Visa Electron Debit Cards
The Visa Electron debit cards are universally accepted except in countries like Canada, Australia, the United States, and Ireland. It is being established by Visa in 1985 and is a VISA sister card. The only difference between Visa Electron and Visa debit cards is that the transactions with Visa Electron necessitate that the chances of overdrawing are minimal.
The majority of prepaid debit cards need no special application and usually, there are no charges entailed and even if there are it would be quite nominal.
Most financial and banking institutions are offering debit cards with protective codes. When you are applying for debit cards, you need to be cautious about factors like maintenance fee and inactivity penalty lurking somewhere about the fine print though as debit cards target the under and unbanked customers, who fallaciously think that these cards are more cost-effective. A Visa Electron Debit card functions like a cheque, only better.
Almost every country (except the ones mentioned above) has authorized Visa Electron Debit practicality to be integrated on the same plastic card that gives you access to ATM, sales, and other domestic payment gateways.
USP of VISA Electron Debit Card
The unique factor about the VISA electron card is that the payment is rejected if the balance on the linked bank account is insufficient for making the required payment. This feature makes this card usage highly popular in countries with strict regulations for debit cards.
Which section and countries preferred most the Visa Electron Debit Card?
Visa Electron is also popular among students, start-up companies, and consumers with a limited budget. Visa Electron is offered on practically every continent, and, with more than 394 million users, it is a well-known card in i.e., Spain, most Western European countries, Latin America, the Asia-Pacific region, the Middle East, and Africa.
Features of Visa Electron Debit Card
- There is not keep on doing credit checks to get debit cards
- Unlike credit cards, debit cards are not issued on a credit score basis. Even those who are having low or humble credit can even apply for a debit card.
- Starved you may be but without debt
- Visa Electron Debit Card makes you spend money only if you have that much-required money in your account else it is a strict no-no. You are not allowed to carry payment dues, and hence, impossible to fall into the death trap by the name of debt.
- Saves you from paying overdraft cost and interest charges
- Using a Visa electron debit card, one can escape oneself from the charges and expenditure related to profligacy incurred while using a traditional debit card. As there are no dues to have ensued, there are no interest charges, nor can you withdraw cash. The transaction will simply be declined.
- Easy payment of shopping and utility bills
- Using a debit card, you can easily make all online transactions, be it related to online shopping, or any of the utility bill payments. There are various present-day expediencies that people from unbanked areas are unable to access but debit cards have succeeded in bridging this gap over the years.
- Keep your bank information strictly private
- As visa electron debit card helps in preserving a bridge between identity thieves and your delicate financial details, it is a safer option from traditional debit cards.
