Bank accts

[innsaneink]

Ive seen it discussed here though quite a few years ago.

What are the bank accounts that are similar to a credit card, allowing you to purchase items online etc provided the balance is sufficient, but dont attract an interest rate?

 

[Twizzle]

Visa debit accounts

A few banks have them

 

[innsaneink]

Cheers twiz...shall look into it.

 

[coolumsharkie]

Re: Debit Card.

I got one this month... you put your own money in and it has the same functions of a credit card.

 

[perverse]

they're great... watch out for the fees though.

i know that ANZ have them... HSBC too. most credit unions and building societies also offer them. i daresay this has expanded somewhat since i got mine though.

 

[crusader-eel]

I have a Suncorp one and a credit union one - neither charge me fees, so you can do your purchasing and not worry about going over your transaction limit, if you have one. It does take about 3 or 4 days to come out of your account (depending on your bank) so you need to take that into account.

They are a great idea though - credit card convenience whilst not going into debt.

 

[innsaneink]

Just had a few looksees, St George have two ($5 & $7 monthly fees-thieves)
Come with cheque acct too.
CBA dont have them at all.

 

[[furrycat]]

I've got one with the Greater linked to my savings card- no fees or extra charges for them.

 

[LeagueLegend]

It does take about 3 or 4 days to come out of your account (depending on your bank) so you need to take that into account.

It's not actually your bank but their bank that determines how long it takes. It depends on how long the shop (or what ever it is) takes to clear their merchant bank facility and have that transaction processed. I found this out the hard way after a significant amount transferred 2 weeks after I did business with a shop. I rang my bank to complain and they were at the hands of the other bank of whom the shop did business with.

 

[Twizzle]

treat it like a check coming out of your check account, its the same thing

some merchants take it out overnite, some once a week and some in between

just like presenting a check next day or next week