Debit cards prove popular with Australian consumers
Posted July 7th, 2009
Figures from the Reserve Bank of Australia show that more Australian consumers are using scheme debit cards, the Australian Financial Review reports.
Young and cashed up Australians are ready to shop online, but aren’t necessarily pulling out their credit card – a boost in the use of debit cards has been noted by the Reserve Bank. Consumers are moving towards debit products to make online purchases, with banks linking savings accounts with debit payment services from VISA and MasterCard.
Debit Cards are different from traditional bank EFTPOS cards and credit cards. A debit card allows consumers to make purchases using a card number in that same way that you would with a credit card. The RBA figures put the total volume of the debit payment scheme in Australia to be $24 billion, approx 8 percent of the total card payments market for 2007-2008 financial year, which came in at $312 billion.
Use of Debit Cards have grown by about 50% in the last two years as banks seek to provide customers with more flexibility and convenience than EFTPOS cards. This reflects the fact that many consumers feel more comfortable in spending their own money instead of having to pay back money on a credit card.
The VISA Debit Card has proven to be a popular card choice, with VISA moving quickly to market. Here is an example of some of the advertising being used:
To make a choice on which VISA debit card suits you, view our article with details on Australian debit cards and VISA Debit Card Comparison.
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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