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What is a visa card?

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Introduced by VISA in the 1980s, a Visa card is of two types, namely Visa Electron and Visa Debit. This kind of credit or debit card can be availed in most nations across the world barring Ireland, the U.S., Australia, Ireland and Canada. The key factor differentiating the two types of Visa cards is that the Visa Electron makes it necessary for all the funds to be in place during transfer while Visa Debit enables users to avail of transfers that exceed the funds available up to a specific amount.

Different regions may issue cards having different features. While some banks issue a Visa Electron card as a debit type, others could make it available as a credit card. More commonly, this type of card is offered as a debit card. To benefit from a Visa credit card, individuals may be required to provide additional information about their monetary assets, other investments and income.

Visa card of the debit type further allows users to withdraw cash from ATMs while in other countries too, along with providing complete debit facilities. Specifically, it is Visa Electron cards that allow such kind of service mostly because they are associated to the Plus interbank network. Some countries have strict regulations as far as issuing and use of the card is concerned. Despite this fact, such kinds of cards are still popular among students and users in the younger age bracket. There is no question of accounts being withdrawn completely with Visa Electron mainly because every transaction needs the funds to be verified.

Banks generally issue Visa Electron card even to consumers who may not be eligible for credit solely due to this reason. Cards could be rejected in the case where a real Visa Debit card is accepted. This kind of card specially does not contain details that have been embossed.

A low interchange fee is attached with this kind of card and hence businesses and airlines may charge extra for debit and credit card payments. In countries like China Visa Electron is in fact the sole non-Union Pay debit card which is easily issued for new accounts since 2009. The rules and regulations for Visa cards however, vary from country to country. Being used carefully, this type of card can be very useful.

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