Debit MasterCard
Encyclopedia
The Debit MasterCard is a type of debit card
in the United Kingdom
, Australia
, the United States
and other countries. It uses the same systems as the standard MasterCard credit card, but does not use a line of credit
to the customer as it is a debit card. It instead relies on funds that the customer has in their bank account.
debit card scheme.
Clydesdale Bank
, also trading as Yorkshire Bank
, as well as Metro Bank and Ghana International Bank UK, have begun to issue Debit MasterCards to their customers.
Prior to the Debit MasterCard, Maestro debit cards
were the only debit cards provided by MasterCard, which were not accepted as widely worldwide, unlike the Debit MasterCard which is accepted worldwide wherever MasterCard is accepted. The Maestro scheme is still in place as an alternative to the Debit MasterCard, operated by S2 Card Services Ltd. under licence from MasterCard.
, the Debit MasterCard is a competitor to the Visa Debit
cards provided by Visa Inc..
The Debit MasterCard was first launched in Australia by Westpac
in 2006 as an alternative card for the banks Cirrus
cardholders. In 2010, the following financial institutions in Australia offered a Debit MasterCard as an option on selected accounts:
The Commonwealth Bank is notable for being the only bank in Australia to issue a Debit MasterCard to any account holder aged 16 and older, whereas other institutions require cardholders to be aged 18 or older.
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and other countries. It uses the same systems as the standard MasterCard credit card, but does not use a line of credit
Line of credit
A line of credit is any credit source extended to a government, business or individual by a bank or other financial institution. A line of credit may take several forms, such as overdraft protection, demand loan, special purpose, export packing credit, term loan, discounting, purchase of...
to the customer as it is a debit card. It instead relies on funds that the customer has in their bank account.
United Kingdom
In the United Kingdom, the Debit MasterCard operates alongside MasterCard's already-established MaestroMaestro (debit card)
Maestro is a multi-national debit card service owned by MasterCard, and was founded in 1990. Maestro cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards...
debit card scheme.
Clydesdale Bank
Clydesdale Bank
Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England...
, also trading as Yorkshire Bank
Yorkshire Bank
Yorkshire Bank is a commercial bank in England and Wales, a division of Clydesdale Bank, which in turn is a subsidiary of National Australia Bank. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454 million compared with a...
, as well as Metro Bank and Ghana International Bank UK, have begun to issue Debit MasterCards to their customers.
Prior to the Debit MasterCard, Maestro debit cards
Maestro (debit card)
Maestro is a multi-national debit card service owned by MasterCard, and was founded in 1990. Maestro cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards...
were the only debit cards provided by MasterCard, which were not accepted as widely worldwide, unlike the Debit MasterCard which is accepted worldwide wherever MasterCard is accepted. The Maestro scheme is still in place as an alternative to the Debit MasterCard, operated by S2 Card Services Ltd. under licence from MasterCard.
Australia
In AustraliaAustralia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, the Debit MasterCard is a competitor to the Visa Debit
Visa Debit
Visa Debit is a major debit card issued by Visa in the United Kingdom, the Republic of Ireland and other nations of the European Union. Prior to October 2004, the debit card was known as Visa Delta. Since June 2009, the major banks in the UK have begun issuing Visa Debit. Barclays, Bank of...
cards provided by Visa Inc..
The Debit MasterCard was first launched in Australia by Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
in 2006 as an alternative card for the banks Cirrus
Cirrus (interbank network)
Cirrus is a worldwide interbank network operated by MasterCard Worldwide, and was founded in 1986. It links MasterCard, Maestro, Diners Club credit, debit and prepaid cards to a network of over 1,000,000 ATMs in 93 countries....
cardholders. In 2010, the following financial institutions in Australia offered a Debit MasterCard as an option on selected accounts:
- Westpac
- Commonwealth Bank
- BankWest
- CommSecCommonwealth SecuritiesCommonwealth Securities, also known as CommSec or ComSec, is Australia's largest discount stockbroking firm operated by the Commonwealth Bank of Australia, one of Australia's top four banks....
- Bendigo BankBendigo BankBendigo Bank is an Australian financial institution, operating primarily in retail banking. The company merged with Adelaide Bank in November 2007, with shareholders voting in March 2008 to change the merged company’s name to Bendigo and Adelaide Bank Limited.Before the merger, Bendigo Bank...
The Commonwealth Bank is notable for being the only bank in Australia to issue a Debit MasterCard to any account holder aged 16 and older, whereas other institutions require cardholders to be aged 18 or older.