Guidelines On Visa Debit Cards

2007-03-08 10:33:40

( Financial )



Visa debit cards are conveniently used to make purchases in any place that displays the Visa logo. You can make purchases in stores, make hotel or travel reservations, load gas and many more. Cash withdrawals can also be made at any bank machine that displays the Visa logo.

Visa debit cards are tied up to an individual’s bank account. When a retail purchase is made, the correct personal identification number must be keyed in.
The money is then electronically taken from your bank account and transferred to the merchant’s account. If a purchase is made and there are insufficient funds to cover your purchase, the transaction will be declined. Individuals who are therefore concerned about paying credit card bills can make use of Visa debit cards because of this.

Visa debit cards eliminate the need for you to bring your checkbook around all the time. Individuals however need to be cautious when carrying these cards. If a prepaid debit card is misplaced you can risk losing all of your money in your bank account due to theft.

You have a larger legal responsibility towards any Visa debit card purchases. If your card is stolen, a written report must be filed within a certain number of days and sent by certified mail. If the loss is not reported within a certain number of business days you be asked to pay a penalty fee.

Unlike credit cards, Visa debit cards do not charge any interest fees because you pay for your purchases immediately; however, there are annual fees that need to be paid. These annual fees are higher than what credit card companies charge.

Visa debit cards differ slightly from prepaid debit cards because prepaid debit cards are not linked to your bank account. Instead, these cards are like prepaid phone cards wherein funds are paid to the card in order for you to be able to utilize it.

With the convenience of use of Visa debit cards and other brands of debit cards, more and more companies have grown to accept this type of debit card as a form of payment. Now is the time to consider to get a Visa debit card for yourself.


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