Bank: successor to the giro card: That is changing for consumers

Berlin.
More and more banks are issuing so-called debit cards – sometimes in addition to EC cards, sometimes as a replacement. What you need to know.

Is the conventional EC card soon history? What is a debit card – and what’s the difference? Many people are currently confronted with these questions, because more and more banks are issuing debit cards.

Some customers get this in addition to the EC card, today giro card called. In part, however, it is also a replacement. Read here what you need to know about the debit card.

Will the giro card expire soon?

To reassure concerned giro card holders: The previously conventional EC cards with the Maestro symbol will remain valid until the end of their term, i.e. until December 31, 2027 at the latest. What will actually expire from July 2023, however, is the Maestro function of the giro card . Maestro cards will no longer be issued throughout Europe from next summer, as confirmed by Mastercard. Accordingly, banks will start using expired or lost checking cards debit cards to replace.




What is the Maestro function for?

the Maestro function is marked on bank cards with a logo consisting of a blue and red dot. The function is a cooperation with Mastercard, which in turn makes it possible to use the conventional giro card in other European countries. However, the provider has now eliminated this important function.


Of course, the Girocard would also work throughout Germany without the function of a cooperation partner – but customers would need another card for stays abroad. A debit card is designed to reintroduce card payers foreign payments enable and offer other advantages.

Why is Mastercard discontinuing the Maestro function?

MastercardManager Valerie Nowak explained in a blog entry on the company’s homepage: Since today, “the growth in online trade far exceeds that in retail”, it is necessary to renew the Maestro card. After all, it was originally created for physical payments – and cannot always be used for online payments. You have to evolve with the digitization process.

Experts believe, however, that it is not least about the fact that the US groups Mastercard and Visas wish to further enforce their own payment systems throughout Europe.

What is the difference between checking and debit cards?

It should be noted that the conventional giro card (formerly EC card) falls under the debit card category. This means that consumers can use it to withdraw money or pay directly by card. Important: the money will instantly debited from the current account balance. In addition, both cards are usually offered free of charge.

A disadvantage of the giro card, which Mastercard has already mentioned: when shopping online, consumers often have to use payment systems such as PayPal set, since usually only credit cards are accepted. Therein lies the great advantage of the debit card, which supports online payments as well as payments abroad.

Debit Card vs. Credit Card: The Differences

debit and credit cards differ in turn by the billing. While debit cards, like giro cards, debit the money directly and only from the actual balance, you can pay with credit cards on credit – i.e. in principle have it debited from a non-existent balance. With credit cards, for example, amounts owed can only be settled at the end of the month. However, credit cards are not offered free of charge.

Attention: In Germany, Visa or Mastercard cards are often issued as debit cards. To check exactly what card you have, look at the back. There you will find a small label that says either “credit card” or “Debit Card”. (day)

This article first appeared on morgenpost.de.


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