Don't like carrying a wad of cash all the time? A Visa Debit card can make your wallet lighter and daily transactions simpler by letting you make withdrawals from ATMs, pay bills and make purchases in Australia or overseas, which directly get debited from your account.
Visa is a payments technology firm that connects financial institutions with merchants and cardholders across the world. A large number of Australian banks and credit unions offer Visa Debit cards when you open an everyday transaction account with them.
But with so many options available, it's a good idea to compare the best deals on Visa Debit cards in our database and read real customer reviews before you decide which card is ideal for you. Start off with reading our list of frequently asked questions about Visa Debit cards to understand the different features you should be paying attention to.
How does a Visa Debit card work?
Your Visa Debit is directly linked with your everyday bank account and uses the money in this account every time you make a transaction. Your debit card acts just like cash and lets you access your money 24/7. You can make payments and purchases in-store as well as online using your Visa Debit card.
How is a Visa Debit card different from a credit card?
The main difference between a Visa Debit and a credit card is that with a credit card you actually 'borrow' money from the bank at a fixed interest rate, whereas a debit card uses your own money. So, with a Visa Debit you don't run the risk of piling up a debt because you can only spend what you have in your bank account. 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.
How can I apply for a Visa Debit card?
A Visa Debit card is directly linked to the transaction accounts of certain banks. So when you apply for an everyday transaction account at one of these banks, you should automatically get a Visa Debit card as well. If you already have an account but not a debit card, you can visit your local branch or call your bank to apply for a card. Generally, to be eligible for a debit card, you have to be at least 16 years of age, and have an Australian residential address. Because you won't be borrowing any money from the bank, you don't even have to qualify for credit to receive a Visa Debit card.
Is it safe to use a Visa Debit card?
Using a Visa Debit card is a simple and secure way to make payments. Banks have an anti-fraud policy that protects you from fraudulent transactions made on your card. It's also safer than carrying cash in your wallet because in case you were to lose it, unlike with cash, you can just call your bank and block further transactions from your card.
Do I get purchase protection on my Visa Debit card?
The products that you buy using your Visa Debit card, should be eligible for Visa's inbuilt purchase protection policy. This is a kind of insurance which covers your purchases against loss, theft or accidental damage for up to 90 days. There are certain conditions in order to be eligible for the purchase protection, for instance, generally you would have to choose 'credit' instead of 'savings' while making a transaction on EFTPOS.
Can I use tap and go technology with my Visa Debit card?
Yes, you can use the tap and go technology, also known as payWave with your Visa Debit card. This contactless payment lets you make a purchase of less than $100, without having to swipe your card or enter a pin. You can just tap or hover your debit card over the contactless payment machine and your payment is complete. Once your transaction is successful the machine would either display an illuminated light or a confirmation message on its screen.
Is there a withdrawal limit on my Visa Debit card?
Most debit cards have daily limits for cash withdrawals. If you are planning on making a major purchase, say over $1000, you would have to split up your withdrawals.
Can I get rewards for purchases made using my Visa Debit card?
These days, many Visa Debit providers have started offering rewards in the form of cash back options, special deals on shopping items or exclusive offers on concert or movie tickets. Check with your bank if any rewards program like 'Visa Entertainment' is applicable to your Visa Debit card.
Where can I use a Visa Debit card?
There are millions of stores, ATMs and EFTPOS across the world that accept Visa Debit cards. You can also make purchases online and over the phone. It's also a good way to pay your bills and even set up monthly debits so you don't miss payment deadlines and end up with late fees.
Are there instances when my Visa Debit Card won't be accepted?
Yes, generally you will not be able to use your Visa Debit card for holding deposits at places like hotels or restaurants. If you are travelling, it's a good idea to also have a credit card that you can use in these instances.