Wondering what is the difference between a credit card and a debit card? Both these cards can help you make online and offline payments without the risk of carrying a large amount of cash. 

To further enhance payment protection, debit and credit cards are equipped with numerous security features. Knowing what all those are brings you one step closer to stress-free payments and better financial management. Here are all the protective measures you get on credit and debit cards. 

Security Features of a Credit Card 

Here are all the ways a credit card ensures that your payments are secure. 

EMV Chip and CVV

All the latest credit cards come embedded with a chip, which protects your card against counterfeiting. Before this technology, credit cards used to rely on magnetic chips, which made it easy for scammers to copy your card data. Replicating your card is complicated with the chip installed, boosting the security of the payment ecosystem. 

Card Verification Value or CVV is a 3-digit code on the back of your card, enhancing your card security. Entering the CVV number when making online payments ensures that your card is not used for unauthorised transactions. Similarly, when swiping the card on a POS machine, the card reader scans the code to verify the payment. 

PIN 

A Personal Identification Number (PIN) acts as a security code when initiating a transaction with a credit card. This is confidential information, which you should not share with anyone. If someone steals your credit card, multiple incorrect attempts to make payment or withdraw cash using a PIN will block your card automatically. 

Two-factor Authentication

This protection layer is useful when you log into your account to execute online payments. With your registered mobile number, you get a security code to verify that you, as a cardholder, authorise this action. 

Transaction Notification

The issuer sends you a real-time SMS and email alert on your mobile number for every transaction. This way, you can report any fraudulent transactions and inform the issuer. 

Contactless Payment 

If you ever hand over your card to the receptionist, they can easily copy all your card details, including your CVV number. Although rare, it's best to avoid such risky circumstances with the contactless payment facility. Instead, you can pay by simply tapping or hovering your card over the POS machine. 

Virtual Credit Card

Another great option to reduce the risk of data breaches is to avoid sharing your card details with an unknown merchant. You can generate a virtual credit card on your issuer's app or web portal. 

When you opt for this, you get a disposable credit card number, expiry date and CVV number. These details are valid for only one payment, and all your records are reflected in your statement, similar to a regular credit card. 

Transaction Limit 

Credit cards allow you to customise your transaction limits for different types of transactions. By setting lower limits, you can avoid a large financial loss. If you want to make a large purchase, you can easily change your limit online in just a few steps. 

Security Features of a Debit Card 

Dive deep into the security measures included in debit cards and learn how they protect your finances.

Bank Statements

Your bank statement includes a complete record of your monthly transactions. Reviewing this report lets you identify if your card was misused or if any deductions were made without your knowledge. 

PIN Number

Also known as an ATM PIN, you can use this number to confirm your transactions and withdraw money from the ATM. Without the PIN, you or anyone else cannot use the debit card. 

This is why it's best to never write your PIN anywhere or share it with someone else. If anyone asks for your PIN over the phone or in place of your card details, it indicates they are a fraud. 

Contactless Technology 

Like a credit card, you can pay with your debit card without handing it in. They work on radio Radio Frequency Identification (RFID) or Near-field communication (NFC) technology. Thus, you can pay by simply sliding the card over the machine. 

Transaction Alerts

Keeping your alerts on allows you to get instant notifications when using your card. If you haven't made the transaction, you can take immediate action to prevent financial loss.  

Both debit and credit card options can be useful under different circumstances, so it's wise to be well-informed on all their aspects. Know what is the minimum due in credit cards, the billing cycle, late payment penalties, and other crucial details. Likewise, know the annual maintenance charges, minimum balance requirements, overdraft limit, and more for debit cards. 

If you plan to get a new credit card, consider getting the One Credit Card for a streamlined credit application and high rewards. This sleek metal card gives you enhanced protection and up to 5X reward points on your top two spend categories.

In addition, you can enjoy a free add-on credit card, an EMI facility, many exciting offers, and more. To make your credit journey streamlined, you can monitor your card activities on the OneCard app. Apply online to get your hands on this lifetime-free credit card.