Maestro Debit Card
Maestro is a debit card service owned by Mastercard, widely accepted across the globe. Linked directly to your bank account, Maestro cards allow you to make secure, PIN-based transactions online and offline.
What is Maestro Debit Card?
MasterCard's primary debit card, Maestro, has automatic authorization similar to that of a Solo debit card. It denotes that the chip or magnetic stripe is where the data is stored.
It can be read, and the dealer will send it to the designated bank, which will approve it and return it. No matter how much money you still have available in your account, the bank will deny the money transfer if the information is not properly read by the machine.
Features & Benefits of Maestro Debit Cards
- Around one million places in the United Kingdom takes in Maestro, be it on the high street, over your phone or online.
- As it is accepted in such an extensive number of areas, Maestro helps you avoid the trouble of carrying wads of currencies.
- If you require money, you can go for money back with your store bills, generally supermarkets.
- Utilizing Maestro is speedier and more convenient than writing out cheques or keeping wads of hard cash and having to look for the required change.
- There are no pre-arranged expenditure limits, except the cash remaining in your personal account.
- You do not have to deal with end-of-month bills as the cash can be debited from your account only a day or so post transaction.
- Maestro aids you to keep track of your monthly expenditures. You will be sent bank statements via email, mobile and post in which details of all your expenses are itemized.
- You can also use it while travelling overseas.
Fees and Charges of Maestro Debit Card
For Maestro debit cards, there are two different sorts of charges. The bank charges an annual fee for card issuance and maintenance. The convenience fee is the second one. When the user swipes the card at any of the POS terminals, it is charged separately.
- You can withdraw money from ATMs with your Maestro Debit card. Banks charge cardholders for these withdrawals.
- Eight free ATM withdrawals are permitted per customer per month. Five of these should be ATMs from the same bank that provided the card.
- When using the debit card at an ATM operated by a different bank, three free transactions are allowed. Charges will apply to any transaction that exceeds the limits.
- For every financial transaction, a customer must pay INR 20. A non-financial transaction will cost you Rs.8.5.
Difference between Maestro Card and Master Card?
Maestro cards can only be used as debit cards, which limits their access to the owner's bank account's available balance. On the other hand, a Mastercard can be issued as either a credit card or a debit card, with purchases made with the card being billed to the consumer at the end of the month.
Note – The Maestro Card feature will expire on July 2023. However, Customers who just obtained a bank card with the Maestro logo don't need to be concerned that it won't function after July 2023. The cards will probably be utilized up until their expiration date. Following that, the customer's bank will issue a new card.
How to Apply for a Maestro Debit Card?
Wherever you have a current or savings account, you can apply for a Maestro credit card there. You can use net banking or mobile banking to apply for a maestro debit card online. There isn't much paperwork needed to issue the Maestro card because you already have a savings or current account.
FAQs on Maestro Debit Card
- Is Maestro card similar to Mastercard?
No, Maestro card is not similar to Mastercard. A Mastercard-issued Maestro card is a debit card. Users can use ATMs to withdraw cash and make contactless or PIN-verified purchases in retail establishments. Certain cards additionally allow for online shopping payments.
- Where can I use my Maestro card?
You can use your Maestro card to withdraw money from the ATM card and at stores to make card payments.
- Will the Maestro card feature expire in July 2023?
Yes, the Maestro card feature will expire in July 2023.
- How can I avail Maestro?
As a debit feature card, Maestro is a part of your personal savings or current bank account. If you have an account at any bank or financier that offers Maestro, you can get in touch with the nearest office and enquire about opening such an account.
- How can I know if my debit card has the Maestro logo?
The Maestro symbol is shown either on the front or back of your debit card. If it is not there, you can ask your bank representative and check if they have ties with the Maestro program.
- What should be my next step if my card gets stolen or lost?
Get in touch with the concerned bank immediately and notify them about the incident. You can get your card blocked temporarily in case you think it is misplaced. If you believe that it is not retrievable you can block it and get a new one with different security codes at a nominal fee.
- What will happen if I try to withdraw more than what is there in my bank account using my Maestro card?
All Maestro money withdrawals are subtracted directly from your bank account. Hence this can depend on the kind of bank account that you hold and the overdraft agreements that you have with your bank.
- Can I link multiple bank accounts to my Maestro Debit Card?
Yes, it is possible to link multiple bank accounts to your Maestro Debit Card. However, it depends from bank to bank. So, you have to check with your bank regarding this.
- Is it mandatory to have a good credit score to avail a Maestro Debit Card?
This debit card can be obtained with just a bank account. Credit score is not important for a debit card, in contrast to credit cards.
- Is the Maestro logo embossed on the debit card?
Yes, the Maestro logo is embossed on both the front and back of the debit card. If you are unable to identify the logo, you should get in touch with your bank to find out if they are a part of the Maestro program.
- What steps can I take to maintain the secrecy of the PIN?
Change the PIN right away if you ever suspect that it has been unintentionally revealed to someone or compromised in any other manner. Make certain the new PIN is exclusive. Avoid PINs with sequential numbers that are simple to guess.
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