Debit Cards Comparison – Compare & Apply for a VISA Debit Card
Debit cards are a great cash-tool to help you stay cash flow positive when out shopping. Unlike with credit cards with which you ‘pay later’ for purchases, debit cards require you to ‘pay now.’
How exactly do debit cards work?
Debit cards are just as flexible as a credit card and you can use them to pay for goods and services online, in person via EFTPOS and over the phone. The cool thing is that if your debit card has a VISA logo on the back you can also draw cash from millions of teller machines worldwide.
This adds another layer of protection to your travels because you hardly need to walk around with your pockets full of wads of cash.
When you do access your debit card the money is drawn directly from your savings account. Therefore you can only use a debit card if you actually have money in the bank.
Debit Card Comparison
| Credit Card | Card Details | Fees | |
|---|---|---|---|
 St.George Visa Debit Card |
Access your own money conveniently for Internet, phone and mail order purchases with the St George Visa Debit Card. |
$7 |   |
What type of debit cards are available in Australia?
You need to have the cash in your bank account to be able to use a debit card. The Australian market share for debit cards was around 33 per cent back in 2005 but spending has been on the increase ever since, even in a less than favourable marketplace.
Purchase value made with MasterCard and Visa debit cards – also known as Scheme Debit – has jumped by 37.5 per cent over the past six months, a recent report found. Due to the global recession and the unstable Australian job market many people have become more debt aware. They prefer to use debit cards because the money is readily available.
Increased surcharges on credit cards have pushed many Australian consumers to look at a debit card comparison instead. Visa debit cards have been around for a long while, but MasterCard have also claimed their share of the market since 2005 when they launched the BankWest MasterCard debit card at the end of year.
Further you can choose from institutions such as Suncorp, St. George and ANZ as well as Westpac and many others. Chances are that your bank or lender probably has their own debit card these days.
Special debit card features:
Some providers will allow you to use your card as a line of credit. This effectively allows you to overdraw your account up to a specified limit. Be vary though because the fees can kill you.
t cards will offer you a charge back feature which is similar to that of a credit card. This feature gives you and added layer of protection for shopping. In the case of a failed delivery for goods or services ordered you can actually charge back the amount paid and get a refund.
This is valid for both offline and online purchases as well as abuse of your card.
The practicalities of EFTPOS.
EFTPOS transactions are used just about anywhere you shop these days. By electronically swiping your card in a little machine (the EFTPOS terminal) you can shop with peace of mind.
It’s like having plastic cash in your pockets. No need to carry heavy coins and bank notes easily lost.
Most institutions allow you a set amount of free EFTPOS transactions each month. Once you go over the limit you need to pay for additional ones.
Some card providers might even give you fee-free EFTPOS transactions provided you use the credit feature on the EFTPOS terminal (CR.) However, be sure to make a debit card comparison first before you are tempted to use this feature as charges might apply.
An overview of debit cards fees.
As with most cards these days fees play a pivotal role in how consumers choose to use cards in their day-to-day living. As credit card charges and fees become increasingly expensive, people opt for the more affordable debit card instead. A recent move by Telstra to increase credit card charges for payments made over the phone and at retailers will no doubt have more people switch to debit card use instead.
It is clear that consumers are sick and tired of having to fork out more and more fees when these card providers already make a ton with our debt.
To get an overview on fees we recommend you do a debit card comparison with the major providers.
Monitor your debit card use.
It is advisable to keep check of your card use to have absolute control. It pays to know how much money is in your account before you go shopping to spend money you don’t have as this could become a little embarrassing.
Keep receipts and keep an eye on the bank statement. If you suspect a mistake, call your bank immediately.
- Be weary of strangers: If you draw cash from ATMs other than the one of your bank it will cost you dearly. The best way to avoid those costs is not to draw money there.
- Limit yourself: Most cards have limits and it is recommended you keep an eye on yours if you want to avoid a potential shortcoming at a shop checkout.
- Understand protection: As with credit cards you get some protection against unlawful uses with your debit card as well.
By now you should have a good understanding of debit cards and how they work.