Virtual Debit Cards
Compare a range of virtual debit card offers here with Savvy today.
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Compare debit cards
If you are looking for a debit card, use our table to compare Australia's best debit card offers with $0 monthly fees, free ATM withdrawals, cashback offers, budgeting apps, security features and much more. Start your debit card search with us now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Virtual debit cards explained
Are you wanting to reduce the bulk of your wallet or purse? Fed up with fishing around for the right card to pay with? If so, a virtual debit card may be the answer to simplify your payment options. You can compare debit cards here with Savvy and find out what the best virtual debit cards have to offer. Compare card features with us today to help you choose the right one for your spending pattern.
What are virtual debit cards and how do they work?
A virtual debit card is often the same as the plastic debit card you may have in your wallet, except that it exists in digital form. They are also known as digital debit cards. They allow you to shop, make payments and withdraw cash at ATMs from a bank account by using your phone and digital wallet. There are three main types of virtual debit card:
- A standard digital debit card: this type of virtual debit card is simply the digital version of the plastic card in your physical wallet, which is accessible via your phone or wearable device. It’s linked to your transaction account in the same way as your physical debit card. You can use it almost anywhere that Visa or Mastercard are accepted, by having the card on your screen and tapping the EFTPOS machine or card reader to pay for your purchase. They can also be used for online shopping, which can be a more convenient process using a digital wallet instead of having to enter your card details for each purchase.
- A virtual-only debit card: there are also virtual debit cards that don’t have a plastic twin and only exist in digital form. These cards are also issued by Visa or Mastercard and by non-bank financial institutions. They can be used in the same way as a physical plastic debit card: to shop online, pay for meals or groceries or withdraw money from an ATM. A temporary virtual card can also be created instantly and used to add an extra layer of security to your online shopping by generating different card details from another debit card you may have. Such temporary virtual cards can be included in your digital wallet and linked to your bank account like a normal plastic card.
- A virtual prepaid card: not all instant virtual debit cards are linked to a bank account, as debit cards are also available in prepaid form. In this case, the prepaid debit card is loaded or charged up with cash to enable you to spend the money you’ve put on the card. When the funds are used up, the virtual prepaid card can be reloaded and used continuously, as long as there are funds on the card. Just like a standard debit card, if there are insufficient funds, the transaction will be declined. Prepaid cards often come with recharge and membership fees, however, so a standard virtual debit card may be a cheaper option.
Virtual debit cards are stored on a smartphone or wearable device in a digital wallet. These virtual wallets can store all sorts of cards and information, from debit and credit cards to Metro, myki or Opal public transport passes, movie passes and more. To access any particular card, you tap the wallet icon on your phone screen to open the digital wallet, and you’ll see all the virtual cards stored inside. You can then choose which card you wish to use at an EFTPOS terminal or ATM and either tap your phone or show the card at the terminal or card reader, just as if it were an actual plastic card.
How do I compare virtual debit cards?
You should compare virtual debit cards in the same way as you would any other debit card. Some of the key comparison points to consider to help you find the best debit card for your needs are:
Virtual wallet compatibility
When choosing a debit card, consider how compatible it is with the digital wallet on your phone or wearable device. Not all debit cards work with all digital wallets, so if you wish to include a virtual debit card in your favourite digital wallet, check its compatibility before making your final choice.
Fees
Most banks and financial institutions don't charge fees to issue a debit card, which is why they're advertised as no-fee or free virtual debit cards. However, there may still be some fees involved in maintaining the transaction account linked to your debit card. These can include overdrawn fees and foreign currency conversion fees if you use your card overseas, or shop in an online store that uses a foreign currency. As such, it’s important to compare different cards thoroughly to ensure your funds aren’t eaten away by fees.
Reward schemes
Many banks now offer rewards or frequent flyer points just for opening a new bank account with a linked debit card or for ordering a prepaid virtual card. Common forms of rewards programs include:
- discounts and special offers on home entertainment and Pay TV subscriptions
- frequent flyer and rewards points earned by using your debit card to pay everyday bills
- cashback offers either when you sign up for the card or use your free debit card to pay utility bills
ATM access
If you regularly withdraw cash from an ATM, compare the network available to you to ensure you’re always able to access an ATM free of charge. Certain banks and institutions charge fees for non-members to use their ATMs, so it’s worth seeing how accessible free machines are. Additionally, if your card provider is affiliated with the Global Network Alliance, you’ll have access to over 50,000 ATMs worldwide which you can use without incurring ATM fees.
Security features
Check that the virtual card you choose can be locked quickly and easily if your phone is lost or stolen. Most cards can be instantly locked through an online banking platform which you can access from any computer. This is a quicker and easier method of securing your funds than having to rely on a phone hotline.
Spending limits
Most virtual debit cards come with daily spending and cash withdrawal limits. These limits vary between banks but are usually around $1,000 to $2,000 a day. If you wish to make a larger transaction, it's often possible to raise these limits. Spending or cash withdrawal limits can often be changed through your online banking or mobile app.
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What are the pros and cons of virtual debit cards?
PROS
No card to carry
With a virtual debit card, you don’t have to carry a plastic card around, as it’s stored digitally on your phone. This reduces the chance of your card being lost or stolen.
More convenient
With your card details stored in a digital wallet, online shopping is a breeze as you don’t have to enter your full card details at every checkout. These fields can be filled automatically by your phone’s wallet.
Added security online
Some virtual debit cards can generate a random card number which you can use when shopping online. This adds another layer of security to your online purchases.
No waiting for the mail to arrive
If you open a new transaction account, it’s often possible to be issued with a digital or virtual debit card almost instantly, so you can start using it right away without having to wait for your plastic card to arrive.
CONS
You could lose your phone
If you rely on the debit card in your virtual wallet to pay, you could be without a payment method if your phone is lost or stolen.
You may forget to charge your phone
You may forget to charge your phone or wearable device and have your phone die just as you want to complete your shopping.
Some digital debit cards don’t work with older ATMs
Older card readers, ATMs and EFTPOS terminals may not recognise a virtual debit card. Also, you may not be able to use them to pay for meals or drinks on a plane.
