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Can Credit Card be Used as Debit Card?

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Regular credit cards can’t be used as debit cards. However, a prepaid credit card mimics debit card in a certain way. Prepaid cards, much unlike regular cards, don’t incur interest for the customers. These cards, which are issued by banks and financial institutions, come with a pre-loaded feature. Yes, you need to load the amount to the card yourself, thereby eliminating the scope for any interest. If you don’t load, the card won’t work. These cards are just like a debit card that allows you to withdraw cash up to the amount that remains on the bank account.

The prepaid card, which can be a gift card or travel card, is beneficial in the following ways.

  • You can spend on the card according to the budget
  • You can buy mobile, accessories or other stuff up to the pre-loaded amount
  • No interest to be charged on spends
  • There won’t be any credit check and employment verification from the bank before issuing the card
  • You won’t be under any sort of debt as the pre-loaded amount is not a borrowed capital
  • Cash withdrawal from ATMs permitted on a few prepaid cards
  • Some prepaid cards allow reloading

There are a handful of banks such as State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank offering a variety of prepaid cards. Let’s check out a few of them.

State Bank Gift Card

  • The card, which remains valid for 3 years from the date of issue, is acceptable at all VISA-enabled merchant establishments for Point-of-Sale (POS) transactions by signature. It can even be used for online transactions.
  • Reload to the card is restricted
  • The card is issued for a minimum of ₹500 and in multiples of ₹1 thereafter. The maximum amount won’t exceed ₹10,000
  • You can get the card at bank branches or by logging on to net banking
  • You can check the balance of the prepaid card at SBI and any of the group ATMs.
  • The issuance fee is ₹105 + GST for a personalized gift card and ₹100 +GST for a non-personalized gift card
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HDFC Bank GiftPlus Card

  • It is acceptable at all VISA-enabled merchant establishments
  • The transaction amount is debited from the balance of the prepaid card
  • Cash withdrawal from ATM using the card is prohibited
  • You can check the card balance and transaction history using the PIN
  • The issuance fee is ₹100 plus GST

Axis Bank Gift Card

  • The card is widely accepted for POS and online transactions
  • The card, which remains valid for a year from the date of issue, can be loaded with a minimum and maximum of ₹500 and ₹10,000, respectively
  • A unique PIN is provided to ensure secure transactions at merchant establishments and online terminals

ICICI Bank Memento Gift Card

  • You can use the card to dine and shop for a variety of products at all VISA-enabled merchant establishments across India
  • The card can also be used for online spends
  • You can load the card with a minimum and maximum of ₹500 and ₹10,000, respectively
  • The card remains valid for 1 year from the issuance date

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Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.45%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
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State Bank of India/SBI8.05% - 8.95%
HDFC8.40% - 9.00%
LIC Housing8.60% - 9.15%
PNB Housing Finance9.25% - 12.00%
Piramal Capital & Housing Finance9.00% - 9.10%
Tata Capital9.20% - 9.35%
ICICI Bank8.65% - 9.25%
Bank of Baroda8.40% - 9.40%
Axis Bank8.90% - 9.15%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%