The Visa Bulletin December is a publication which details all the changes in Visa rules that will affect your eligibility for credit and debit cards. It is designed to make it easier for consumers to apply for these types of cards. This article will explain why you should be aware of the changes that are taking place.
Most consumers will think that debit cards have stopped being a viable option and will no longer be on offer. However, this is not the case. All the Visa debit card providers are still operating. A few companies, namely VISA have even changed their name to protect their brand and stop them from facing any legal action from financial firms.
The main difference between debit cards and credit cards is the use of funds deposited in your account when the debit card balance reaches a certain amount. You then make your payment by transferring the money directly from your account. You do not need to open up an account so the debit card has some advantages over credit cards.
Credit cards tend to be issued for a set limit and it can often become difficult to keep track of the credit limit. However, with debit cards you do not need to worry about spending beyond your card's limit. As long as the balance does not reach the debit limit the money is then automatically transferred from your account.
The only downside with debit cards is the need to carry cash. Although this can be a problem for many people who do not carry large amounts of cash in the form of cheque books, a debit card is very convenient. It is also a good idea to have one with you at all times and if you find yourself without a credit card in a shop you can withdraw cash using this.
If you currently hold a Visa debit card, you may find it difficult to withdraw the money that you have on your account. To prevent this problem, you should check that you have enough funds in your account to cover the total withdrawal before you make your payment and avoid any unauthorised transactions.
In the future many debit cards will offer online services, where you can transfer money to your account from an ATM machine or bank machine. This makes the use of this type of card very convenient and easy for consumers.
Although debit cards will continue to operate as normal, there will be some new regulations that you will need to be aware of. It will be important for you to read the Visa Bulletin December 2020 to make sure you are aware of any new changes in the way Visa debit card providers handle your funds.
Debit cards are a great way to manage your money and save yourself from overspending. if you do not use your debit card regularly, you should not worry too much about the fact that the card may cease to be available. Just remember to read the Visa Bulletin December 2020 and make sure that you are aware of any changes in the way the card is managed.