IDBI Magic Card – What will you do to get it?
In a single stroke, IDBI Bank has changed the rules of
1. Electronic Payments Industry
2. Salary Account acquisitions
3. Bank Brand Marketing
IDBI Bank via its launch of ‘Magic Card’, has broken through the clutter of the Banking products, and has raised the barrier for salary accounts acquisitions.
Yes, other banks will launch similar products, but IDBI will be pioneer in this segment.
The ‘Magic Card’, is idea is so simple, that it was there for all Bankers to see it, but only IDBI Bank could visualize it and bring it live.
The highlights of IDBI Bank’s Magic Card are :
1) It encompasses the features of a Debit Card with a credit limit.
2) The interest charges are less than a regular credit card.
3) This card incorporates the features of Debit Card as well as Credit Card. It will work as a debit card till the account holder has balance in account, once balance is zero it will start functioning as a credit card.
4) This combination will lead to massive reduction in hassles faced by people in managing their transactions through multiple cards.
5) 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 card holder.
7) 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.
8) There would also be loyalty points for amount spent for purchases and insurance cover for lost/stolen/counterfeit cards etc.
'The card will work as a debit card till the account holder has balance in it but once exhausted, any further withdrawal or expenditure on the card, magic card will act similar to a credit card,' IDBI Bank Chairman and Managing Director R M Malla said.
The press release can be accessed @