When you open an Australian bank account, the bank will issue you a debit card to use as a way to access your money. You can use your debit card to get cash out at ATMs, make purchases in stores and online and manage your money via the linked mobile banking app or Internet banking. Usually the debit card will be either Visa or Mastercard, however this is just the branding and there are no real differences between the two.
The debit card lets you use the money that's available in your bank account. You can use the card to pay for things in stores, cafes and supermarkets etc. by inserting the card into the EFTPOS machine and entering in your 4-digit PIN. Or, most debit cards these days come with contactless payment functionality meaning you can simply tap or hover your card over the EFTPOS terminal to make payments without entering your PIN.
When you've made a payment it will often display as 'pending' in your mobile banking app transaction history until it clears with the merchant (this can happen instantly or within a couple of days). If you don't have enough money in your 'available funds' you won't be able to make payments with your card, it'll be declined on the spot.
You can use a debit card for pretty much everything these days. This is not an exhaustive list, but here are some common examples.
A debit card is linked to your transaction account, so the money available to spend using your debit card is only what you have in your bank account. A credit card is borrowed money from the bank, which you need to pay back in full each month or you'll be charged interest on the money. With a debit card, you aren't charged interest on the money because it's not borrowed money - it's your money.
At Finder, we've been comparing debit cards for more than a decade. Here's what to consider when choosing your own card.
Check what fees the debit card charges and choose one with fewer fees if possible. Common fees include monthly account keeping fees, ATM fees and overdraft fees (this is where you let your account go into negative balance).
If you're planning to use the debit card overseas it's a good idea to choose one with no international transaction fees and, if available, no overseas ATM fees.
Choosing either a Visa or Mastercard debit card will increase the flexibility and benefits, as these two card suppliers are supported all around the world. The high majority of debit cards will be by one of these providers.
If you withdraw cash a lot look for a debit card that has no local ATM fees, or has free access to a large number of ATMs via its ATM network.
Most new debit cards today enable you to make tap-and-go purchases without having to swipe your card or enter a pin. The feature lets you pay for items, usually costing $100 or less, by holding your card to a reader.
Some bank accounts have special offers like a cash bonus when you open an account, a cashback offer when you shop or the ability to earn points and discounts.
Check the bank account comes with a mobile banking app so you can check your account easily anywhere at anytime via your phone.
Most debit cards are fairly similar, however some do have particular features that make them better suited to different people.
Debit cards are very safe, and here are a few reasons why:
One of the biggest risks with a debit card is sharing your PIN or losing your card and not locking it in time. According to Moneysmart, if someone makes unauthorised transactions on your card you're less likely to have the bank reimburse you if you didn't keep your PIN secret, accidentally left your card in an ATM or delayed telling your bank that your card was lost or stolen.
It's easy and quick to apply for a debit card - all you need to do is complete the online application form on the bank's site. As debit cards come attached to an everyday transaction account, when you complete the application you'll be opening a new transaction account which will come with your debit card.
You'll need to meet some basic eligibility criteria to get a debit card in Australia.
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Can I use visa debit to transfer English pounds to a nominated account in the U.K.?
Hi Raymond,
You can send money to a UK account using an Australian bank account, however it’ll need to be converted into GBP in the process unless you have a multi currency account that holds GBP.
Thanks,
Alison
I have put an incorrect figure into my debit card number. How do I correct it
Thank you
Hi Margaret,
Is this in reference to an application? You can resubmit your details or reach out to the provider directly to advise them of the needed correction.
Thanks,
Alison
My partner and I each have two private accounts, one with a debit card facility, and we share a joint account which also has a debit card facility. We are looking for a provider that will allow us to open five more joint accounts with debit card facilities for each. At the moment, our provider only allows a single joint account with a debit facility. Do you know of a provider where we can have more than one joint account with debit cards?
Kind Regards,
Brian
Hi Brian,
Thank you for getting in touch with Finder.
You may refer to our list of joint bank accounts. These accounts are all able to be opened in more than one name. You can use our comparison table to help you find the account that suits you. It is still best for you to contact your preferred bank to check if you can open up to 5 joint accounts with a debit card facility. When you are ready, please click on the ‘Go to site’ button to proceed with your online application. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Do any debit cards offer membership to rewards programs?
Hi Rowan,
Thank you for reaching out.
Yes, there are bank accounts and debit cards that offer a rewards program depending on the type of rewards you feel will be beneficial for you. There are rewards such as points to dollar ratio, bonus points, cashback offers, and prizes.
You can head to our list of rewards debit cards to compare your options. Please use our comparison table to help you find the card that suits you. When you are ready, press the ‘Go to site’ button to apply.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this helps! 😊
Kind Regards,
Mai
do you offer the cards for people out AU?
Hi Ahmed,
Thanks for leaving a question on finder.
finder caters to users who live in Australia, Canada, New Zealand, UK and USA. If you are not from these countries, unfortunately, you will have to check with your local banks to see what offers they have available for you.
Cheers,
Joel