Hello everyone,
I currently have a debit mastercard from commonwealth bank, and the fees were waived off as I am a student.
I have just finished my course, and commonwealth will start charging me fees.
I want something similar to my current card (ability to link to paypal, and make payments online with mastercard) but without the fee. Is this possible? If so, what card is it and by which company?
What are my options?
Citibank Plus account is a good fee free account as you will also get very good exchange rates when buying stuff online/overseas. The Visa debit card it comes with is very handy for withdrawing cash overseas at the best rate too.
Only downside is Citibank online banking is a bit annoying to use and actual walk-in branches are hard to find.
Having used the Citibank online system for a card I got for oversea, I would probably avoid using Citibank again unless it had a pretty incredible product. The online interface (including app) is awful and frustrating.
ING Direct.
Its a Visa Debit Credit Card. No difference.
Comes with 5% off paywave transactions for the first 6 months too: https://www.campaigns.ingdirect.com.au/wave/
Nah..
Starting 1 July 2014, you can use every ATM in Australia for free and get 2% cash back on Visa payWave purchases under $100 in Australia - simply deposit $1,000 or more per month from an external account into your Orange Everyday. And you pay no monthly fees.
I don't think i will be depositing $1,000 a month. So probably NAB is a better option for me for the meantime. NAB does not have any fees.
There is also no fee with ING.
In terms of differences, I think the choice will come done to availability.
I'm not certain but I think NAB is more available than ING. However, ING has 5% off for 6months which is a benefit, and I think this is a scheme to get customers.
What do you guys think? I'm thinking NAB is better- just because there is more access points for the branches.
why do you even need to go to a branch?
you can deposit cash/cheque in any Australia Post offices.
ING Orange card is a must have for any ozbargainers.
I didn't know this was possible! Haha. I'm new to this card thing.
Could you explain to me the other benefits of ING over NAB?
The 5 percent deal is over with ING - the new deal is 2 percent.
just don't have to have just one account. ingdirect is tops for an everyday transaction account with the paywave rebate. a citibank plus account is good for overseas transactions.
28 Degrees Mastercard has no annual fee and doesn't charge commissions for overseas transactions
OR
Coles Mastercard also doesn't charge an annual fee
OR
BankVic VISA debit card, no fees or charges
Good luck!
Should I make
1. 28 degree card for overseas transactions eg)amazon
2. NAB for everyday transactions
What cards do most bargainers have? something similar to above?
you realise the 28 degrees card is a credit card and not a visa/mc debit card? i don't know what your income status is but your credit card application might get rejected.
the citibank plus account is a visa debit card and won't affect your credit rating
I like the sound of NAB bank, as it provides the ability to link to paypal and be used in online transactions. My needs are met.
Now, what is the processing of transferring? Do I go to commonwealth bank to cancel my card, withdraw the money and then go to a NAB branch?
open nab account first, will take a while to open, get card etc.. don't want to have days between where you have no card
Good suggestion. But regardless, I will cancel my card tomorrow to avoid the fee. I think they will probably ask me to use a savings account to transfer the funds over.
In addition, I will open up a NAB account.
I don't mind cancelling my card as I don't use it often. Downtime should be ok.
You can link any debit card (Mastercard or Visa) to Paypal and for online payments (Paypal or not) - it's not a bank specific feature.
NAB has no fees also. Big plus for me.
I have one additional question.
Does NAB have some sort of transaction fee for different banks? For example, If i transfer money from NAB to commonwealth or vice verse. If so, which companies will take transfer fees?
No fee for transferring via internet. Just like your CBA account, but without the $5.00 monthly fee.
( no need to make a minimum deposit each month)
NAB is the definition of unstable. Since going fee free they have crashed in 2010, 2011, 2012, 2013, and last month:
http://www.smh.com.au/business/banking-and-finance/doublecha…
CBA may charge a fee but if you cop it you are with a bank that is on top tech-wise with it online banking and systems. And no, I am with Westpac. Banking at the post office is irritating at the least, you have to put up with queues and then assume they have the cash if you want to cash out. Branches are there for a reason.
EDIT: In 2010, 43 page thread at Whirlpool Forums:
http://forums.whirlpool.net.au/forum-replies.cfm?t=1583342
and 2011:
http://www.heraldsun.com.au/business/millions-suffer-in-nabs…
You can Google for more.
They crashed last month? I've been a NAB customer for about 4 years now and I've never noticed an impact from any of those outages.
I'm pretty certain there was an incident with commonwealth bank where you couldn't withdraw money from their ATM within the last year.
For example: http://www.news.com.au/finance/business/commonwealth-bank-ex…
Regardless, any system from any organization can not be fault-tolerance. It is expected that some systems may fail time to time.
It is how they resolve the issue is what is important.
NAB failed annually at least once for the past 4yrs. Consistently. Has that sunk in?
Haters gonna hate.
Why don't you try running an financial firm and see how you go?
The NAB's "fail" was "Some holders of the NAB Visa Debit cards were shocked this morning when they discovered that they had been billed more than once for transactions involving their cards." SMH
The CBA "fail" was "The outage appeared to have affected customers ability to access most of its services, including EFTPOS payments, telephone banking, internet banking, apps such as Kaching, and customer service."
SMH
A bit like comparing the Market and comparing the Meercat. Sounds same but different.
So your not earning 2 grand a month yet? I'd say go in and ask them to waive the fees for 6 or 12 months while you get up and going. They will probably agree to keep you as a customer?
It worked for me between graduating and getting my first job.
I just got a welcome pack from NAB, attached with a "guide to fees and charges"
Apparently it cost $4 to withdraw from visa debit card and $1 to make a balance enquiry. Is this normal? What do other banks charge?
EDIT: I think this only applied to overseas transactions.
Does anyone know the charge for local ATM withdrawals?
"Non-NAB ATMs
To avoid ATM fees it's best to use our NAB ATM network, including rediATMs.
"We don't charge you for using other ATMs, but the owners of other ATMs might directly charge you. If they do, you'll see a message and you'll have the option to quit before you're charged." NAB
"Overseas ATMs
There are fees for using ATMs overseas - $4 per withdrawal and $1 per balance enquiry.
There’s also a 2% fee on the Australian dollar transaction amount for cash withdrawals or purchases made in currencies other than Australian dollars."
To avoid Overseas fees the Citibank Plus account is the go.
I believe NAB offer a no fee Debit card.
http://www.nab.com.au/personal/accounts/transaction-accounts…
VISA Debit cards will link with Paypal and can be used for online transactions. They are basically the same as a MasterCard.