Find out whether a Visa debit card linked to your transaction account might be right for you.
Visa debit cards are issued with everyday transaction accounts as a convenient way to spend your money. Read on for a review of the important features of the Visa debit card, including bonus promotional offers. Debit cards let you spend and access your own money from your transaction account. You can use a Visa debit card to shop online, shop in-store or to withdraw cash from an ATM.
Compare Visa debit cards below
How to use a Visa debit card
A Visa debit card has a 16 digit card number, an expiry date and a CVV number, which means you can make purchases online.
All Visa debit cards also feature contactless payment technology. You can tap your Visa debit card against contactless readers to make payWave purchases of under $100. For purchases over $100, you’ll need to enter your four-digit PIN when you swipe or insert your card at the point-of-sale terminal.
Savings or credit?
When you buy goods from a bricks and mortar store, you’re asked if you want to process the transaction using credit or savings. If you’re only making a purchase, financial institutions such as ANZ suggest that you choose credit, as this gives you access to an additional layer of fraud protection from the debit card issuer and Visa. If you’re also withdrawing cash with the purchase, choose savings. You should also select credit when you withdraw cash from an overseas ATM.
What are the features of a Visa debit card?
- Visa product. This product is offered by Visa. Visa debit cards can be used in millions of places all over the world and your purchases are protected under the Visa Zero Liability Guarantee if you’re the victim of card fraud.
- Security. Visa debit cards have an electronic CHIP containing your encrypted personal information.
- Zero Liability Guarantee. If you’re the victim of fraud and someone charges unauthorised transactions to your account, Visa will give you a full refund of the defrauded amount.
- Account fees. Some financial institutions will charge you a flat monthly fee for the use of a Visa debit card with a transaction account. Often this fee is included in the account’s monthly service fee. Financial institutions can waive the monthly service fee when you deposit over a certain amount each month. For example, deposit $1,000 or more a month in the St.George Complete Freedom Account to avoid the $5 monthly account fee.
- ATM fees. You can also be charged when you use an ATM outside of your bank’s ATM network. Financial institutions such as ING Direct will let you use any ATM in Australia for free if you deposit more than $2,000 in the Orange Everyday Account each month.
- Bonus offers. Some financial institutions provide incentives when you apply for a Visa debit card.
Using your own money
You’re always spending your own money when you use a Visa debit card, and this can be seen as both an advantage and a disadvantage. You’re not using credit so you don’t have to pay interest charges; however, there’s no access to emergency cash if you need it.
Choosing your PIN
You will be asked to select a four-digit PIN when you collect your debit card from your bank branch. If you’re receiving your debit card in the mail, you will be sent a PIN either a few days before or after your get your card. You can change your PIN at any time by visiting your local bank branch.
What are the pros and cons of using a Visa debit card?
- Visa debit cards let you shop in-store and online.
- There are no interest charges; you are spending your own money.
- There are no debit card annual fees, generally.
- You don’t have access to emergency credit if you need funds.
- There are no extra value-adding features such as complimentary insurance.
Get in touch with us using the form at the bottom of this page if you have a question about comparing and using a Visa debit card, and a member of the team will be in touch with you shortly.