A very new kind of Plastic card has launched in India recently. Public sector bank IDBI recently announced the launch of Magic Card, which encompasses the features of a Debit Card with a credit limit, that charges much less than a regular credit card for salaried people only!
IDBI is the first bank in India to launch such kind of product.
With the increasing use of plastic money, this kind of card may prove useful for the bank to acquire good business.
Features of Magic Card:
§ The card incorporates the features of Debit Card as well as Credit Card work’s as a debit card till the account holder has balance in his account, once balance is over it will start functioning as a credit card.
§ The card will be offered to eligible salary account holders of IDBI Bank and the credit limit would be a multiple of the monthly salary earned by the cardholder.
§ There is no processing fee for the card, neither any charge’s for cash withdrawal, with a daily limit of
Rs50, 000/- from any bank ATM or purchase transaction.
