Cheque cards

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ObeyTheDiode

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I have just applied for cheque card. I have only recently found out about this option. Is it true that it allows everything a credit card does (e.g. internet purchases, international cash withdrawals etc.) except that the card is linked to a cheque account and it thus provides no credit facilities?

Specifically I would like to know:
1) Can I use my cheque card to make purchases (I'm travelling to Germany shortly)

2) Is the above cheaper than exchanging cash (ZAR -> EUR) in SA?

3) Would you guys recommend putting a PIN on the card?

BTW I'm on a Standard Bank student achiever account

Any information regarding cheque cards and/or international exchange/purchases in this context would be appreciated
 
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Internet purchases are a hit and miss affair with these cards also known as debit cards.
And yes, you have no credit facilities- the funds come directly from your checking account.
 
Hosehead said:
Internet purchases are a hit and miss affair with these cards also known as debit cards.
And yes, you have no credit facilities- the funds come directly from your checking account.
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These cheque cards are not the same as traditional debit cards and as far as most merchants are concerned are almost indistinguishable from a creditcard. For example you swipe and sign for purchases rather than swipe and enter your pin. The information on the front of the card is also embossed rather than printed.
 
bwana is correct... they operate the same as and look like a credit card but without credit facilities. A point to note is that the newest cards do require a PIN. They come with a chip that, if the terminal has the facility, you need to input a pin rather than swipe and sign.
 
sm68 said:
bwana is correct... they operate the same as and look like a credit card but without credit facilities. A point to note is that the newest cards do require a PIN. They come with a chip that, if the terminal has the facility, you need to input a pin rather than swipe and sign.
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I'm glad the banks are adopting the chip and pin. I have noticed that many merchants still require a signature while others are happy to forgo it.
 
I noticed that too... I think the different terminals are setup differently, some print a place for a signature whilst others print out only a 'receipt'.
 
What's the difference between a cheque and debit card? I got both with my FNB "cheque" aka current account.

I've never used it, ever. I use my debit card for petrol purchases and my credit card for everything else.

That way, I pay a few debit card transactions a month, on top of a few debit order deductions and one charge for paying off what I owe (full) on my credit card each month.

My bank charges are seldom the R85 or whatever the limit is on the ESO option I have from FNB. It's great. :)

But yeah, what's the point of the Cheque card? You don't have to enter a PIN if I remember correctly?
 
Just one thing to add to all the above (totally correct) comments regarding the cheque card allowing you the same purchasing options that a traditional credit card can. Everyone is correct in that you are buying against your account balance and not on credit but remember it is possible to have an overdraft facility on your cheque card so just because the transaction is going through does not mean you actually have money in your account... you could well end up with a "-" sign in front of your balance! :)
 
I've had a Bank of America cheque ("check" in the US) card for a few years, and what's handy with that is it provides the same protection as a regular credit card.

On my UK HSBC account I only have the credit card (Visa) and a debit card (Maestro)- if buying online I use the credit card for the built-in protection.
In SA most places are still asking for signature in addition to the PIN, whereas in the UK it's PIN only.
I also pleased to see more places in SA accept my UK Maestro debit card.

I would recommend using your card abroad to draw local currency from the ATM's and definitely not use money changers.

Specifically I would like to know:
1) Can I use my cheque card to make purchases (I'm travelling to Germany shortly) - should be able to, just confirm with the bank.

2) Is the above cheaper than exchanging cash (ZAR -> EUR) in SA? - yes, better exchange rate and no commission.

3) Would you guys recommend putting a PIN on the card? - YES.
 
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.geek said:
What's the difference between a cheque and debit card? I got both with my FNB "cheque" aka current account.

?
Click to expand...

None. Just different names. I have a couple and they usually have the VISA logo but there's no credit facilites and no need to enter your PIN.
I think Bwana is confused with the ATM card.
 
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Hosehead said:
None. Just different names. I have a couple and they usually have the VISA logo but there's no credit facilites and no need to enter your PIN.
I think Bwana is confused with the ATM card.
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Read above....... and below....

What is the difference between a Maestro debit card and a cheque card?
A Maestro debit card requires a PIN and money is taken from your account immediately. A cheque card requires only that you sign the slip produced by the point-of-sale terminal. Funds are authorised by us and the transaction will take two or three days to go through your account.

What is the difference between a cheque card and a credit card?
Transactions on your cheque card go through your cheque account and you can only use the money available in your account.

Transactions on your credit card go through your credit card account and are subject to your credit limit.

Do I need an ATM card in addition to my cheque card?
No, you can use your cheque card at an ATM and for any other electronic banking transactions. You will need to go into a branch to link your bank accounts and any beneficiaries you wish to pay electronically. At the same time, ask the branch to set cash withdrawal and electronic account payment limits to meet your needs and restrict possible fraud on your accounts.

Where can I use my card?
You can use your card both locally and internationally wherever you see the MasterCard or Cirrus signs.

How do I make payments to my card?
You do not need to make payments to your cheque card. Any deposits are made directly into your cheque account either at a branch or at an ATM using your cheque card.

Is there a credit limit on my card?
No, but you can only use the money available in your cheque account, including your overdraft limit.

Do I earn loyalty points when I use my cheque card?
There are no loyalty schemes on cheque cards as they are subject to the same benefits you receive on your cheque account.
Click to expand...
 
Hosehead said:
None. Just different names. I have a couple and they usually have the VISA logo but there's no credit facilites and no need to enter your PIN.
I think Bwana is confused with the ATM card.
Click to expand...
Nope - bwana's not.

The main benefit I've come across with the cheque card is that it is accepted for online purchases where my debit card has been refused. :)
 
bwana said:
Nope - bwana's not.

The main benefit I've come across with the cheque card is that it is accepted for online purchases where my debit card has been refused. :)
Click to expand...

That's my experience too.
My Visa credit, and Maestro debit cards are both chip&pin's and I've needed to enter my pin in SA, in addition to signing the slip which they don't request in the UK or US on these cards (just PIN).
 
bwana said:
Nope - bwana's not.

The main benefit I've come across with the cheque card is that it is accepted for online purchases where my debit card has been refused. :)
Click to expand...

And thats the only reason why i would consider getting one.
 
Thanks for all the feedback - I think I understand now.

Is there anyone that supports Frankies stance that the cheapest way to obtain foreign currency is by drawing from an ATM in the country (as opposed to exchanging cash at a bank in SA)?
 
ObeyTheDiode said:
Thanks for all the feedback - I think I understand now.

Is there anyone that supports Frankies stance that the cheapest way to obtain foreign currency is by drawing from an ATM in the country (as opposed to exchanging cash at a bank in SA)?
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I've done this in the UK, USA, China, Korea, Indonesia, Aus, NZ, and Thailand.

Indonesia is really f'd up - when they change US$ the rate varies dependant on how crispy new the notes appear - a couple of folds and you could get half the going rate.

Here's an example using my UK card in SA.

28/10/2008 INT'L 0033954550 000000000747684 Wilderness ZAR 242.50 @ 16.0066 -15.15 Petrol purchase

27/10/2008 CASH 0033881678 FIRST NATIONAL PORT ELIZABE ZAR 2000.00 @ 16.1160 -124.1 ATM withdrawal
27/10/2008 CHARGE CASH MACHINE FEE -1.86 I try avoid this by making most purchases with the card
 
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cheque card

I have a cheque card (bank of America) and I want to know if I advance cash at an oversea bank(not ATM), how much fee does the issuing- bank charge?

thank you very much!!!
 
I have a standard bank cheque card. I wanted a card that could be used for online purchases but I didn't want a credit facility. All my credit card-type online purchases have worked no problem.

When I got the card I was told that it was chipped and would require a pin. Not true. Only recently have I used the card at a shop and it didn't require any pin at all...just swipe. I wasn't happy about this since obviously what the bank told me was BS. I went into my branch yesterday to sort out a few things on the account and what the guy told me was that the particular card I have is a slightly older one. If I want a chipped card, I can either wait 'til mine expires or I can order a new chipped one now.

Oh, and you can have credit facility on it too. I unknowingly went into credit with my card at the weekend and it was due to another STD. Bank screw up. The other thing is that you can use this card to draw at the ATM. Handy card to have.
 
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I also got my cheque card recently. I told them I want a PIN on it - they said "Of course!". I got the card: it didn't have a chip like I expected (probably due to me being only on Student Achiever account). So, the first purchase I made at the shops the cashier takes the card, swipes it, I get ready to type in my PIN...."Please sign here sir".

WTF? Is the PIN protection exclusive to chipped cards, or what? I can't see why since normal debit cards also have a magnetic stripe and they have PINs on them.

Banks always are complaining about card fraud. Now if the customer even explicitly asks for a PIN (which is more of a hassle to the customer than the bank) he/she doesn't get it.
 
Does one have to activate one's Cheque card for overseas use. Are there any different limits different to those locally? I really don't want to end up in Europe with almost no cash, walk up to an ATM and see my card doesn't work or I already am past my 1EUR limit for the day:sick:
 
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