What You Need To Know About Your Visa Card

It’s the age of Cashless Nigeria and a lot of cosmopolitan Nigerians have issues with how to adapt to the requirements and the issue of security. Visa comes in as a solution provider. You have all these questions about what choice of card to go for and sometimes, it feels like nobody has the answers you need. For the 21st century professional, you’re faced with these questions. Should I get a credit or a debit card?  Will my card work outside Nigeria? What happens when I exceed the usage on my account balance? What do I do if I lose my card? Visa, seeks to answer all your questions about VISA Cards and the best way to make it work for you to make your life easier. The easiest way to go cashless is to Go! with Visa.

What is a Debit card?
A debit card allows you to spend your money safely and conveniently as point of sale (POS) as well as allowing you to draw cash at an ATM.

Where can I use my Visa Debit Card?
Anywhere you see the Visa sign, this includes merchants as well as ATM’s. Your Visa Debit Card can be used at tens of millions of merchant locations and at 1.8 million ATM’s around the
globe.

Will using my Visa Debit Card put me in debt?
No, you can only spend the money you have available in your account unless your debit card has an overdraft facility.

Do I still need to carry cash with me if I have a Visa Debit Card?
No, this card means that carrying large amounts of cash is a thing of the past. Your debit card allows you to transact safely and conveniently without using cash.

What happens if my Visa Debit Card is lost or stolen?
Call your issuing bank and they will block your card. This will ensure that your money in your account is safe. Once your card is cancelled ask your issuing bank to issue you a new one.

Does my Visa Debit Card give me extra money to spend and repay
No, you can only spend the money you have in your account. There is no grace period or repayment required as there is no credit line issued by the bank. Since the money for a transaction is directly deducted from your account, make sure you have the money available to cover the full transaction amount at the time of purchase.

How do credit cards differ from debit cards and when is which card the best option?
This depends on your financial needs. Before you go and discuss getting a credit or debit card with your bank; consider the impact the card, more specifically a credit card, can have on your financial health before deciding on one. Your credit card or debit card can be the most powerful budgeting and money management tool you own. However, you should be responsible when using it. It is the consumer’s responsibility to ask the bank questions and ensure that you have a good understanding of how the card works, how interest rates and monthly charges work etc before getting a credit card or debit card.

All You Need To Know About Credit & Debit Cards

Like every coin, there are two sides to a Credit Card. By using it wisely, you can capitalise on the advantages and reduce the disadvantages.
Advantages
• Ability to buy needed items now drawing from a line of credit from the bank or your own available funds
• This means you pay the bank back later if using credit
• Don’t have to carry cash
• Creates a record of purchases

Disadvantages
• May lead to higher cost of items (interest and finance charges)
• May include additional fees
• Financial difficulties may arise if you lose track of how much you spend each month

What is a debit card?
With a Visa Debit card such as a Visa Electron card, you can shop at many merchant locations without having to carry cash. Just present your debit card anywhere you see the Visa logo, and have the purchase amount deducted directly from your bank account. Debit cards are “pay now” products that immediately debit – or subtract – money from your bank account, as if you were taking out cash. So, for your debit card to work, you must already have the money in your
account to cover the transaction. This differs from credit cards, which are “pay later” products that draw from a credit line-money made available by your bank – and give you a grace period to pay. If you do not pay in full by the end of this period, you are charged interest.

The benefits of a debit card
• Payment convenience and safety – You don’t have to carry a bulky chequebook or large sums of cash when you go out shopping.
• Wide merchant acceptance – Debit cards are widely accepted – even when you travel. Your Visa Debit card can be used at tens of millions of merchant locations and at 1.8 million ATM’s around the globe.
• Fast, easy payment process – The transaction is approved almost instantly when used at the point of sale device.
• Easier qualification – Because debit cards use your own money at the time of sale, they are often easier than credit cards to obtain.

So when I go to the shops, how do I use my Visa Debit card?
Look for the Visa sign. If there is a Visa acceptance sign you can use your Visa Debit card in the store/merchant. Choose the items you would like to buy and take it to the till. The cashier will swipe your card through the terminal or point of sale device at the till and you may be asked to enter your secret PIN or you may be given a receipt to sign.

Why do I need a receipt? And why must I sign it?
Your receipt is your proof of what you have bought from that shop and for how much. On the back of your Visa Debit card you will sign your signature, this signature is usually checked by the cashier to make sure it’s your signature, so by signing the receipt it verifies that you bought the items and not someone else. The same applies when you enter a PIN – this is your secret number that links you to your card and ensures safety security when transacting.

What if I travel outside of my country?
Your Visa Debit card can be used at 1.8 million ATMs and at million of merchant locations worldwide. But make sure to advise your issuing bank that you will be travelling abroad before you go to ensure safe and reliable transacting.

What if I forget or lose my pin?
Call your issuing bank and they will issue you with a new one

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About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.

For more information, visit www.corporate.visa.com

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