The Laiki Bank VISA Debit Chip Card is a debit card that is offered by Laiki bank and the VISA debit card processing company.
The card has smart chip functionality, which means that it is possible to complete a transaction through entering a pin number rather than signing for an item. This was designed as an anti-fraud measure and has had a big effect in the UK when it was first tried out, reducing credit and debit card fraud by 80%. It is being gradually introduced in Australia and all debit and credit card transactions should be using this by 2015. Laiki is one of the first banks to have this as a standard feature on all their newly issued debit cards. The pin number is mailed separately for security reasons.
The VISA card means that money can be accessed almost anywhere in the world. VISA is the world’s largest credit and debit card provider. It is accepted in more than 29 million outlets in over 120 countries and there are more than a million ATMs around the world which accept VISA, although overseas transaction fees are likely to apply.
As it is a VISA debit card it is eligible both for the VISA entertainment programme which allows for advance booking and notification of various concerts and sporting events. It is also able to benefit from VISA’s zero liability guarantee which means that unauthorised transactions are not charged to a card holder’s account if they are notified in a timely manner.
Although the debit card can be accepted at almost every place where there is a VISA credit card terminal it does not build up a balance in the same way that a credit card does, and there is less interest that is paid out. The Laiki debit card is limited to available balances and authorized overdrafts. As well as being accepted at credit card terminals, the debit card can also be used for on line, mail order and telephone transactions in the same way as a credit card.
The card is available both with Laiki’s personal transaction account and with business accounts, including accounts with a business overdraft. Accessing a business overdraft with a debit card is far more cost effective than using a business credit card, although a business credit card can give more flexibility with credit limits. With personal accounts there are no extra transactions fees for payments or purchases using the debit card.