Recently, IDBI Bank unveiled its Magic Card which includes the features of a debit card with a credit limit. It is the 1st bank in India which unveiled such a unique offer. This magic card is specially designed for all the new and existing Salary account holders of IDBI Bank. This magic card will act as debit card till there is balance in the account and once the balance becomes zero it will begin to work as a credit card for more withdrawal or expenditure on the card.
The charge of this card is much less compared to regular credit card. The main difference between a regular credit card and this magic card is the credit limit and rate of interest. The Overdraft/Credit limit of this Magic Card will be 2 or 3 times of the monthly net salary that the card holder earns. There will be a daily cash withdrawal limit of Rs. 50,000 from any bank ATM/ purchase transaction without any charges.
There will be no processing fee for the card. The card holder will get the loyalty points for the amount he/she spends for purchases and insurance cover for stolen/lost /counterfeit cards and more. In the market of cards, this card is supposed to be a game changer. This card will increase the use of plastic money in the country and decrease the hassles that people face to manage their transactions through multiple cards. IDBI Bank released this card to increase its CASA ratio from 20% to 24%.
Features of IDBI Magic Debit/Credit Card:
- No processing fee
- Insurance cover for lost/stolen/counterfeit cards
- Credit limit is multiple of monthly salary
- No charges for cash withdrawal (with a daily limit of 50,000) from any bank ATM or purchase transaction
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