if your card is physically broken or there is a problem when your try withdrawing money or making transactions that is when you need to change your debit card.

All you have to do is surrender your cad at your home branch. You will probably have to fill a form and then the bank will send the card to your home.

Swipe Right

Gaurav Mashruwala cautions again, "The important thing to remember about your debit card is to stick to your budget and your shopping list. Just because there is money in your account, does not mean that it has to be spent."

Also Read: Why We Overspend

Now you know all there is to know about your debit card, swipe watchful and swipe safe.