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Thread: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

  1. #21
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by compro_1975 View Post
    the charges is in overseas or include inland singapore expenses???
    you should ask your bank about it.

  2. #22
    Senior Member azul123's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by hanafi View Post
    VISA and Mastercard are one of the most friendliest loan sharks in town.
    I think you are mistaken... Credit Card companies are actually a Service Provider to a network of banks.

    They perform a series of services that transact and eventually settlement between banks of the CC users and the banks of the merchants.

    If you don't pay the full amount the iinterests are charged by the banks not the CC company.

    ../azul123

  3. #23
    Senior Member Pablo's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by compro_1975 View Post
    i am talking about debit card, i believe you are talking abt credit card, any advise on the topic???
    I was not aware that Visa nor master card had a Debit card facility
    Time, is an effortless construction :)

  4. #24
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by cjl View Post
    Can tell how old u r when u mentioned the debit card....

    U cant spend future money with a debit card. Once the card is swiped, it deducts straight away....

    WHy bring ur HWZ culture to here ah? Its a diffi place here altogether
    wah, why so biased against young pple?
    all of us has at one point or another, been young and ignorant b4 mah..

  5. #25
    Senior Member azul123's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by Pablo View Post
    I was not aware that Visa nor master card had a Debit card facility
    Yes, they do have them.

    ../azul123

  6. #26
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by Pablo View Post
    I was not aware that Visa nor master card had a Debit card facility
    yes they have.

    like what azul123 mentioned, they are global payment network service provider. like how ISPs charge site owners for usage of internet service, Visa and Mastercard charge the banks for using their transaction services, that's why end users are charged a service charge by the banks.
    Last edited by eikin; 19th January 2007 at 10:05 PM.

  7. #27
    Senior Member azul123's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    VISA Debit card is called Electron and Mastercard has 2 (Cirrus and Maestro).

    ../azul123

  8. #28
    Senior Member josho's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Lets put in simple way.

    Debit Card work along the same as ATM NET Card.

    Difference:
    You can purchase stuff overseas via net. (Provided the online shopping had Mastercard logo on it) Whereas ATM NET cannot.

    You get to SIGN on receipt using Mastercard and ATM NET using by keying ur PIN.

    Similiar:
    Once transaction is on, MONEY will be DEDUCTED from your BANK Immediately. So do not take it as future money!

    Future Money mean using the money first by using credit card, then pay back to bank. Works only for Credit Card. This is often alot of ppl mis use and led to bankrupt or having high interest.

    ~Holding on to my card.. wish I dun go CP .... Im scare... ~

  9. #29

    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    oic, so to sum up: it is like ISP(internet service provider), it is a type of service for the bank. and does support debit card facilities. also it is not future money...

  10. #30

    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by josho View Post
    Lets put in simple way.

    Debit Card work along the same as ATM NET Card.

    Difference:
    You can purchase stuff overseas via net. (Provided the online shopping had Mastercard logo on it) Whereas ATM NET cannot.

    You get to SIGN on receipt using Mastercard and ATM NET using by keying ur PIN.

    Similiar:
    Once transaction is on, MONEY will be DEDUCTED from your BANK Immediately. So do not take it as future money!

    Future Money mean using the money first by using credit card, then pay back to bank. Works only for Credit Card. This is often alot of ppl mis use and led to bankrupt or having high interest.

    ~Holding on to my card.. wish I dun go CP .... Im scare... ~
    yes, i do agree, over my holidays i was reading abt this, after all credit card need min pay of mayb 20,000 p.a. which is what i dun hav, so CC is a no no to me

  11. #31
    Senior Member Pablo's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Hi,

    Thanks eikin and azul123.

    I have only known Visa and Mastercard as credit cards.

    I have a Visa card and it is paid out from my Savings account every 30 days automatically by the bank thus no interest on credit.

    As I am not familiar with a Debit card, how does it differ from a Savings account card

    Care to share any knowledge on this.

    Cheers
    Time, is an effortless construction :)

  12. #32
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by compro_1975 View Post
    oic, so to sum up: it is like ISP(internet service provider), it is a type of service for the bank. and does support debit card facilities. also it is not future money...
    using debit card = spending current cash

    using credit card = spending credit limit base on contract

    credit card contract is drawn based on your assets (income, investments, properties etc.) and liabilities (loans, debts, mortgage etc.) , most will require fixed cash deposit in an account linked to the card in case user defaults on payment. bank will issue user a monthly payment request base on the month's spending. people go bankrupt when they spend way way way beyond what they can afford to pay (inclusive of their fixed deposit)

    if you want to control your spendings, keep every receipt and do up a personal account book to record your usage of the card. spending is easy when cash is not used in sight.

  13. #33
    Senior Member The_Cheat's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by azul123 View Post
    VISA Debit card is called Electron and Mastercard has 2 (Cirrus and Maestro).

    ../azul123
    I have a debit card with Mastercard Electronic. Think there's really all kind of sub-sets of Visa and Mastercard out there.

    I may be wrong, but I think there's a distinct difference between debit and credit card. Unlike credit card, debit card is a bit more like NETS, i.e. deducting the amount of money the is actually in the account, instead of the limit set in the credit card (which is usually twice that of the applicant's monthly income). There's a provision though, for you can actually spend more than the money in your bank account, in which you have to pay the interest for the amount "borrowed" (the clause should be stated in the thick rules and regulations booklet that come with the card).

    Debit card is quite useful really. Just think NETS, but only in the global scale. And yes, you can get poor with either NETS or Debit, if you don't control. Money is just money...

    Maybe I should go get a UOB Mini Debit...

  14. #34
    Senior Member josho's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by Pablo View Post
    Hi,

    Thanks eikin and azul123.

    I have only known Visa and Mastercard as credit cards.

    I have a Visa card and it is paid out from my Savings account every 30 days automatically by the bank thus no interest on credit.

    As I am not familiar with a Debit card, how does it differ from a Savings account card

    Care to share any knowledge on this.

    Cheers
    Once you made a transaction by using your Debit Card, it will automatically deduct from your bank. And then, the bank will send you the statement of what you had spent during that month. Of course, since this is a Debit Card bill, there wouldn't be any charges regarding to this, because you had paid it on the transaction date.

    Saving Account Card is an ATM NET card which you can only do NETs and go to ATM to do withdrawal or cash in. This apply to Debit Card as well. It can do everything just like ATM and Credit Card. Just that Debit Card is not like Credit Card which you can 'use' the money first.

  15. #35
    Senior Member josho's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by The_Cheat View Post

    I may be wrong, but I think there's a distinct difference between debit and credit card. Unlike credit card, debit card is a bit more like NETS, i.e. deducting the amount of money the is actually in the account, instead of the limit set in the credit card (which is usually twice that of the applicant's monthly income). There's a provision though, for you can actually spend more than the money in your bank account, in which you have to pay the interest for the amount "borrowed" (the clause should be stated in the thick rules and regulations booklet that come with the card).
    You can set the amt of spending on your Debit Card. Highest to go is $5000 from DBS. Of course, subject to amt of money you had in your saving bank.

    Quote Originally Posted by eikin
    if you want to control your spendings, keep every receipt and do up a personal account book to record your usage of the card. spending is easy when cash is not used in sight.
    Agree. I always been keeping the receipt after I swipe...

  16. #36

    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Actually, you can drawn cash from credit card ATM (like citibank ATM) using you POSB ATM card. however there is $5 charge per transtion. this is good if you don't like the ideal carry to much cash around when you travel around.

  17. #37

    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by josho View Post

    Agree. I always been keeping the receipt after I swipe...
    bro, wanna ask there would be interest charges or bank charges for every amount spent??? i mean debit card
    Last edited by compro_1975; 19th January 2007 at 10:42 PM.

  18. #38
    Senior Member The_Cheat's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by josho View Post
    You can set the amt of spending on your Debit Card. Highest to go is $5000 from DBS. Of course, subject to amt of money you had in your saving bank.
    Thanks! Didn't know about that. Time to go read the rules and regulations again then.

    Oh! Just remembered another difference between Debit and Credit card. The card come with pin-number that allow you to withdraw money from (specific) ATM machines. It is really like NETS lor, with the added bonus of signing for bills lah!

  19. #39
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    They are the 2 richest company in the world. We live in a world that they rule.

  20. #40
    Senior Member The_Cheat's Avatar
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    Default Re: wat is VISA and Mastercard??? wat is it use for and wat is it abt?

    Quote Originally Posted by compro_1975 View Post
    bro, wanna ask there would be interest charges or bank charges for every amount spent???
    For credit card, no interest is charge if you are able to pay back the bank in time for all the spending you did for the month. Interest will start coming in if you can't pay back the amount.

    Frankly, credit card is not that bad for the conveniences. The issue is really with self-control.

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