What does name on card mean
Debit card: what customers need to know
A new card for withdrawing money has recently been introduced in Austria to replace the previous bank card: the debit card. Issued by Erste Bank und Sparkassen, the new card, a mix of debit and credit cards, can also be used for online payments.
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The English term “debit” means “direct debit” or “debit” and is customary internationally for cards where the payment amount is immediately debited from the account. So every ATM card has always been a debit card. Except in banking terminology, the term has never established itself in this country.
Erste Bank and Sparkassen now want to change that and are now issuing special Mastercard debit cards to their customers instead of bank cards - a mixture of bank card and credit card, so to speak.
Mastercard / Hron
Previous functions remain
Customers can use it as usual to withdraw money from ATMs, make contactless payments in the supermarket and use the self-service devices in the foyer of the bank. PIN, limit and conditions do not change.
What is added, however, is the option of using the debit card like a credit card on the Internet. The advantage of the new debit card compared to the previous Maestro bank card is when paying on the Internet. This is also reflected in the design of the card.
Credit card number on the front
The 16-digit credit card number and the expiry date are now on the front. The three-digit verification number (Card Validation Code, CVC), which is often required for online payments, is located on the back to the right of the signature field.
Not only shopping, hotel and rental car reservations can also be made with the new debit card. The amount is reserved on the account (attention: the reserved amount reduces the daily limit available on the account) and the account is only debited when payment is made.
IBAN and BIC on the back of the card
IBAN and BIC - i.e. account number and bank code - can be found on the back, and the user number for online banking is also printed there.
In contrast to the credit card, with the debit card the amounts are deducted from the current account immediately and not after a few weeks. And insurance cover is not included with the debit card.
Can be used wherever Mastercard is accepted
The new card can bring advantages not only on the Internet, but also when traveling to non-EU countries. Because wherever the Mastercard is accepted, the Erste Bank debit card can now also be used.
If you pay in the respective local currency (which is definitely recommended, since a very poor rate is usually charged when paying in euros), there are fees - as with a credit card. With the new debit card from Erste Bank, these are a fixed portion of 1.09 euros plus 0.75 percent of sales. For comparison: With a credit card, Erste Bank charges 1.5 percent of the turnover as foreign currency charges. For sums over 150 euros, consumers are better off with the debit card, below that the credit card is a little cheaper.
Keep the card in a safe place
The broader application possibilities also make the card more interesting for criminals, warns Bernd Lausecker, responsible for financial services at the Association for Consumer Information (VKI).
“The card number on the debit card is enough to shop online. That is why this card number should always be treated sensitively, ”says Lausecker. He also advises debit card owners to closely monitor the movements on their checking accounts in order to see whether the card has been misused or whether fees have been wrongly charged.
Could replace credit card
The new credit card function of the debit card could make their own credit card superfluous for many consumers. “Everyone has to think for themselves whether they need an additional credit card or not for reasons such as the later debiting of the money or for insurance cover,” says Lausecker.
The VKI financial expert expects that other financial institutions will also offer such debit cards with credit card functions in the future. There are currently no concrete plans, the banks said when asked by help.ORF.at. But follow the development carefully.
Beate Macura, help.ORF.at
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