My husband and I signed up for the Debit MasterCard after clearing existing credit card debts. LOVE it. Pity debit credit cards were only introduced in recent years, had they been available earlier, we could have signed up for one and wouldn't have 'normal' credit card debts in the first place.
You can link a high-interest NetBank Saver account to a Streamline account, then add the Debit Mastercard. We only pay $4 per month for account fees and have unlimited ATM access and EFTPOS.
Some people like the Paypass feature but I never use it, mainly for security reasons
Using your own money, very convenient
The Commonwealth Bank Debit MasterCard is a great solution for people who want to be able to purchase products or services that require a credit card but wish to use their own money. It is accepted at any places that accept MasterCard credit cards and features the security chip and pay pass function that makes it easier to make payments without having to sign or enter your PIN. It's a good product for those who are not comfortable with having a credit card but still want the benefits of having one.
Provides you with all the benefits of using a credit card whilst stil using your own money
May attract surcharge fees depending on where you use it
As I'm a Uni student, the CBA waive the monthly $6 fee, so I like that fact that I don't have to pay fees. In my opinion, we shouldn't have to pay fees anyway - it's our money afterall! I use my debit mastercard to buy my textbooks online as it acts just like a credit card. Also, I use it on iTunes - works perfectly. I think though, that as soon as I finish studying that I will close my account and hunt down a cheaper option. Overall though, this card is great if you're after just your basic account with credit card-like features. Highly recomm...end for students :) Shopping online with your own money, using the "credit function" on EFTPOS while while for that added protection factor. Easy to navigate online banking too. The "chip" and the "paypass" function on the card - seems a bit pointless to me - I havn't come across a shop that has the ability to use it anyway (still need to insert your card or swipe through).
I have had this card now for about 9 months and I am very impressed by CBA's debit card. I have a ANZ card but this card keeps the statement very well organised. I like CBA's customer service and that they are available 24/7. Also, that if you pay $6 a month you have a cheque book option (I hope that the ANZ are reading this and taking notes). Also, the BSB and account number is not listed on the back of the card.
That the card has a security chip, CBA have a lot of branch's in Australia and if you are a full time student you get the monthly fee waved for a nominated period.
The monthly fee is a little high and it would be nice if there was a range of colours available
Questions & Answers
I applied for MasterCard three weeks ago but I haven’t get it yet..When will I get it?
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