Card funding Types: Debit or Credit Card Detection

Funding types allow checking the card before the transaction whether the debit or credit card will be used based on Issuer Identification Number.

Credit Card

A credit card is not linked to your debit card, however it is a credit facility that still allows you to make immediate purchases. Your credit card will be capped at a set amount, which means that you cannot surpass this limit when trying to make a purchase. Many credit card companies will increase your limit over time if you prove that you can pay them back before the due date, which would allow you to borrow higher amounts of money at a later date. With a credit card, you will be asked to make a minimum repayment every month. It is possible to pay off more than your required limit, and this is especially beneficial if you want to avoid interest charges. With credit cards, the general rule is the faster you pay off your card, the less interest you have to pay at the end.

Debit Cards

Immediate (direct) debit card

A debit card allows you to transfer money electronically from one bank account to another. With a debt card, you have many options available. For example, you can have an overdraft limit, which allows you to go over your available balance but this is capped at a certain amount. You can also withdraw money from ATM's or bank machines with ease, as well as having the option to pay on your card at stores. If you do not have an overdraft limit then you won't be able to go over your available balance when making payments however if you do, then you will be charged a set amount by your bank if you do not have this paid back by a specified date. Some debit cards are now also contactless, which means you don't have to enter your PIN number if the purchase is under a set amount.

Prepaid Card

1. Physical cards
- Reloadable
- Gift (Non-Reloadable)
- Temporally

2. Virtual cards
- Reloadable
- One time use (disposable card / temporary card both Non-Reloadable)
- Gift (Non-Reloadable)
- Linked to debit or credit card

Deferred Debit Card

A deferred debit card is where the purchase is made as normal but instead of the payment being taken out right away, it is taken out a few days later. With a debit card, you are normally asked to enter your pin number as verification. With a deferred debit card however, you will be asked to sign a receipt as proof of your purchase. The balance on a deferred debt card is normally positive and the charge often takes 2-3 days to clear. The money due however may clear faster, and so it is up to you to make sure that the money is in the account at the time that the payment is taken out. If the money is not there, then you will receive a fee and this may not be apparent to you until you check your statement as the money does not come out right away.

Please note that this Visa Deferred-Debit Card:

- is not an immediate debit card
- is not a credit card.

Purchases will not be debited to your account until the date of your monthly statement, allowing you to earn up to 30 days extra interest on the value of these purchases. However, they are shown against your account as ‘pending’ and are debited from your available balance as and when we receive them from Visa.

Some retailers/service providers may levy a surcharge if you use your Visa Deferred-Debit Card to make payment for their goods or services. This is because, within the Visa Transaction System, deferred-debit cards are treated as credit cards. Therefore, if a retailer/service provider has signs/ notices, or in some other way informs you, that credit cards are subject to a surcharge, then their surcharges will apply to your transaction and be debited from your account as part of your transaction. Please also note that if the retailer/ service provider informs you that they do not accept credit cards then this means that they will not accept your deferred-debit card. Because a Visa deferred-debit card is treated within the Visa Transaction System as a credit card, it is important to note that it cannot be used to pay off credit card balances.

Charge Card

A charge card is very similar to a credit card, however you can borrow as much money as you want at any one time. You will get an annual fee from your charge card but you will also be given plenty of perks which may give you access to airport lounges and even insurances. Charge cards are ideal for high spenders and high earners, but not everyone is eligible because you may need to meet a minimum income requirement. When you spend money on a charge card however, you will need to pay the full amount back by a specified date. You can't pay it off over time and you won't get the option to pay back a minimum amount. There are many banks that have charge cards available and in ways they are very similar to credit cards but the payback scheme is very different.