Compare Debit Cards

Using a debit card is a great way to control your everyday spending. A debit card will usually be funded by your transaction account, so unlike using a credit card, it is more difficult to over-spend. There are also pre-paid debit cards, which can be credited with money and then can be used for purchases until the money runs out. You can choose from Visa or Mastercard debit card options, which can be used easily for face-to-face and online and purchases. Check out the pros and cons of the debit cards available below and decide which works best for you.


How to compare debit cards

Giving you the convenience of a credit card, while only spending your own money, a debit card is an excellent choice for those people who cannot get or do not want a credit card. It is also ideal if you find having a credit card too tempting, where you end up spending more money than you actually have.

A debit card is linked to a transaction account, so when you make a purchase, the money comes straight out of that account. This makes budgeting much easier, as you can really only spend the money that you already have.

Due to the fact that a debit card is linked to a transaction account, one of the first things you will need to think about is finding an account that suits you. This includes thinking about account accessibility, various fees you will pay, and anything else that relates to choosing a transaction account. Find the right account for you, and it should be a long-lasting relationship.

Depending on the transaction account you choose, you will usually either be given a MasterCard or a Visa. Both have different features, but they basically boil down to the same thing. If you have a particular preference for one card over the other, make sure you choose an account that offers this card.

You will usually find that a debit card comes in extremely handy in day-to-day life. You will be able to use your own money to make purchases online, over-the-phone, in-store, and anywhere else you see a Visa or MasterCard sign. It gives you the freedom of plastic, without the drawbacks.

To help you choose the right debit card, here are some things you should consider.

Account Accessibility:

It is important to stay on top of your account transactions, so make sure you have access to online or phone banking so you know exactly what is going in and out of the account. This can help to budget; it can prevent you from going over the limit and getting charged fees; and it can help you keep track of purchases to make sure there is no fraudulent activity on your account.

Fees:

Try to choose an account that will charge you the minimum amount in fees for your banking habits. This can include ATM fees, monthly service fees, and foreign transaction fees if you make a lot of purchases overseas.

MasterCard or Visa:

MasterCard Applause or Visa Entertainment, MasterCard SecureCode or Verified by Visa. Both types of cards offer different services, but when it comes down to it, the services offered are fairly similar.

Security:

It is important to know that your account will be secure, so check if there are sufficient security measures on your account. This can include fraud monitoring, purchase protection, and secure online shopping.

 

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* The products compared on this page are chosen from a range that CreditWorld.com.au has access to track applications from and is not representative of all the finance products available in the market. The use of terms such as 'Editors Review’, 'Featured', 'Recommended', 'Best' or 'Top' are not product ratings and are subject to our Terms and Conditions. This is general advice only and may not be right for you. Read the provider’s Product Disclosure Statement. You should always consider seeking independent financial advice and your personal financial circumstances when comparing financial products and advice.

Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. Interest rates and fees and charges are subject to change without notice. When you click on the "Apply Now" button you will have an opportunity to review the product terms and conditions on the product issuer's web site. Even though we provide information on financial products in Australia we are not a credit provider nor are we suggesting that you apply for any particular financial product from any of the providers listed.