Suppose you are out on a shopping spree, and it's time to pay the bills. Technically, you would take your debit card out and present it to the cashier. When swiped, you get a notification saying it's declined. What would be your first thought? Not enough balance.
You recheck your bank account to realise you have enough funds, yet there is always a default limit to your daily purchase and withdrawal capacity.
But don't worry because there are possible ways to increase the debit card limit if you're one of the people who regularly spend more on things. Let's find out how.
Why do debit cards have limits?
There are many reasons why debit cards need to have a limit set. Some of the reasons are fraud, theft, and enough cash flow in ATMs.
None of you are safe from the malicious activities being run online. Debit cards are not a safe option when it comes to security due to which the banks need to set some limitations on them.
Credit cards are not very exposed to these fraudulent activities due to which it is considered a safe option as compared to debit cards. If your debit card gets stolen, it needs to have some limitations by the time you block your accounts. The limitations in reality are set for your safety.
However, you might feel the need to increase the limits, whether temporarily or permanently, so here's how you can do it.
Must Read: Features and Benefits Of Debit Card
3 tips to increase your debit card limit
Every individual has different needs and wants. Spending habits vary from person to person to which is why it necessary for banks to have an open option for increasing the limits of debit cards.
Know your debit card limit via the bank
The first step is to check your account info or directly call the banking executives to know the exact limit of your debit card. You must know that both ATM withdrawals and spending have different limits.
If you get a link for the same via email or message, make sure it is authentic to click on the same. Different banks have different limitations, so make sure you check with your bank specifically.
For instance, Kotak 811 has a limit of Rs.25,000 for ATM withdrawals and Rs.1,00,00 for spending.
Request for a change (if required)
Many times, you might need to set a higher limit for your debit card. For this very need, you can always visit your bank/s website and check under the debit card managing option to see if it allows you to change the same online. Or you can call the customer representatives.
There will be mandatory details for you to fill in like - for how long would you like to increase the limit for and why do you need to increase it? Make sure you also mention the increase for both ATM and purchasing. It will probably be done within 24-48 hours.
Time and approval of an increase
Make sure your debit card's limit has been approved for the time you asked for or the time suggested to you by the representatives.
Before making purchases or withdrawing cash - read the approval guidelines and then proceed with your work to have a hassle-free experience.
Kotak 811 debit card for a better experience
Kotak 811 offers different types of debit cards based on your preference and usage. These are:
Features of Kotak 811 debit card
Both cards have unique features that set them apart and also let the consumer know which is a better fit for them.
811 Debit card: Basic Debit Card
- Used to make global transactions both online and offline
- Annual fees of Rs.299/- including taxes
- Have contactless payment option
- The new tap-and-pay feature
- KYC is required for LITE members
Must Read: How Can You Track A Debit Card That’s Lost
Image Debit Card: Personalised Debit Card
- Used across all the established stores that accept VISA debit cards.
- Have a surcharge waiver of 2.5% across all the petrol pumps in PAN India.
- Huge Insurance coverage across many verticals like baggage claims, etc.
- Special discounts on shopping, fitness, etc.
Both the cards have amazing offers, giving the consumers a great choice. The features are very promising, and the interface is user-friendly too.
Conclusion
There are many other options apart from spending from a debit card. There are now so many other enticing offers each bank offers. Buy now, pay later schemes, net banking, credit cards, cheques and so much more. However, for many people, a debit card is the most convenient option, whether it comes to withdrawal or spending habits.
So, if you have a limit issue with your debit card, this is the best time to take the necessary actions and have a good shopping experience wherever you go!
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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