Australia Debit Card, Popular as Ever

By: EconomyWatch Content Team   Date: 4 February 2010

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Debit cards are used all over the world and while they all work off much the same concept, there are differences, as in the case of the Australia debit card.  One of the interesting facts about debit cards from this part of the world is that depending on the issuing bank, the card is called a different name.  For instance, the following are the various names of the Australia debit card and the associated bank:

·    ANZ Bank – Access Card
·    Bendigo Bank – Cashcard
·    Commonwealth Bank of Australia – Keycard
·    National Australia Bank – FlexiCard
·    Westpac Banking Corporation – Handycard

Using an Australia debit card is extremely popular and something people have enjoyed and benefit from for almost 30 years.  These cards, which are referred to as EFTPOS-enabled cards (Electronic Funds Transfer at Point of Sale), can be used just like a credit card.  Once the consumer finds something he or she wants to buy, the debit card is simply swiped through a processing terminal, a connection is made to the bank to verify available funds in the checking or savings account, and the sale is completed.  If funds were not available, the merchant would be notified of denial from the bank.

With an Australia debit card, which includes the famous Maestro cards, more than 450,000 point of sale terminals accept this type of card.  However, the benefit is that because this is a debit card, the consumer could also go to any number of banks or credit unions overseas or within other countries and make cash withdrawals and deposits.  In addition, the Australia debit card can be used to verify a current balance.  While most cards work with most ATMS, there might be some limitations but very few.

For an Australia debit card to be used for cash withdrawals and deposits in Australia, the individual would need to find an Australia Post outlet, one that is a participant in GiroPost.  Just as in the United States, the debit card could be used at appropriate ATMs and banks even on the holidays, weekends, or before/after business hours.

The type of network that processes the majority of transactions associated with an Australia debit card is Optus Transact Plus and Telstra Argent.  Initially, the network was Transcend but this network had restrictions.  For instance, Transcend and other earlier types of networks could only be used at an ATM with the EFTPOS or specific banks.  With the new network systems, the Australia debit card actually processes more like a credit card but using available funds at the cardholder’s bank.

Another unique aspect of using an Australia debit card is that this country has the ability to process electronic transaction authorization, as well as traditional authorization systems.  The only difference is that with the traditional system, the consumer would key in his or her specific PIN (personal identification number) but in the case of a credit card transaction, the consumer would be presented with a receipt that would then be signed.  The Australia debit card is like most other debit cards in that it provides convenience and better security when shopping online.

Just a few of the more popular types of Australia debit card banks are listed below for consideration.

·    BankWest – The Zero Account allows consumers to use the MasterCard debit card for one month at no charge for making bank transactions via phone and spending unlimited time on the internet.  However, there is a minimum of $2,000 a month deposit.
 
·    ANZ Australia Debit Card – This card is backed by Visa, providing consumers with access to merchants around the world and they have a choice of multiple card colors.  Additionally, college students are provided with a monthly discount of $3.

·    NAB  - The last of the options we wanted to mention for an Australia debit card is also backed by Visa.  This card provides unlimited access to ATMs associated with this bank and while there is a monthly fee, for people that deposit a minimum of $3,500 into the account each month would have the fee waived.


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