Bank cards - confused

[Guest bentkitty]

We've been here for 6 months and I am still confused about how debit cards work here. We have a $1000 limit on our debit card if I use the 'Cheque' option but no limit at all if I choose 'Credit' (even though this is not a credit card?!). Also the card doesnt work if I choose 'Savings', is this because I need to get the bank to link the card to our savings account as well (we have a cheque and savings account with Westpac)? Pls can someone explain to me how this all works, as its really doing my head in...

[ozzieclare2be]

i use the credit option unless getting cash out then i use cheque, think your covered more with credit ie you pay for something online and it doesnt turn up etc and your not charged for withdawing by the bank. You can use savings if the cards linked to your savings account unless its an online account like mine with westpac in which case you cant link it.

[Guest bentkitty]

Tx Clare, I am not paying a fee everytime I use the 'Credit' option, am I ? I use the card exactly as you describe, Credit as default, Cheque if i am taking Cash Out. But all the time wondering if I should be using the 'Credit' option at all... As its a debit card not a credit card? Am i making any sense? :-S

[Guest nishman]

We've got one of those. I use it pressing the "cheque" option to get cash out, and have used it as credit too (accidentally first time round, but it still works). To confuse the issue, we also have a Westpac credit card, that looks almost the same, except for the chip

They changed them over last year from the normal Eftpos ones (where we used to hit the "savings" button) as they give you added security.

At the end of the day, it all come still comes out of the your account.

[Diane]

At the end of the day, it all come still comes out of the your account.

 

This is very true - but if you have several accounts, it will make a difference which one it comes out of! I use the "cheque" option for our everyday current account, but if that runs short, I press "Savings" instead and it comes out of another account! I also have a separate credit card, which I get Virgin Velocity points on. Thoroughly confusing!!

[Admin]

We're with Bendigo. If I use 'Cheque' I get charged 65 cents per transaction, but the transaction shows up immediately in online banking. If i use 'credit', there's no charge, but the transaction doesn't show up in online banking for 3 or 4 days.

[Guest thekings]

Well I'm none the bloody wiser just opened a NAB account online in anticipation of our move

[wizzywozza]

As a generalisation if you use CHEQUE or SAVINGS you will pay a fee each time.

 

If you use CREDIT you won't pay a fee.

 

Of course some accounts do differ ......... ask your banking institution!

[Guest Lisado]

If with Westpac and your savings is eSavings you can't use this in shops as it is purely an Internet savings option - you have to transfer money to your currrent account online and access savings that way

 

We discovered this after never being able to use that option

 

Lisa

[Guest Woody and Jane]

We're with Commonwealth and no matter if we choose Savings (never used cheque before, scared it might reject me if I try now) or Credit it all comes out the same account about four days later. We've been told to only use credit if we're buying something that costs over $1000 as there is no limit when you pay by Credit but we have a $1000 a day limit if paying using Savings.

 

It's a bit crazy plus if you don't give them your TFN you'll get less interest on your savings. Also when giving your TFN number you're not allowed to give them your other half's. The bank has to speak to them personally and verify who they are even though you've just passed all their security checks. But that's a whole different thread.

[Guest Michele]

We are with Westpac and were advised to use the credit option as you are better protected. Use the cheque option only if you want to take cash out as well. We are not charged for any of the options and the credit items go though a day or so later as they pass thought the Mastercard processing system.

 

So the cheque option debits directly from your account and the credit option debits via Mastercard/Visa.

[Guest The Dimmocks]

We are with NAB, we have one account and each have two cards, a Eftpos one, and a visa one. We were told to press savings with the Eftpos one and credit with the visa one. The Eftpos one shows almost instantly as being taken out of account. We had only just purchased something and about hour later got a mini statement and it was showing on there. As far as we are aware we are not changed anything for using these cards. If we are then it not showing on our account and we were not advised when we activated bank account when we arrived. Our limit on each card is $1000.

 

I still get confused. I tend to leave my card in machine and wonder why it not asking for pin, forget you have to take it out before putting pin in.

 

Michelle