Commercial Debit Card implies the several Debit Cards issued, marketed and operated by financial organizations across the world for the benefit of their customers in order to make the payments for purchasing commodities and services as well as traveling, smooth and convenient. Mainly there are two
Commercial Debit Card Companies that control the entire Debit Card market.
- Bank Americard of the earlier years that was issued by Bank of America has become the VISA® credit card - issued and circulated by Visa International. VISA® markets and issues Visa products including credit and debit cards and is controlled by its headquarters in USA. The Commercial Debit Card that VISA® issues are explained below in details :
- Visa® Debit, prior to October 2004, was known as Visa® Delta and is the only Commercial Debit Card issued in the United Kingdom and Ireland by Visa®. Maestro owned by MasterCard® Worldwide and circulated in the UK by the Royal Bank of Scotland/NatWest, Clydesdale Bank and HSBC is the lone competitor to Visa® Debit in the UK Commercial Debit Card market. Maestro though an internationally accepted debit card, its acceptance is lesser in comparison to that of Visa® Debit.
- Visa® Electron is either a debit or a credit card depending upon its usage as according to the issuing organization, accepted in most parts of the world except the United States, Canada and Australia. This debit card is most commonly implemented as a Commercial Debit Card. Online authorization is a must for the usage of this Commercial Debit Card as the available balance is checked for the completion of each monetary transaction. This Debit Card can also be used as an ATM Card to withdraw money while traveling abroad empowered by the PLUS interbank network.
- MasterCard® Worldwide owned by United Credit Union also belonging to USA is the global competitor of VISA® in the field of financial services especially Commercial Debit Cards and Credit Cards.
- Debit MasterCard® - This standard Commercial Debit Card includes several privileges provided to Credit Cards besides all the world class facilities provided to MasterCard® Debit Cards that are the most widely accepted Commercial Debit Cards across the globe. With certain exceptions (as given in details in the application form) this Commercial Debit Card enjoys zero liability on the part of the card holder in case of unauthorized transactions.
- Debit Platinum MasterCard® - The ownership of this Commercial Debit Card entitles the Card holder to all the benefits offered to the owners of the Debit MasterCard®. In addition the Debit Platinum MasterCard® owners enjoy MasterAssist® Travel Assistance Services as well as emergency roadside service exclusive to US, making this Commercial Debit Card the most beneficial offering of MasterCard®.
- Debit Gold MasterCard® - Provided as a supplementary Additional Card with the Debit Platinum MasterCard®, this Commercial Debit Card almost the same privileges.
- Maestro is the brand name given to every non-credit product offered by MasterCard® Worldwide. The Commercial Debit Card, of the same name circulated by associate banks, requires a current account for its activation or it can also be used as a Prepaid Card. In spite of the change in brand name, transactions are handled in UK by the Switch system.