Find out about the different types of debit cards available in Australia and compare them with Savvy.
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If you are looking for a debit card, use our table to compare Australia's best debit card offers with $0 monthly fees, free ATM withdrawals, cashback offers, budgeting apps, security features and much more. Start your debit card search with us now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
There are many different types of debit cards now available in Australia. Because we use our debit cards so frequently, finding a card that matches your spending habits is vital if you are to get the best deal. You can compare a range of different types of debit card here with Savvy to help you find a card that perfectly fits in with your lifestyle. Start the process with us today.
There are many different types of debit cards available in Australia today. Some of the most popular are:
Standard bank-issued debit cards
A standard plastic debit card is issued by either Visa or Mastercard and is linked to an everyday bank account. It allows you to draw on the funds in your bank account in various ways, including:
You can only authorise payments on your card up to the limit of the funds you have in your linked bank account. If you try to spend more than you have, your transaction will be declined due to a lack of funds (unless your account has an overdraft facility). These are the best type of debit card for most people in Australia, as they offer a versatile, fee-free payment solution. You can compare a wide range of debit card offers right here with Savvy today to help you make an informed decision on which is best for you.
Prepaid debit cards
Unlike a standard debit card, which is linked to a bank account, a prepaid debit card can be loaded up with cash which can then be spent in the same way as any other debit card. When the card runs out of funds, it can be recharged or topped up either online or at a post office. There are many different types of prepaid debit cards, ranging from those issued at post offices to cards issued online by card providers themselves (such as Mastercard and Visa) and other non-bank companies.
As there may be recharge fees to top up a prepaid debit card, as well as membership fees charged by certain providers, such cards are more expensive to use than normal debit cards. However, they can be useful for children or anyone else who doesn’t have a bank account.
Travel or international debit cards
There are also debit cards you can use overseas far more cost-effectively than standard debit cards. These cards are issued through banks or non-bank financial institutions specifically for use when travelling. They often allow you to store multiple currencies in the linked bank account, so you can pre-load your travel card with funds at a time when exchange rates are beneficial.
Once overseas, you can choose which currency to pay in and, in some cases, no overseas transaction fees will be charged. This won't always be the case, though, as some international transaction fees are up to 3%. In addition, if you use an ATM overseas which isn’t affiliated with your bank, you could be charged international ATM fees of up to $5 or more per withdrawal. Many travel debit cards also allow you to use ATMs overseas free of charge, as well as contactless tap-and-go payment systems in multiple countries.
Virtual debit cards
Virtual debit cards are debit cards that are stored in a digital wallet, such as Apple Pay or Google Wallet. These are a new digital version of your debit card, which means you can use your phone just like a debit card to pay for goods and services at EFTPOS machines. Linking your debit card to your phone means you no longer have to carry the actual plastic card around with you, which may be more convenient for some people. The card itself is functionally the same as any physical card.
All debit cards work in the same basic way: they allow you to access the money in your linked transaction or savings account to shop, pay bills and buy things online. However, not all cards offer the same value, so when comparing cards with Savvy, think about the following aspects:
Fees
Most debit cards are issued free of charge when you open an everyday bank account. They are typically no-fee, which means they come with no annual or ongoing fees. Check that you understand overdrawn fees, transaction fees and currency conversion fees which could be applied if you use your card overseas. However, if you choose to get a travel debit card or a prepaid debit card issued by a non-bank financial institution, there could be monthly administration fees and recharge fees applicable.
Rewards
Look at the rewards, incentives and benefits on offer with the debit card and think about how you'll use it. Some cards offer a cashback if you use your card to pay utility bills, up to a set limit per month. Other debit cards offer frequent flyer points based on your card spending.
Payment options
Many people now link their debit card to a virtual wallet on their phone or wearable smart device. Check what payment options your card offers so you can make sure it’s compatible with your phone.
Fraud and purchase protection
Almost all debit cards offer fraud protection in case scammers get hold of your financial information and illegally withdraw funds from your bank account. If your account is hacked, you're usually protected from financial loss and will be reimbursed by the bank. However, some debit cards also come with additional protections which can include an extended warranty, price protection or purchase protection.
Additional security features
When comparing debit cards, it's also important to think about the security features that come with the card. The best type of debit card can be quickly locked using online banking or a mobile app as soon as the card is lost or stolen. In addition, most debit cards require a PIN to withdraw cash from an ATM and to make tap-and-go purchases over a specified limit, which is usually $200.
When it comes to comparing debit cards through Savvy, you won't have to pay anything to use our handy service.
You can compare offers online at any time, no matter where you are, from your phone, computer or another device.
We partner with reputable Australian banks and institutions to help you choose with more confidence.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
