In this day and age of banking anytime, anywhere, neobanksFintech-backed by banking partners are becoming the preferred choice for many customers.
For example, neo-banks such as Niyo, Fi, Jupiter and Freo partner with full-fledged banks to offer a range of products such as savings bank accounts, debit cards and loans. And while you may be dealing with Neobank, you are essentially a customer of the partner bank. Here we look at some of the Neobank debit cards and how they perform in comparison to traditional banks.
to start
To get started, you need to open a savings account using Neobank’s mobile app. It does not require physical submission of documents and is a quick process. For example, in case of Niyo, you can open a NiyoX or Niyo Global account, which are offered in partnership with Equitas Small Finance Bank and SBM Bank (India) respectively. It’s related to you. provides access to debit cards, Similarly, opening a savings account with Jupiter, which is offered in association with Federal Bank, gives you access to a debit card.
what you get
These debit cards generally come with no issuance fees and zero annual card maintenance charges. On the other hand, contacting the partner bank directly may incur some debit card related charges. Moreover, the highlight of Neobank debit cards lies in the additional benefits that they offer over normal bank debit cards. For example, debit cards from Jupiter and Neo offer benefits like zero foreign exchange charges and free lounge access at airports. For example, you can use a Niyo Global card (linked to a savings account in Indian Rupees) for transactions abroad without paying for currency conversion. In general, when you make a foreign currency payment using your card, you are charged a foreign currency markup by the card issuing bank. Also, unlike in the case of a forex card (which is loaded with a specific currency), here, your account balance continues to earn a savings rate of interest until it is used up.
NeoBank cards also come with additional reward points that cannot otherwise be offered by partner banks to their customers. A Neobank app also makes it easy to track your card transactions, which is not possible with all traditional banks.
other details
When it comes to cash withdrawal, you can use a Neobank Debit Card at partner bank ATMs without any charges. However, cash withdrawals from other bank’s ATMs are charged after the free monthly transaction.
Also, in case of any complaint, while the concerned Neobank will be your first port of call, the customer may also consider directly approaching the partner bank for support.
So, if you care about offers and reward points, then Neobank debit cards can be a good option.