Visa Debit cards

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Forums › Finance and wealth management › Visa Debit cards

xpd

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#61424 17-May-2010 12:12

Visa Debit cards.... looks like ANZ have finally released their Visa Debit cards but have a monthly fee of $2-5 depending on the type of account you have with them.
KiwiBank have a annual $10 fee (first year free).

Does every bank charge for having a debit card ? Why the heck is ANZ so greedy ? :)

Just curious :)

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#330871 17-May-2010 12:35

Might be due to the fact Kiwibank has higher fees in other areas like this:

$1 if your card is declined online or at a shop
$6 cash advance fee for a cash taken out over the counter or a money machine

In saying that, I'm with both Kiwibank and National, due to the debit plus options, however, if National opened up a debit plus card, I would close my Kiwibank debitplus, savings and credit and move it over. I only have two banks currently because my Mortgage is with national + cheque account, savings+debit plus+ credit are with Kiwi

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magu

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#330875 17-May-2010 12:56

vinnieg: Might be due to the fact Kiwibank has higher fees in other areas like this:

$1 if your card is declined online or at a shop
$6 cash advance fee for a cash taken out over the counter or a money machine

In saying that, I'm with both Kiwibank and National, due to the debit plus options, however, if National opened up a debit plus card, I would close my Kiwibank debitplus, savings and credit and move it over. I only have two banks currently because my Mortgage is with national + cheque account, savings+debit plus+ credit are with Kiwi

I got a Visa Debit card from Kiwibank on a Free Up account, and the charges you listed above only apply to transactions while overseas. See more info here: http://www.kiwibank.co.nz/personal-banking/rates-and-fees/fees/everyday-banking-savings-investments.asp?open=atm_fees_table#atm_fees_table

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vinnieg

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#330880 17-May-2010 13:06

Oh, whoops, you are right :) haha, so the fees aren't as bad

Mines tied to my Backup saver account :)

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GBristow

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#330885 17-May-2010 13:22

Remember, Kiwibank is essentially a state owned asset. It was originally created under the impetus to drive down fees and promote competition in a stagnant marketplace. It succeeded spectacularly, and yet the more entrenched banks are *still* dragging their feet to match prices.

vinnieg

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#330888 17-May-2010 13:28

GBristow: Remember, Kiwibank is essentially a state owned asset. It was originally created under the impetus to drive down fees and promote competition in a stagnant marketplace. It succeeded spectacularly, and yet the more entrenched banks are *still* dragging their feet to match prices.

Yeah, their everyday accounts are good, credit cards reasonably except if you ask them to drop your account limit down....they are relunctant to do that. Yet they'll allow you to raise them online!

The only problem I have with Kiwibank are it's mortgages and fees/break fees. That's the only reason I didn't go with them for my mortgage. If they'd been more reasonable, all my accounts would be with them

Although they have started paying pack the dodgy break fees they've been charging
ComCom results:

Yesterday it released the results of the 18-month investigation which found the ASB, SBS Bank, BNZ, National Bank, ANZ and GE were likely to have charged reasonable fees.

But KiwiBank and HSBC were both issued with a warning over the formulas used to calculate fees.

Both banks had changed their formulas, with Kiwibank also making ex-gratia payments of about $689,000 to its customers, and HSBC making ex-gratia payments of about $113,000.

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Byrned

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#330901 17-May-2010 14:06

GBristow: Remember, Kiwibank is essentially a state owned asset. It was originally created under the impetus to drive down fees and promote competition in a stagnant marketplace. It succeeded spectacularly, and yet the more entrenched banks are *still* dragging their feet to match prices.

Not that I'm defending the Aussie banks, but I believe comments like these should be directed to all banks.

The point just made above about Kiwibank charging excessive break fees, and I'd also like to point out Westpac introduced the first Visa Debit card into NZ in 2007 with a $10 annual account fee.

dasimpsonsrule

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#330915 17-May-2010 14:44

With ASB its $5 every 6 months. I think that is reasonable enough (especially compared to ANZ's $5 a month!)

GBristow

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#330928 17-May-2010 15:34

vinnieg: The only problem I have with Kiwibank are it's mortgages and fees/break fees

I must say, I had heard their break fees were too high as well.

Byrned: The point just made above about Kiwibank charging excessive break fees

The post right underneath pointed out that those charges are while overseas only.

manta

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#330984 17-May-2010 17:51

xpd: Visa Debit cards.... looks like ANZ have finally released their Visa Debit cards

I can't find any info on this on their website at all; have you got a link?

s.joseph

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#330995 17-May-2010 18:39

@xpd.... i think your looking at anz.com

not anz.co.nz

anz new zealand only have prepaid cards not debit cards. your looking at the australian site.

Lias

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#331004 17-May-2010 18:58

I didnt like my experience with kiwibank.. My credit card regularly goes over its limit during th emonth, but is generally under it come end of month billing time. ANZ charge me a fee if its over its limit at the end of the month.. Kiwibank charged me a fee every tiem I went over.. I owed them hundreds in fees in fairly short order.. Also trying to change to them was a PITA.. i wanted to clean sweep everything, personal loans, overdraft, Credit cards, savings account, etc all at once. They wouldnt give me an overdraft if i wasnt an existing customer, I'd have had to apply seperatly for the credit card, the personal loan, the overdraft etc etc.. Trialed the CC with them and as above, did not like.. went back to ANZ.

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#331005 17-May-2010 19:03

Lias: I didnt like my experience with kiwibank.. My credit card regularly goes over its limit during th emonth, but is generally under it come end of month billing time. ANZ charge me a fee if its over its limit at the end of the month.. Kiwibank charged me a fee every tiem I went over.. I owed them hundreds in fees in fairly short order.. Also trying to change to them was a PITA.. i wanted to clean sweep everything, personal loans, overdraft, Credit cards, savings account, etc all at once. They wouldnt give me an overdraft if i wasnt an existing customer, I'd have had to apply seperatly for the credit card, the personal loan, the overdraft etc etc.. Trialed the CC with them and as above, did not like.. went back to ANZ.

If you're regularly going over your limit, wouldn't it make more sense to apply for a limit increase?

I applied for the first account at the Post Shop. All the other stuff (credit cards and etc) was done over the internet. Easy.

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crazed

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#331012 17-May-2010 19:13

ANZ's prepaid creditcards(similar to Visa debit)

http://www.anz.co.nz/personal/credit-prepaid-cards/available/recharge

http://www.anz.co.nz/personal/credit-prepaid-cards/available/rwc-2011-prepaidcard

On another note I have recently left ANZ due to customer service, lack of customization in reference to internet banking and fee's.

Have gone to kiwibanks Free-up account with visa debit cards and I have to say I am very impressed. Their Visa Debit card is extremely easy to use and only costs $10 a year except if you use none Kiwibank ATM's etc normal fees.

CraZeD,
Your friendly Southern Geeky Fellow :P

tardtasticx

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#331043 17-May-2010 20:17

I think Westpac's $10 a year is a bit excessive. I'd pay that no problem if I had to get a new card, but I haven't ever ordered a new eftpos card or anything from them. What does the annual fee go towards anyway?

itxtme

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#331107 17-May-2010 22:24

tardtasticx: I think Westpac's $10 a year is a bit excessive. I'd pay that no problem if I had to get a new card, but I haven't ever ordered a new eftpos card or anything from them. What does the annual fee go towards anyway?

Merchant costs??? My Mastercard and Visa cost me $25 each a year

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