Can we use DEBIT CARD to invest online?

We use debit & credit cards to buy products through e-commerce websites. But we generally don’t use debit/credit cards to make investment online.

Do you know that we can’t invest using a credit card….we can’t buy an investment product through credit card. We can only spend using credit card….

Why is it so? May be credit cards are not meant to save money but to splurge…..credit cards don’t do any good to users but they provide huge revenues to credit card issuing companies (Banks) and the e-commerce companies….Flipkarts and Amazons

However, using a debit card, you can not only spend but also invest online.

Now lets come to the use of debit card in online investment.

To ease the investment process and to move towards paper-less investing, all the Mutual Funds have created online platforms & mobile apps to invest in Mutual Fund schemes.

If you want to invest in a mutual fund scheme, I (as an Advisor) can generate an online link using a mobile app (developed by Mutual Fund company) and send the same to your maid ID. Just click on the link, select the scheme and invest by making the payment using your debit card. The whole process takes only 2 – 3 minutes.

A more simpler way….

You have to register with Mutual Fund with OTM (One Time Mandate) form, which is a one-time requirement. Thereafter, I (as an Advisor) can do the entire investment transaction using a mobile app and you will receive a call from the mutual fund company asking for confirmation to process the transaction. Once you confirm, the transaction will be processed and mutual fund units shall be allotted to your account.

I have already done transactions using Mobile App for 2 of my clients. It was simple & easy.

Conclusion:

Use your debit card for investing also ….apart from spending.

I will be happy to provide any assistance, as and when required.

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