These days with fraudulent transactions on the rise, there are quite a lot of chances for the information of your debit or credit card to get compromised. In the normal course, banks are familiar with the spending patterns of their customers. Thus, when they notice any abnormal purchasing behavior where many big value purchases have been made within a span of few hours, banks immediately contact their customer and verify if all the purchases have been made by them. If not, then banks immediately take the necessary steps to block such a card in order to prevent any such fraudulent practices. When the same problem occurs in the case of a debit card, banks immediately block such a card until the customer’s card has been replaced with a new and secure one. However, customers who possess a common debit cum ATM card face the double brunt of breach of privacy but also they are not allowed to withdraw any money from the ATM, until their card has been replaced by the bank. Although customers can always visit the bank branch to withdraw money, there is always the question on the lack of convenience in personally visiting the bank, and carrying out the transaction in its comparative time consuming entirety. Customers always worry that such an action will not be possible in case they urgently require funds from their account for an immediate transaction.
This is the reason why many people opt to manage a separate debit card and a separate ATM card which will protect them in such unforeseen scenarios. While this decision may depend on the nature of work and requirements of each individual customer, people need to understand their payment needs in order to choose between combined or separate cards. Some people might opt for the prospect of having 2 cards simply because they are too careless, and make critical mistakes of forgetting their cards in the machine slot after the transaction. Sometimes, technical errors can also take place where your card may be stuck in the machine, after which you may be unable to withdraw or carry out any other transactions in the ATM machine. With a separate debit and ATM card, the chances of misuse are highly limited and a customer will no longer feel restricted to access their funds in such a scenario. If you are opting for separate cards solely for the purpose of security, then this may not be necessary as many banks are offering PIN based debit cum ATM cards, which greatly reduce the chances of abuse. In order to use such a card, customers are required to enter their Personal Identification Number, only after which all their transactions will be authenticated.
If you intend to have a separate debit and ATM card, then the best time to sign up for one is at the time of opening your account. This is because banks at that stage offer cards without any additional fees or charges levied on it. Even if you have a joint card for the same, then the option of branching them out is quite simple. You need to visit your nearest bank branch, fill out the relevant form and once the information has been processed, you will have two separate cards for all further transactions. While many people may opt for separate cards thinking mostly on the lines of security, then remember that this is not completely viable as the consequences of losing either card more or less remains the same. Moreover, managing two cards at all times may also prove quite cumbersome and inconvenient for an average credit card user. Also, the debt that mounts on them can prove to be quite stressing when it comes to its pay back. Opting for loans, personal loan etc should not be an option as it can bring down your financial health to an all time low.