There are two main types of cards, debit cards, and credit cards. Credit cards allow the holder to make purchases on credit, whereas the debit visa card holder needs to have the amount plus some transaction fee in his or her account to be able to make any payment using the debit card. As the name suggests the amount is debited from card holder’s account immediately when the debit card is used.
This is opposed to a credit card where the cardholder does not need to have the amount he or she is going to spend. As long as the amount is within the ‘credit limit’ of the card the transaction will be carried through and the holder will have to return the money to the card company in installments or in one single payment…
NOW, THE MEANING OF VISA CARD, VERVE CARD, MASTERCARD, NAIRA CARD, DOLLAR CARD
A Nigerian who goes to a bank to apply for a card might be a bit confused as to which one to choose. I was. This is because most banks provide up to 3 options to choose from; Verve, MasterCard and Visa. What is the difference between them all? Which offers the best benefits?
1. VERVE CARD:
This card was made for the Nigerian market and it is only acceptable
in Nigeria. The Verve card allows you to conveniently pay for goods and
services on all ATMs, as well as POS, Web, Mobile, Kiosk, PC POS, Voice
and bank branches connected to the Interswitch network.
2. VISA CARD:
This card is acceptable internationally. With a Visa Card, you can
pay for things on US websites like Amazon or China based websites like
Aliexpress. It is also acceptable on most ATMs and for making POS
payments. It’s also now accepted on Interswitch powered websites like
Quickteller, Jumia and Konga.
This card is acceptable internationally just like the Visa card.
It’s also accepted locally on interswitch websites like Quickteller,
Konga and Jumia.
4. DOLLAR CARD
A dollar debit card, in simple terms, is a debit card that does transactions in dollar instead of naira. It is the dollar equivalent of a naira debit card.
5. NAIRA CARD
While the naira debit card transactions are done in naira, the dollar debit card transactions are done in dollars. A naira debit card is attached to your savings account or current account; but the dollar debit card is attached to your domiciliary account (a foreign currency account).
It is important to note that a customer can choose to apply for a pound sterling debit card or a euro debit card, depending on his/her needs or preferences. Most people open dollar debit card because the US dollar is the most popular currency in the world and transactions done in dollars are easily convertible to other currencies.