Hi guys, i am hoping to get some information on debit cards as i am very confused at the moment.
What is the difference between NAB's ordinary debit card compared to NAB's 'VISA' debit card? The ordinary debit card we currently have (with NAB) only has either cheque or savings options when paying for items using eftpos. We are able to swap our current card to a 'VISA' debit card that is apparently exactly the same as what we have, except we have more purchase protection through visa or something.
can anyone explain to me the advantages of having a visa debit card over an ordinary debit card? I have heard you can choose the 'credit' option to pay for items with the visa debit card, is that correct? if so how does it work? and if you use the 'credit' option at a store that charges to pay on credit card e.g. 1% fee charged to pay using visa, do you still get charged this fee, even though you are not technically paying from a credit card?
Any information you can give would be greatly appreciated! I am very confused at the moment!
Thank you
Hey Cinnamon85
A visa debit card is exactly the same as your normal debit card except you have the added visa function. This means you can buy goods online or over the phone (through the credit/visa function). You don't have a line of credit as it is not a credit card, meaning if you go and purchase something through the Visa/credit button you need to have funds available in your transaction account as that's where the money comes out of.
You are right that some merchants slug you with a surcharge for paying with visa, and even though this is NOT a credit card it doesn't matter you still get slugged the percentage fee. However in those instances remember if they don't charge for using EFTPOS you can simply use this as a normal card and select Cheque or Savings and avoid the fee. Use the credit/visa function only when it benefits you.
Personally I think it's great if you want to stay out of the banks pocket meaning you do not want pay any interest/fees/charges for using a credit card. If you are planning on traveling overseas maybe look some other options such as travel cards or the 28degrees card and top it up above the credit limit.
Hope this helps.
Pete