One of my friends went to an ATM to withdraw cash. Instead of inserting his debit card, he inserted his credit card by mistake. Only after pulling out cash from the machine, he realized that he withdrew cash from credit card. Cash withdrawal from a credit card attracts interest from Day 1. There is no free credit period for cash withdrawals. As he is aware of this fact, he immediately deposited the cash back into his credit card account. However, the bank charged him INR590 (including GST) for this transaction as fee. He lost his hard-earned money in a whisker and ended up paying a fee.
Cash withdrawal from a credit card attracts interest from Day 1. There is no free credit period for cash withdrawals.
When he shared this incident with me, I asked him “Do you use the same PIN number for both your debit card and credit card?”. He immediately said ‘Yes, you got it”. So, here is the catch. If you use the same PIN number for all of your cards, then your ATM transaction will get through, irrespective of the card that you insert. If my friend had a different PIN number for his credit card, then the ATM machine would have stopped his transaction saying the PIN number is wrong. The entire incident would have been avoided including the fee paid to the bank. In order to avoid such losses in the future, I suggested him to change the PIN number for his credit card immediately.
Most people keep the same PIN number for all of their cards, as it is convenient to remember.
Most people keep the same PIN number for all of their cards, as it is convenient to remember. However, it will prove costly, at times, as it did in my friend’s case. If you are also like my friend and have the same PIN number for all your cards, please change it. You need to have different PIN numbers for different cards so that you do not lose your hard-earned money. At least, you must have a different/unique PIN number for your credit card.
Alternatively, you can also try turning off ATM transactions facility for your credit card from your bank’s mobile application. CITI Bank allows to do this, and I think it is possible with other banks as well. (Please refer the screenshot) The feature must be available under Manage Cards menu. Once turned off, then this will restrict all ATM transactions for your credit card and in turn will protect you from any inadvertent adverse actions.
FAQs
You need to have different PIN numbers for different cards so that you do not lose your hard-earned money. At least, you must have a different/unique PIN number for your credit card. Alternatively, you can also try turning off ATM transactions facility for your credit card from your bank's mobile application.
Can I use the same PIN for debit and credit card? ›
Not a good idea to use the same pin for a Debit and Credit card. Not just for security reasons but in case you put your Credit card in an ATM by accident to withdraw cash (bad idea due to charges). I did this once but because it did not recognise my PIN it did not accept the card.
Should I use the same PIN for all my cards? ›
Although it is possible to choose the same PIN, for security purposes we would suggest you choose a different PIN to the one you use with your cards.
Do you enter your PIN for debit or credit? ›
Yes, all debit cards require a PIN number. However, be mindful that not all debit card transactions require the use of a PIN number. The transaction itself, your recent purchasing history, or the vendor purchasing from may influence the security checks implemented by the issuing bank.
Does credit card and PIN come separately? ›
This is highly sensitive information, so only you should know what it is. If you're ever issued a new card and PIN, they'll be delivered separately for security reasons.
Are debit and credit card PIN the same? ›
You need to have different PIN numbers for different cards so that you do not lose your hard-earned money. At least, you must have a different/unique PIN number for your credit card. Alternatively, you can also try turning off ATM transactions facility for your credit card from your bank's mobile application.
Does debit card PIN stay the same? ›
Your PIN won't change if you get a new debit card, unless otherwise specified. How do I access my USD account with my debit card? Your debit card does not give access to your USD account. Call us or visit a branch to access your funds.
What is the best PIN number for a debit card? ›
Choosing a Good PIN
Your birth date, wedding anniversary, phone number, and home address are obvious picks, so just do not use them. Instead, think of numbers unrelated to major events and addresses in your life to create your PIN.
How often should you change your PIN number on your debit card? ›
Robert Siciliano, CEO of Protect Now, says that, in general, security must be easy in order for consumers like me to partake. If it's inconvenient, people tend to get lazy — and open themselves up to risk. For that reason, he says he only recommends changing my debit card PIN if it gets compromised.
Do I have to enter my PIN everytime I use my debit card? ›
No. The PIN number can only be used when making a purchase. You can continue to use your card without a PIN number to make purchases.
Use different debit card PINs for different cards and accounts. Hide your debit card PIN and don't share it with others. Select an easy-to-remember string of numbers or letters signified by numbers, such as a date that's important to you or a four-letter acronym.
Can someone use my debit card without my PIN? ›
Fraudsters can still use your debit card even if they don't have the card itself. They don't even need your PIN—just your card number. If you've used your debit card for an off-line transaction (a transaction without your PIN), your receipt will show your full debit card number.
Where is the 4 digit PIN on a debit card? ›
If you are still wondering where is ATM PIN written on debit card, it's not! Your ATM PIN is never written or printed on your debit card for security reasons. Instead, banks provide it to you separately through secure channels.
Do you use a PIN number with a credit card? ›
A credit card PIN is a four-digit code that you may need to use to make certain credit card transactions. Most of the time, you will not need a PIN to use your credit card unless you're making a cash advance or traveling abroad. You should never write your PIN down anywhere or share it with anyone.
What do I do if I don't have a PIN for my debit card? ›
If you've forgotten your debit card PIN, some banks may offer a way to retrieve it through their website or app. You can also call a customer care representative, or find a local branch for help.
Does your PIN come before your credit card? ›
You'll receive your credit card
Your new credit card will arrive within 7 days by post, separately to your PIN.
Can you use both debit and credit card? ›
Debit cards and credit cards both have their uses. And choosing between them is not an either/or decision. If you qualify, there is no reason you can't have both to use as appropriate.
Is an ATM PIN different from a debit card PIN? ›
Yes, it is the same, if you are asking for withdrawal from ATM thru Debit Card. But if you are asking for using PIN for withdrawal from ATM without ATM Card it is different.
Should your debit and credit card be from the same bank? ›
So while it's not inherently bad to have multiple cards from the same bank, another reason experts believe it's preferable to get cards from different banks is have cards from different networks (e.g. Visa, MasterCard). This is because a handful of retail merchants or shops only accept one or the other.
Do you need a PIN to run a debit card as credit? ›
2) Don't Need Your Personal PIN # with the 'Credit' Option
Most 'Debit' transactions require use of your personal PIN # to complete the transaction, while selecting 'credit' transaction for your debit card purchase does not.
