About Debit Mastercards
What if you could enjoy the convenience of a credit card without the fear of building up debt? Debit MasterCards offer an easy payment option that lets you access your own funds from your everyday account instead of borrowing money from the bank.
You can use your Debit Mastercard to make purchases at millions of outlets across the world, pay bills and make withdrawals from ATMs. The money gets directly debited from your account, so you can only use as much as you have at that given time.
MasterCard is a financial services corporation that connects financial institutions with merchants and cardholders globally to provide payments technology. A large number of Australian banks and credit unions offer Debit MasterCards when you open an everyday transaction account with them.
Different banks can vary on the features and rewards they offer with their debit cards, so it's important you compare the best deals on Debit MasterCards in our database before you narrow down your search. It's also helpful to read real customer reviews so you can make a more informed decision. To begin with, we've collected a list of frequently asked questions about Debit Mastercards that can kickstart your research.
How does a Debit MasterCard work?
A Debit MasterCard is a convenient replacement for cash and is directly linked with your everyday transaction account. Every time you make a payment using your debit card, it uses the funds available in your account. You can make payments and purchases at thousands of outlets across the world, withdraw cash from ATMs and make online payments using your Debit MasterCard.
How is a Debit MasterCard different from a credit card?
A credit card lets you make transactions by taking a short-term 'loan' from the bank, which you need to repay later with interest. A debit card on the other hand, uses the money from your account that is linked with it. Since you only use your own money, you don't have to pay any monthly bills for a debit card. Also, unlike a credit card, since your money on the debit card is treated like cash, you don't have to pay an extra fee while withdrawing money from your own bank's ATM.
Are online transactions secure with a Debit MasterCard?
Yes, the MasterCard SecureCode provides an added layer of protection for your card while making online transactions. This a private code that only you will know. You will first need to register and create this SecureCode, after which, every time you make an online purchase, you will be prompted to enter the code to confirm that it is an authorised purchase. For your card's security, it is advised that you don't share
this code with anyone.
Can I use PayPass with my Debit MasterCard?
Yes, you can save some precious time by using MasterCard's PayPass technology, also known as Tap n' Go. If a retail outlet has a contactless payment reader, you can just tap or hover your debit card over the machine to make a purchase of less than $100. Your payment would be complete without having to swipe your card or enter a pin. Once your transaction is successful, the machine would either display an
illuminated light or a confirmation message on its screen. It's like having the exact change at the billing counter. Also, because you don't need to handover your card to anyone, you reduce the risk of forgetting it anywhere.
Is there a withdrawal limit on my Debit MasterCard?
Generally, most debit cards have daily limits for cash withdrawals. So, if you are
planning on making an expensive purchase (over $1000), you would need to plan your withdrawals in installments.