In Australia the debit card offered by the majority of financial institutions is the Debit Mastercard. Whilst it's not necessarily as well known or as well used as its main competitor the Visa Debit Card, Debit Mastercards have made good ground in recent years in this rapidly growing industry.
Mastercard's origins go back to the '60's when a group of Californian banks formed the Interbank Card Association from which, eventually was borne the Mastercard credit card we all know today. Today Mastercard is an exceptionally trusted and well known company in the industry of credit cards. In recent years there has been a big push with the Debit Mastercard which manby people see as the future of credit cards. Being able to spend your own money through the Debit Mastercard is the key advantage as it ultimately saves the user money in credit interest and better ensures that the holder doesn't spend beyond their means.
As more and more people switch from the tradtional credit card to the debit card options offered by most financial institutions, the Debit Mastercard is well placed to be a favourite here in Australia. It's accepted at more than 28 million outlets worldwide so the Debit MasterCard certainly has the functionality and ease of use clients of MasterCard have long since enjoyed however by directly accessing money from your savings account when you make a purchase, the Debit MasterCard means you have no outstanding liability on your purchase.
Naturally as a Debit MasterCard draws funds directly from a deposit account, the best way to apply for a Debit MasterCard is through your preferred financial insititution. If you don't have an account with a bank that offers the Debit Mastercard product, you'll have to set one up at somewhere that does or perhaps consider a Visa Debit Card instead.
To help you out here is a list of the major Debit Mastercard providers in Australia:
- Westpac Debit Mastercard
- Commonwealth Bank Debit Card
- Commsec Debit Mastercard
- Bankwest Debit Mastercard