Debit Cards and Credit Cards Australia

If you’re in search of a substitute to credit cards, there's no need to look any further than a debit card. It offers all the ease of a credit card but not a bit of the arrears. Contrasting credit cards where you use cash from the bank at a set interest rate, debit cards let you make use of your personal money, so that you can utilize what you have in your savings account. Compared to an EFTPOS, it provide you access to your personal money when you travel out of the country.

Debit cards are obtainable from foremost banks, local banks as well as credit unions.

Kinds of Debit Cards

There are two kinds of debit cards available; Visa Debit or MasterCard Debit Card. Both the Cards have the similar benefits as well as features, the real dissimilarities between them lie on a provider level (i.e. the banks). Preferring one comes down to what your bank offers and what extraordinary offers are added to it. For example one can either opt for Westpac debit card, Commsec debit card, St George debit card or more in Australia, according to one’s personal needs and requirements.

Credit against Debit cards

When comparing credit cards in opposition to debit cards, it comes down to an individual preference on whether you wish to build up debt or would like to splurge what money you have in your bank account. Debit cards let you do everything a credit card would, devoid of the related risk of falling into debt. There is moreover no credit rating risk connected with it. Though, credit cards do have an advantage of accessing money that isn't in your account and a number of it allows you to get reward points at several places.

In general, Debit card is a card that allows the expenditure of goods or services that are bought to be deducted straightforwardly from the purchaser's savings account. They can moreover be used at automated teller machines for withdrawing cash. More and more widespread in the 1990s as an option to credit cards, debit cards have been promoted as safer mode than cash and handier than personal checks. By 1998 over 73 million cards had been issued, with a sales quantity of $134.7 million credited to their use. They are normally issued by huge companies through their participated banks. These cards offer the owner more restricted legal protections than credit cards.

At DebitCard.com.au you can compare the best available debit cards from all across the Australia.

In Australia it has been more than 20 years that Debit Cards have been used in EFTPOS machines. Ever since 1988 when the first 'switch card' transaction happened, the Australian public has turned out to be comfortable with using 'plastic' for acquisitions. By 1995 Debit Cards had gone beyond credit cards in recognition and within just 3 more years dealings with it were more frequent than cheque payments. When you think about it these are main transformations in the way we execute business.

All generations have got accustomed to making use of 'plastic' for purchases and for the imbursement of demands for payment. There is no doubt that it is faster and easier to deal in money, once you are familiar with the method.

In 1990 there were more than 19 million Debit Cards in supply and the fame has sustained till today. In 2006 there were more than 27.8 million Debit Cards in operation. There is a slowdown in the amount of new ones which is rational as lots of people now have them, however it is expected that there will be 34.4 million, in use by 2016.

At first, there was a concern with fraud concerning Debit Cards, however with the introduction of the PIN (Personal Identification Number) and the chip technology, the public has turned out to be more accepting of its use.

Confirming its recognition is Visa who claims that the Debit Card is the highest growing consumer product ever released by their company with approximately 70 million people using it every month and with more than 115 million people carrying it.

A very remarkable fact that has come to light is that more than 20 million transactions of below $10 each are made yearly which has made people speculating if hard cash is going to go the way of cheques and be used less and less. Rising credit card debt has troubled not only the consumers but banks and government also, therefore it would not be shocking to see debit cards gradually substituting most credit cards as people try to draw back their debt.

Some of the Top Debit Cards

ANZ Access Advantage - An incredible Visa anz debit card with unrestricted transactions for $5 a month and purchase safety with the ANZ 'Falcon'. ANZ also put forward a 50% discount on their monthly charge for students. Also offers access to Visa Entertainment comprising access to everything from shows to cinemas, sport events and travel offers.

St. George Debit Card - Offers an online assurance with St.George secure and 10 free SMS alerts when joined to a Complete Freedom account. Moreover Access to Visa Entertainment is there, too.

At http://DebitCard.com.au you can compare the best available debit cards from all across Australia.

Most debit cards include all the features of credit cards – you can make payments over the telephone or else internet, access your money out of the country, or make acquisitions at “credit cards only” places. The dissimilarity is, the money for these payments is drawn straightforwardly from your savings or transaction bank account, rather than as credit from the bank. This implies you are able to keep an eye on your account balance and observe precisely how much money you have left to make use of.

As its MasterCard, it’s acknowledged at more than 32 million retail locations around the world. It can be exercised for hard cash withdrawals and balance enquiries at 1.9 million ATMs. In addition, you are able to utilize it to reimburse online, too.

Debit card features
A number of debit card accounts allow you to start a line of credit, where you are able to overdraw your bank account up to a particular limit. This makes the card effectively like a credit card, though the overdraw charges can be extremely high.
A number of debit cards offer a charge back feature like credit cards, where if commodities are not delivered, or are of an inferior class, in that case, you are able to officially charge that back against the seller and get the money back.
Likewise, a few debit cards offer an assurance for internet dealings, where you aren’t charged for illegal or false transactions, if you report them to the bank after a while. This development in recognition for debit cards is most likely because of surcharges on credit card transactions, which are occasionally 3% or more.
Visa debit cards have been accessible for several years; however MasterCard has now entered the market, too.
The MasterCard Debit card was first launched in Australia by Westpac as Westpac debit card in 2006 like an alternate for the bank’s Cirrus cardholders. In 2010, a number of financial institutions in Australia offered a Debit MasterCard as an option on particular accounts.

The following financial organizations offer a MasterCard Debit card as an option on special accounts in Australia:

Westpac
Commonwealth Bank
Bank West
CommSec
Bendigo Bank

A CommSec Debit Card is issued and mailed to your chosen address in 48 hours of getting your request. Your PIN is mailed to you separately and you can get this in about 24 to 48 hours of receiving your card. DebitCard.com.au we compare the best available debit cards from all across the Australia.