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When you open an Australian bank account, the bank will issue you a debit card to use as a way to access your money. You can use your debit card to get cash, make purchases and manage your money. The debit card is linked to your transaction account and the terms and conditions associated with your account explains how you can spend your money.
Your debit card is linked to your everyday bank account and can be used to make withdrawals from ATMs, EFTPOS, payWave or PayPass.
A debit card works similarly to a credit card, except that you’re using your own money instead of the banks' money, which means you don't need to worry about interest payments. With a debit card, you're using your money in real time.
Debit cards are a good way to take advantage of the accessibility of a credit card, without having to pay any interest on the amount spent, or worry about your credit rating. It is also a good strategy to prevent you from racking up debt, as a debit card only allows you to spend the money you have in the account at the time of purchase.
A credit card, in comparison, will allow you to make purchases and send you a bill at the end of the month for you to pay back.
Yes, in fact, most banks recommend that you change your PIN regularly for security reasons. When you receive your debit card in the mail, your bank will provide you with a pre-selected PIN and instructions on how to change it.
You can link almost any everyday transaction account to a debit card. The account needs to have an Australian BSB and account number and the account must be in the same name as what's on the card. It can also be a joint account if desired.
To get a debit card you first need to open a transaction account. You can open a transaction account directly from our site, finder.com.au. Once you've selected the transaction account, click 'go to site' to complete an application. A debit card is typically sent to your residential address within two weeks of completing the application.
Yes, our joint bank accounts page lets you compare different types of joint bank accounts.
Overdrawing usually occurs when you've used your debit card when your transaction account balance is zero, which usually brings your account into a negative balance. If you have an overdraft attached to your account, this balance starts to attract interest. It's important to try and avoid overdrawing your account because the fees can be high, usually up to $20.
If you have an overdraft attached to your account, you will be able to use your debit card when your balance is $0. However, this will attract interest and a hefty fee. It's important to always ensure you have enough money in your account for automatic payments, such as your phone bill, as if the issuer tries to deduct the money from your account and it's empty, you will likely be charged a penalty.
Some debit cards offer cash back on Visa payWave or Mastercard PayPass purchases under $100 in Australia. You normally need to make a minimum deposit, usually $1,000 or $2,000, into your transaction account every month to get the cash back reward on eligible purchases. In the case of joint accounts, either account holder can make the deposit requirements for the cash back to apply.
Take a look at your debit card and see if it has the payWave or PayPass symbol on the front. If it doesn't you can call your bank to get a new card.
Foreign transaction fees are applied when you use your debit card to make purchases overseas, or online with a website that doesn't accept Australian dollars. It's a fee charged for having to convert the currency, and it's usually around 3% of the value of the transaction. Currently, the Citibank Plus transaction account and the Macquarie Bank Platinum Transaction account do not charge this fee.
The Card Verification Value (CVV) is a three digit number found on the back of your debit card. On American Express debit cards, the CVV is four digits. This number is used to verify your debit card and helps to reduce fraud, by proving to the merchant that you have the physical debit card with you when making a purchase online or over the phone.
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When you are looking for a transaction account, the type of debit card that comes with it should play a role in your decision:
When someone else obtains your card details and makes transactions on your card without you knowing. If you report a fraudulent transaction on your card, your bank should deactivate your card to prevent the person from making anymore transactions.
You should always check your debit card statement to make sure all the transactions listed are legitimate. This will help you identify any unusual activity.
If your card is lost or stolen, let your bank know straight away, even if your overseas. In most cases, you can get a replacement card as soon as possible and your bank can stop all transactions on your account.
This depends on your bank and the situation. Many of the bigger banks offer a 100% money-back guarantee on fraudulent transactions if you comply with the card's conditions of use. For more information, speak to your financial institution.
As a link to your personal or business funds, you should be careful in the way that you use your debit card. Some things to avoid are:
First check your recent receipts and transactions made by any of your additional cardholders. If there is still a discrepancy, contact your bank immediately in case someone is using your account fraudulently.
This could be the result of a direct debit that posts at the same time as a purchase or credits to the account not clearing as quickly as you thought. You can avoid paying overdrawn account fees by applying for an overdraft account.
If this occurs, try to contact your bank as soon as possible to notify them of the problem. They should be able to get in touch with the branch who takes care of the ATM and sort it out.
Compare what the debit cards below have to offer
| Debit card | Contactless App | ATM network details |
|---|---|---|
| NAB Classic Banking | NAB Pay (Only compatible with Android 4.4+) | NAB (1000+ ATMs) |
| ANZ Access Advantage | Apple Pay, Android Pay (Compatible Apple and Android devices) | ANZ (2000+ ATMs) |
| ING Orange Everyday | Apple Pay & Android Pay (Compatible Android devices) | Any ATM in Australia if you deposit $1,000+ a month plus make 5+ card purchases a month |
| CommBank Smart Access | Tap & Pay (Only compatible with Android 4.4+) and PayTag (iPhone) | CommBank and Bankwest (4,000 ATMs) |
My partner and I each have two private accounts, one with a debit card facility, and we share a joint account which also has a debit card facility. We are looking for a provider that will allow us to open five more joint accounts with debit card facilities for each. At the moment, our provider only allows a single joint account with a debit facility. Do you know of a provider where we can have more than one joint account with debit cards?
Kind Regards,
Brian
Hi Brian,
Thank you for getting in touch with Finder.
Please go through this page for banks that you may open a joint account with. To know if you may open up to 5 joint accounts with debit card facility, you would need to speak to the bank directly. If you consider applying for a joint account online, please click on the green go to site button of your chosen bank and you will be redirected to their official page to proceed with your online application. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Do any debit cards offer membership to rewards programs?
Hi Rowan,
Thank you for reaching out.
Yes, there are bank accounts and debit cards that offers rewards programs depending on the type of rewards you feel that will be beneficial for you. There are rewards such as points to dollar ratio, bonus points, cashback offers and prizes.
You can head to our article on Rewards Debit Cards to see available options for you so you can check what you think will work for you.
Hope this helps! 😊
Kind Regards,
Mai
do you offer the cards for people out AU?
Hi Ahmed,
Thanks for leaving a question on finder.
finder caters to users who live in Australia, Canada, New Zealand, UK and USA. If you are not from these countries, unfortunately, you will have to check with your local banks to see what offers they have available for you.
Cheers,
Joel
hi
Is there a debit/master card where I can have multi cards (a card for my partner and myself) and can earn Qantas points or rewards points?
Thanks
Hi there!
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle
Are there any banks issuing access cards for everyday transactions that do not have the PayWave or contactless pay attached? I have been burnt already by Pay N Go type card and it’s very inconvenient. I don’t want it but my current bank said it can’t issue any card now without this as it’s set by Visa!
Hi Mary!
Mastercard Paypass and Visa Paywave is an in-built credit and debit card technology that lets you make contactless payments. You can tap your card against the contactless reader and purchases under $100 are processed in seconds. There’s no need to enter your PIN. This also helps prevent card fraud.
It will be hard pressed to find a debit card that is not contactless. However, there may be travel cards that don’t have this feature. You can find them right here including the full-guide as to how this may be an alternative.
Hope this helps.
Cheers,
Jonathan
Pl advise best debit card for use overseas with zero or min transaction and or other fees. Prefer ANZ, CBA or NAB but would like comparison of other inexpensive cards.
Impending overseas trip to Asia including South Korea & Japan.
Thanks
Hi Kevrub,
Thanks for your question.
If you are travelling to Japan and other countries in Asia, you may want to compare your debit card options here. We also have useful travel money tips on the same page.
Cheers,
Anndy
I don’t have a drivers license and was hoping my DSP health care card from centrelink would suffice ? Or a NZ issued passport ? Thank you for your help ,
Hi Anton,
Thanks for your question.
If you are looking to apply for a debit card, the requirements may differ among the different providers. For most debit cards, you can use any two forms of the following identifications:
– Driver’s licence
– Passport
– Medicare card
– Birth certificate
You can check the details of the requirements and eligibility criteria to apply for a particular card by clicking its name on our comparison table above.
To check the card’s terms and conditions and open an account, you may click the ‘open’ button.
Cheers,
Anndy
Does anz ATM machines have cardless withdrawal
Hi Kevin,
Thanks for your question.
Currently only Commonwealth Bank, Westpac and St.George have cardless cash withdrawal option.
For more information about cardless cash withdrawal, please refer to this link.
Cheers,
Anndy
What is the maximum amount that can be assigned to a debit card?
Hi Jim,
Thanks for your question.
There’s generally no maximum amount for accounts linked to your debit card. Check the account terms and conditions with your bank if you’re unsure.
Hope this helps.
Clarizza