The Commonwealth Bank Prepaid MasterCard is a great way to access your funds any place that you find the MasterCard logo. You are even able to make purchases on the internet or by phone. MasterCard is accepted all over the world at more than 32 million places.
It is extremely easy and safe to shop with this card. Commonwealth Bank uses a program called NetCode and it makes all of your purchases even safer. When shopping online, this technology which utilises a one-time-use password that is connected to your mobile phone or token device.
This security system is used for their internet banking. It is used to authorise purchases or any other types of transactions. NetCode can be used to authorise purchases online that have the logo MasterCard SecureCodeTM. Once you see this sign, you will be able to proceed with much more ease and comfort.
In addition, there is a new feature that will help you to shop with more security. It is called “secure chip” and its technology is simple but effective. It has all the features you found with the magnetic strip but there is also an additional feature of a microchip that has been embedded in the card. It’s impossible to tamper with and it makes it very difficult to copy.
You can use your Prepaid MasterCard quickly and easily with PayPass. This feature allows you to quickly go through checkout without needing a signature or PIN code. All you are required to do is just tap your debit card on the reader that uses PayPass, look for the green light and, voila! You are ready to go!
Shopping online is a cinch, as well. You can use your Prepaid MasterCard online to make purchases because you are using your own funds.
Use With Your Accounts
This Prepaid MasterCard can be used in conjunction with your “Everyday Account” which makes it possible for you to use your own funds at the millions of locations around the world on online that MasterCard is accepted. This “Smart Access” allows you to have unlimited transactions using ATMs (Commonwealth), telephone or online banking and purchase transaction.
If you want more, you can opt for “Complete Access” which would allow you to not only have all the features of “Smart Access” but you will also be able to do your face-to-face banking as part of being a card member.
Applying For The Card
To apply for the card, you will need the following:
- You must have an “Everyday Account” that has the “Smart Access” option or the “Complete Access” feature.
- You must be at least 16 years of age or older.
- You must have an official residence in Australia
- The account cannot be in a company name or trade name. In other words, this must be a personal account.
- You must have a Tax File Number or an exemption to the TFN. It is within your rights to withhold your TFN number, however, Commonwealth bank is legally required to deduct taxes from any interest that is earned on the account beyond a certain point.
The easiest way to apply for the card, is go online to their website and apply.