All You Should Know About Verve, MasterCard And Visa Debit Cards - Biztorials

All You Should Know About Verve, MasterCard And Visa Debit Cards

All You Should Know About Verve, MasterCard And Visa Debit Cards

Remember that form you fill when you go to the bank to open an account? There is a section that requires you to select the kind of Debit card you need. The most listed options include Visa, Verve and Master card.

Now, because we do not know the difference between these cards or if there are certain advantages accrued to these cards we just select anyone.

All types of cards offer the same basic service which is aid transactions at purchase points.

We should also know that the cards we get are mostly debit cards, not credit cards.The main difference between a debit and a credit card is that the former is linked to funds brought by the holder while the latter is linked to funds provided by the bank as a form of a loan.

Let’s take a look at these cards and see what makes them different from each other. Who should use them and who should not.

Verve

Verve cards are proudly Nigerian. So If you are pro Naija made you should already consider this.

This card is only accepted in the Nigerian market. It allows you to conveniently make transactions, pay for goods and services via POS, ATM etc. You can make bill payments, airtime recharge, funds transfer etc.  It can only be used on “domestic” websites, (i.e. Nigerian sites) bearing the Interswitch or Verve acceptance mark, e.g. QuickTeller. However, you cannot use this for international payments.

One amazing thing about a Verve card is that you are protected from making foreign payments so it offers some form of protection fraud wise. Verve also rewards its customers by offering discounts.

Verve cards are cheaper to get that the other cards. Most banks charge as low as N700 for issuance.

To make transactions on QuickTeller you would need a transaction fee of N100.

Read Also: Making of A Nigerian Unicorn: Interswitch – The Value of Clout

Visa

Visa cards can be used internationally and locally. You can use these cards on US websites like Amazon, Aliexpress etc. POS payments are also possible.

Visa cards are now accepted on Interswitch powered websites like Quickteller, Jumia and Konga.

However, the cool thing about it is that it’s also accepted worldwide anywhere Visa cards are accepted.

Visa Cards also have a spending limit which can be lifted by the cardholder on request to the bank. To make transactions on QuickTeller you would need a transaction fee of N100.

 Read Also: Why & How You Should Accept Online Payments Now

MasterCards

The MasterCard is almost the same as the Visa card. It is Accepted internationally, wherever the MasterCard logo is displayed. Meaning it can be used when travelling out of the country and on millions of websites, both domestic and foreign, with MasterCard support.

If your bank allows it, you can spend in Naira when making transactions outside the country. This means you do not need to source for foreign exchange.

The disadvantage here is that as the dollar($)’ rate rises, you get debited high as for the present exchange rate.

As with the other two cards you can use the MasterCard on ATM, POS and web channels. It is an EMV card with enhanced security that ensures safety of your funds and transactions, and In some cases, it provides extra protection for Web-based transactions with “SecureCode” for International web transactions and Safetoken for local web transactions also.

The MasterCard has spending limits which sometimes serves as a form of protection. However, these limits can be adjusted on request by the cardholder.

We should all know that the Visa and MasterCards haves different categories which range from classic, gold, platinum and infinite. Each category differs with the various banks. Your bank would issue you the card that is accrued to your lifestyle and account balance. Private customers and high-end users that engage in heavy transactions are usually offered a platinum or infinite card.

These cards have a range of benefits, including hotel room upgrades, late checkout, food and beverage vouchers, and discounted lounge access and airport transfer services, as well as access to concert and theatre tickets before they go on sale to the general public.

However, the benefits differ with individual banks, what Guarantee trust bank offers may be different from what first bank offers.

All the cards carry electronic chips which you should handle with care and avoid putting in your back pocket all the time since sitting on it can reduce its lifespan.

The Mastercard has 5 as it’s first digit, a Visa has 4 while Verve starts with 5. They all come with about 16 digit card numbers, a validity date and a 3 digit CVV code at the back. They also all have daily and monthly spending limits

 

There you go. Hope you have enough information to make a more informed decision when checking those boxes. Your choice should depend on your preference and lifestyle.

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