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In Search for Debit Card That Suits Your Needs? Find Out More Here!

As a consumer in the digital age, you utilize debit cards when making different kinds of transactions here in Australia and overseas. You can use these handy bank cards when buying items, paying your bills, or withdrawing money from ATMs. Moreover, debit cards make your everyday spending simplified because it diminishes the requirement to bring too much money at any point.

Do you want to find out which debit card is appropriate for you? Here at Mate.com, it is our mission to aid you in selecting the right bank card for your overseas, daily, and online spending activities. Plus, as a comparison portal, we assess and tell apart the best Visa and Mastercard debit cards from leading financial service providers to assist you in avoiding inconvenient charges. Are you interested to know how these bank products rank on fees, price, and features? We can aid you through our card reviews section. You will get to read customer reviews and their significant thoughts about their cards. Therefore, read on for more enlightening pieces of information regarding these bank cards and to find out which one is right for you.

Nature of Debit Cards and Disparities with Credit Cards Unveiled

When you open a bank account here in Australia, you have the choice of selecting a debit card, which your financial service provider directly links to your account. This bank product is worth placing in your wallet because it facilitates you to buy merchandise and withdraw cash from ATMs easily. Transactions using this card type get deducted from your bank account since these bank cards involve you spending your own money. Furthermore, are you aware that these plastic cards feature other names like “ATM” cards or electronic funds transfer at point of sale, or EFTPOS?

Since you may employ both debit and credit cards, we want you to know the salient differences between the two. Debit and credit cards allow you to make transactions, both offline and online. They comprise upsides and disadvantages, too. Also, how much you prefer to utilize one over the other is a matter of personal finances and personal choice. Using debit cards facilitates you to spend only the money that you possess in your bank account. This card type is beneficial because you will not accumulate debts. Plus, these plastic cards typically promote zero additional fees for ATM withdrawals and zero credit rating risk. Above all, since it enables you to avoid the need to bring plenty of cash in your wallet, this bank product facilitates security. Debit cards offer rewards, cashback, tap-and-go features, and purchase protection as well.

On the other hand, a credit card lets you borrow funds from your financial service provider at a fixed interest rate. Using this bank card is advantageous because it provides you with the freedom to divide your expenses as you want. Furthermore, paying with a credit card lets you control the actual money outflow if you are making a considerable purchase yet do not possess sufficient money to cover it. Using a credit card is also ideal if you merely do not want to make your bank account empty.

Frequently asked questions

What is the procedure when applying for a debit card?

If you want to get this card type, you first have to apply for an everyday transaction account. The bank card you are applying for gets directly connected to your bank account, and it utilizes the funds available in it. Bank clients today can automatically get the plastic card when they open a bank account. If you already have an everyday transaction account but do not possess the bank card yet, we recommend you to call your bank or visit their local branch to apply for one. You typically have to be at least 16 years old or older and possess a residential address in Australia because these are among the requirements.

Does this kind of bank card feature limits?

Some debit cards feature the following limitations:

A) When you shop at online stores based abroad, not all of them accept payments using the bank card.

B) Some retailers will charge you with a percentage surcharge for Mastercard and Visa debit purchases. These fees could be as high as 10 per cent of the transaction amount.

C) We recommend that you bring a credit card when you travel abroad because some hotels and other establishments will not accept the plastic cards for transactions like room security deposits.

D) You may need to make advance plans when making expensive purchases costing more than $1,000 because these bank cards feature daily limits for money withdrawals.

Do these bank cards come with charges?

Debit cards do not similarly incur interest or charges as credit cards do. However, we recommend you to learn about these fees:

A) When you utilize more cash than what is available in your bank account when buying items, you get charged with overdraft fees. These charges place your account balance into negative territory. Hence, you may need to pay a sum to your lender to make up the difference.

B) You can avoid withdrawal fees generally. But there are scenarios in which you will get charged $2 to $5 for getting cash out of an independent ATM. We suggest that you use a travel debit card if you are going abroad to avoid withdrawal charges.

C) When you pay using your plastic card instead of cash, you may get EFTPOS surcharges. These fees are typically low, and you will most frequently encounter them in restaurants and cafes.

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