India’s Leading Public Sector Bank-IDBI, has now announced a unique debit card, named IDBI Magic Card.
As per the Sources “IDBI Bank is the first Bank in India to launch such a unique product”.
It provides all features of a Debit Card, till you have balance in your bank account. And when your balance gets finished, this Magic Card will start working as a Credit Card.
This Magic Card will be offered to the eligible IDBI-Salaried Account Holders, where people will get the credit limit in multiples of their monthly salary.
At present, there is no Processing Fee for the IDBI Magic Card, and even there are no charges for the Cash-Withdrawal. IDBI Magic Card Comes with a daily limit of Rs. 50000, from any bank ATM or at any Point of Sale (POS) purchase. People will also get loyalty points for spending amounts from the Magic Card, along with a Insurance Cover for Stolen/Lost/Counterfeit Cards.
However there is one drawback in the IDBI Magic Card, that the interest will start as soon as you use this as a credit card, but in a normal credit card, it starts after 30-50 days, and interest rates for Magic Card are also higher than a normal Credit Card.
But in Total, Magic Card would be a nice deal for the people, and hopefully it will become a Game Changer in the Card Sector.