Visa is a popular and extensive processing network, which has launched its Visa Cards that are accepted by businesses in more than 200 countries or say, in the whole world. However, there are other payment processing companies in the market too, such as MasterCard, American Express, and Discover.
Initially, the Visa payment processing company just launched its credit cards but later on, it launched debit cards, prepaid and gift cards as well. These cards are actually issued by the partnered financial institutions. The cards bear a 16-digit account number, microchip, and magnetic strip.
Since these cards are issued by financial institutions that had partnered with single transaction processing network providers like Visa for its payment card products, the terms and conditions are set by the card issuer itself.
The use of Visa cards to transfer payment has become quite common and popular these days! People enjoy and prefer the convenience of cashless transactions. With a credit card or debit card, there is no need to carry cash and hence a heavy wallet. However, credit cards and debit cards are not the same; though both of these cards have similar benefits.
Listed below are the top benefits is using Visa as a payment method:
Avoid Fees and Service Charges
With a credit card, the user has to pay annual fees, late payment charges, substantial foreign transaction fees of up to 3%, and other extra charges, the debit cards charge low or no fees. Using a debit card saves you from incurring a fee altogether.
For instance, many banks charge a certain amount other than the ATM’s fee upon withdrawing cash from an unaffiliated ATM but one can easily dodge the ATM fees if plans ahead. When cash is needed, one can visit an in-network ATM to acquire it, or otherwise, payment can be made via debit card by taking advantage of a store’s convenient “cash back” option.
A debit card basically serves as an electronic check, withdrawing money from the checking account as you use it, you can incur an overdraft fee if a card is being used when the account balance is low or negative. Even banks are also offering overdraft protection services that range from lines of credit to card rejection for inadequate funds to avoid accidental overdrawing from the account. Besides, digital and mobile banking also enables the users to check their balance anywhere anytime to ensure that there is money in the account before using the debit card.
Stay Accountable For the Expenditures
The Visa debit cards are also known as “Check cards” to serve as a plastic checks. When the user charges a purchase on a credit card, he does not have to pay it until the next month, and even after a month, the minimum payment may get lowered than the entire balance. On the contrary, with a debit card, the money for the purchase is removed from the checking account right away or in a day or two; it requires the user to select the debit option and enter the PIN.
The Real-time payment gives you the advantage of staying accountable to spend not more than your account has! Credit cards often tempt the users to make impulsive purchases because you get the item and have to pay for it later on!
Instant Payments Facilitate Better Budgeting
Just like the debit cards make the users stay accountable to spend responsibly, these cards also facilitate the users to stay under their budget and avoid overspending. The paper checks are not cashed for days or weeks. While in the interim one can spend more than the account balance particularly if the account reconciliation is not performed on daily basis. Given such a scenario, the instant and quick payments linked via debit cards give a clear figure of money left in the account. Furthermore, the debit cards function well with both online and mobile banking as well as budget management apps and websites to let the users stay updated about their up-to-the-minute balance and account activity in black and white.
No Interest Charges
Interest is the major reason that using a debit card is preferred over a credit card. Credit cards tend to charge a high-interest rate which keeps changing from time to time due to modifications in the Prime rate. Besides, the annual percentage rate on credit cards is from 10 percent to 32.99 percent. So, the users who are not used to paying the balance off every month timely, have to bear financial hurt while paying with credit cards. So, when a debit card is being used, the expensive interest charges that tend to raise the price of the original item are easily avoided.
Bank and Merchant Awards
Just like the credit cards, bank and merchant awards are also featured over the debit cards. Points can be earned for dollars spent as well as cab be redeemed for travel, shopping or gift cards. Whereas, the rewards are offered upon the purchases made using the signature and not the PIN.
Besides, merchants also prefer the debit card transactions and the PIN entry variety because in this way they have to pay less for each swipe to banks in comparison to the credit cards. This is the reason that payments via debit cards especially those using PIN are encouraged more.
Reliable
The Visa payment method is one of the safest and the most reliable payment methods available today. You can get an idea about the reliability with help of any review website – if there is a particular website that you may be skeptical about, just visit for example https://netticasinohex.com/
Accepted Around the World
Another major benefit of using the Visa payment method is that it’s accepted around the world. It’s more like a universal payment method that’s trusted worldwide.
Using a Visa Debit card for day-to-day payment purposes is so much convenient that one keeps using it without thinking about the benefits, however, the benefits that come along with the usage of this card are considerable.