Debit Cards – Visa and Mastercard Cards for your Bank Account

Debit Cards Comparison in Australia

A debit card gives you all the freedom, flexibility and security of a credit card, without getting you into debt and charging you interest long after you’ve taken your purchases home. Instead, a debit card lets you spend your own money, while not charging you any transaction fees; you can pay your bills over the phone, make purchases over the internet and pay with your card in store so you can avoid carrying large amounts of cash.

Savings Account	Account Details	Intro Rate p.a.	Variable Rate p.a.	Fees	Min Balance and Min Deposit
HSBC Day to Day Transaction Account	Get $10 monthly Feebate for each month if you make deposits of at least $2,000, Plus $0 monthly account keeping fee.	2.75%	0.25%	$0 per month	-
St.George Visa Debit Card Account	Available with the following accounts: Complete Freedom Account, St.George SENSE, Express Freedom Account, Complete Freedom Student Account and Retirement Access Plus Account.	0.00%	0.00%	From $3 per month	-
NAB Visa Debit Card Account	Available with the following accounts: Classic Banking Account, Gold Banking Account.	0.01%	0.01%	$0 per month	-
ANZ Visa Debit Card Account	Available with the following accounts: Access Advantage Account.	0.00%	0.00%	$5 per month unlimited	-
Citibank Plus Transaction Account	This account gives you access to a Visa Debit card as well as a cheque book, so unlike a regular credit card, you do not have any annual fees to pay.	0.00%	0.00%	Free	-

Compare No Fee Transaction Accounts with Debit Card Access

	Description	Monthly Account Fees	Debit Card Access	ATM Withdrawal Fee	Interest Rate p.a.	Details
NAB Classic Banking	No overdrawn fees. Press Credit when you shop and get complimentary 3 months Purchase Protection Insurance.	0	Yes, Visa	0	0.01%	No minimum deposits required to get $0 monthly service fee.

Debit cards are issued by Visa and Mastercard, and could benefit you:

• If you have a bad credit rating and are unable to get a credit card application approved.
• If you have a poor history of paying off your credit card balance before the interest free period.
• If you are a student or too young to be allowed – or to be able to – get a credit card.
• If you simply want to be able to track your purchases and payments in one place, avoid transaction fees and spend only what you can afford.

Why use a Debit Card?

You may still be wondering what a debit card can do for you, because you may be able to just as easily find a transaction account which lets you make as many purchases and withdrawals as you like for free. However, credit cards can make life easier for you – after all, don’t you already have a credit card in your wallet, that’s charging you interest and outrageous annual fees?

Reasons to use a debit card:

• Financial insecurity at home and overseas – When the global financial crisis hit a lot of people lost a lot of money, and even more people lost their jobs. If you’re lucky enough to have your savings and your job still intact that doesn’t mean that the financial uncertainty of others won’t affect you. Economies are recovering here and overseas which means that interest rates are on the rise, the Australian dollar is not as attractive to overseas investors and it doesn’t stretch as far as it used to on imports. All of this means that now is the perfect time to cut up your traditional credit card and switch to a debit card which won’t charge you interest and won’t get you into debt which will be insurmountable if the worst does happen to your family.
• Set a good example for your kids by spending only what you can afford – Even though you may not specifically teach your kids that it’s alright to buy something now and pay for it with interest sometime down the track, they will still absorb your behaviour. You don’t want to be teaching your children that they can go out and buy whatever they want and need right away as this is going to set them up for financial insecurity in their adult lives. Instead, use a debit card and explain the difference to your children, so they understand the implications of using a credit card.
• You’re not charged transaction fees on a debit transaction – When you use your debit card in a transaction, you choose the ‘Credit’ option at the point of sale, however, the funds are being credited directly from your transaction account, so the bank does not charge you any transaction fees, as they would had you chosen ‘Savings’ or ‘Cheque’. There are also no late fees to worry about if you miss a monthly payment, and no annual credit card fees either, as a debit card can be easily added to an existing transaction account, so you can start using it right away.

How to Compare Debit Cards

Both Master card and Visa issue debit cards and both these card types are accepted worldwide and everywhere you can use a credit card in Australia. So how do you choose the best debit card for you if you don’t need to look for the lowest interest rate or the least fees?

Choosing a debit card:

• Does your existing transaction account allow a linked debit card, if not are you happy with the move? Because debit cards are using your own money, you will need to link your card to a transaction account, either one you already have, or one you open when you apply for your debit card. Therefore, an important part of your choice of debit card is the choice of linked transaction account you are given, because there’s no point in saving money and time with a debit card if you’re paying more in monthly fees, or you are penalised for your other favourite transactions.
• Compare the debit cards monthly fees – Check whether the debit card you are considering has any monthly fees of its own because some cards will be linked to a transaction account and simply run from the transaction account’s monthly fees, while others will have their own monthly fee which can be as much as $10. Therefore, make sure you will truly benefit from a debit card by choosing one with a small monthly fee which will be less than you are spending on EFTPOS transactions already.
• Check for the features you want and need, don’t assume they’re included. A debit card might be similar to a credit card, and it may let you use your own savings for purchases, but it is neither a credit card nor an EFTPOS card, so don’t assume the basic features of these two products are included with your debit card. Instead, determine which features you really want on your debit card. For example, do you want to be able to withdraw cash at an ATM, or would you rather keep your EFTPOS card for that? Do you want to be able to use BPAY and phone banking services, and do you want to receive regular statements in the post or online? These are all features you should check for and compare when choosing a debit card, and don’t assume there will be a rewards program either – that’s not the point.

Signing up for a debit card can save you time and money and a lot of financial stress down the track because you are able to avoid credit card interest and repayments. However, not all debit cards are the same, so use the Savings Account Finder™ comparison tables to find out more about the features specific to debit cards, or read our product reviews to help you decide on the features which will best suit your needs. Once you’ve made a decision on the best debit card for you, you can follow the secure Savings Account Finder™ links to the provider’s online application form, or their website, to find out more.

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