Debit Card Types

Debit Card Types

Your four main types of debit card...

Debit cards fall into four categories or types (listed below). The are all much the same but do have a few small differences. A debit card provides an easy way to access money from your bank account, pay for goods online and in shops and purchase products over the telephone.

It will do all the same things as a credit card but it will not give you any credit. Whilst certain types of credit card have a number of advantages some people do not feel comfortable spending what they do not have.

Visa Debit

By far the most common of debit cards, the Visa Debit is widely accepted for pay for goods or services by phone, mail order, online and on the high street. Visa Debit cards, by default, do not allow the user any credit or overdraft. They will often allow you to pay for something even if you do not have money in your account, this will mean that you go into debt and will have to pay bank charges. Most Visa Debt cards have the facility whereby you can ask the bank to set it up to check if there is enough money in your account. If you are the kind of person who may accidentally go into debt then you may be able to arrange an overdraft if you speak to your bank or card provider. Your Visa Debit card is also protected by a service called "Verified by Visa" which is a chargeback service which means if you don't receive some goods you may have bought, you may be able to get your money back.

Mastercard Debit

Also a widely accepted debit card to pay for goods or services by phone, mail order, online and on the high street. The Mastercard Debit card differs very little from a Visa Debit. The main difference is that it to offers a chargeback service but it is called "Secured by Mastercard". It is also issued by the Mastercard financial institution rather than Visa. Mastercard Debit cards come with a PIN (Personal Identification Number) number, just like Visa Debit cards do, which allows you to access cash from ATM's at home and abroad or pay for goods with electronic point-of-sale authorisation.

Maestro Debit

A Maestro Debit card is a card from the Mastercard financial institution. It has all the same services and qualities that both a Visa Debit card and a Mastercard Debit card provide you. You may however find that there are a few retailers online that may not accept a Maestro card, but this is very unusual.

Visa Electron

If you decide to get a Visa Electron card you will be restricted from paying for services by phone, mail order, online and on the high street unless you have the physical money in your account. This is brilliant for people who may not keep a keen eye on their spending. Visa Electron cards are often issued with accounts that are suitable for children and young people. Unfortunately with the advancement of technology Visa Electron cards are in major decline and the only bank that still issue them is HSBC.