A Visa debit gives you the convenience of a credit card without the risk of getting in to debt. Your money is always at your fingertips to use at millions of locations worldwide.
The Visa Debit Card is a type of card that gives you an alternate payment method to cash when spending your own money. When you make a purchase using debit cards the funds are withdrawn directly from your savings bank account or from the remaining balance that is on the card. With more then 29 million choices you will rarely find a place where you can not use your debit card. You can get cash out of ATMs all over the world with your Visa Debit card. You will be protected against fraud and identity theft just like with normal credit cardsRates last updated October 2nd, 2015
Video: What is a Visa debit card?
How has the Visa debit card has evolved over the years?
A Visa debit card is very similar to a Visa credit card because they both operate on the system. This means that merchants accepting credit cards will generally also accept debit cards for payments. The debit card is directly linked to a transaction account that the cardholder has at a bank or financial institution. It looks just like a credit card, but it uses cash that the cardholder has in his or her bank account. There is no credit given on a debit card (though there may be an overdraft), which means that there is no credit history check.
The Visa history is very interesting. Visa has recently converted over from a co-operative of all the Visa card issuers to a profit-making company. It now has shares which are traded on the New York Stock Exchange. Visa had its start in California. It was introduced by the Bank of America that had watched the ideas set forward by American Express and Diners Club become popular. It expanded on the Diners Club card and began to offer its own card to customers that wanted to shop using credit at shops, and have all this credit consolidated in one account.
The launch was held in Fresno California even though the Bank of America was based in San Francisco. The Bank of America had a large customer base in Fresno, and they decided to mass mail out their cards to this customer base. The mass mailing was based on a preset credit limit, so only the customers that met the standards were mailed a card. This was the first time that a mass mailing was done like this, and since then there have been many more.
The Bank of America also wanted to make sure that word would not spread if the launch was a failure. Fresno is more isolated from the rest of California than any other major city, so it was a good choice. Needless to say, this launch was far from being a failure. The Visa debit card was introduced to the public in the 1980s. Since then it has become part of the Australian lifestyle. It is a good option if you don't want, or can't get, a Visa credit card.
Where can I use my Visa debit card?
Visa does not operate its own transaction account, so any debit cards offered by Visa must be linked to a bank account or an account with another financial institution that offers a Visa debit card. Visa is a payment processor, and it works on behalf of these financial institutions on a worldwide basis. The Visa debit card is operated by the bank that is offering them.
A Visa Debit Card gives you the convenience of a credit card, allowing you to pay your bills over the phone, go shopping online when you're on the internet, or make a purchase over the counter in an EFTPOS machine. The other major benefit of a Visa Debit Card is you are able to use your card overseas to make purchases, anywhere a Visa card is accepted (over 29 million locations worldwide!). You can also use your card in an ATM machine to make a cash withdrawal from one of over 1 million ATM machines world-wide that accept Visa cards.
How do I use my Visa debit card?
You can use your Visa Debit Card everyday, like you would any credit card or EFTPOS card. When paying for a transaction, simply press the "credit" button on the EFTPOS machine, and the money comes straight from your own bank account. When you press "credit", it doesn't mean you're paying by credit, but it does ensure you will be protect by Visa's Zero Liability policy which protects you against unauthorised transactions. You have the choice of using either a PIN Number or signature when authorising the card purchase.
What are the benefits of using a Visa debit card?
- The primary benefit of a Visa Debit Card is being able to reduce the risk of getting in to credit card debt, by ensuring you're spending your own money, and not over-extending yourself by getting a credit card balance you may not be able to repay.
- Any purchase that you make on your card is covered and protected by Visa's Zero Liability policy
- It's a lot more convenient, easier and safer than carrying cash or using your EFTPOS card.
- Access your transaction records for your card online instantly through internet banking.
- You don't need a good credit history. When applying for a Visa Debit Card, the banks don't do a credit check, making the application process fast (and painless!).
What are the benefits of a keycard over a Visa debit card?
- If you're under 18, then EFTPOS will be your only choice since Visa and MasterCard have an 18+ requirement for applicants.
- The only evident downside for Visa debit cards is ultimately, fees. While not significantly more than an EFTPOS monthly account-keeping fee, most debit cards hover around $6 a month.
In short, EFTPOS is much more limiting than Visa. Many over the counter merchants won't accept EFTPOS, while online transactions are completely out of the question. Also, Visa Debit Cards tend to have unlimited transaction offers, where as EFTPOS may have a limit or charge after a certain number.
If you're under 18, then EFTPOS will be your only choice since Visa and MasterCard have an 18+ requirement for applicants.
The only evident downside for Visa debit cards is ultimately, fees. While not significantly more than an EFTPOS monthly account-keeping fee, most debit cards hover around $6 a month. The ANZ Visa Debit Card is currently offering no fee for the first 6 months, followed by a flat $6 afterwards ($3 for students).
As mentioned prior, any Visa Debit Card will give you complete access to anywhere a normal Visa credit card would be accepted. The costs are low for this kind of access to money. Whether you are travelling abroad or are right here in Australia a Visa Debit card is the smartest way to manage your money. Security, savings, and convenience it really is the best of both the credit card and cash world. Apply for one right away and stop paying interest or walking around scared because you are carrying too much cash in your pocket.
How do I apply for a Visa debit card?
To make it easier when choosing a Visa Debit Card, we have included a comparison of Australian Visa Debit Cards above. Compare each cards details, monthly account-keeping fee, and annual fee. Once you've selected the card you would like to apply for, proceed in completing the online application form.