Features and Benefits of IDBI Magic Card

IDBI Bank has recently introduced Magic Card which apart from being just a debit card can also acts like a credit card but with far lesser charges than the regular credit card though.  IDBI Bank’s Magic Card works best on your regular IDBI Bank Salary Account and gives you excess credit even if there is no money in your savings account and helps you with the money when you need it.  It is a debit card with inbuilt credit (card) option.

 

IDBI Magic Card is India’s first ever debit card with a credit limit set to it.  But will have charges which is far less when compared with the charges levied by a regular credit card.  This Magic Card works well with your regular Salary Account that you may have with IDBI Bank.  This card apart from spending from your salary can also helps you spend more and helps you stretch the limit on your regular debit card.  Hence works like your salary never ends at all.

 

Features of Magic Card

• Overdraft of 2 to 3 times of your salary


• Daily limit of Rs. 50,000 in ATMs and debit card machines


• There is no processing fees


• Loyalty points if you use your card for shopping


• Additional insurance cover for the Magic Card in case of loss or theft


• Exclusive discount offers at various merchant establishments

 

Charges

There will be no transaction charges applicable on using this Magic Card at anywhere as per the IDBI Bank’s latest customer delight campaign where they have introduced a super savings account where there are no charges on any transaction or usage that you make on your card.  But there will be 4% p.a. for the government or public sector employees on the credit usage and 5% p.a. for the rest of the magic card users.

 

Card Details

This IDBI Magic Card will be issued along with the Visa and is accepted as a regular debit card across India and abroad.  The Magiccard will be valid for 5 years from the date of issuance.