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In recent years, the "Debit Card" has entered the Hong Kong market, providing a new choice apart from ATM cards and credit cards. Debit Cards are considered beneficial for financial management and convenient expense management, making them the ideal choice for company cards. This article will delve into the benefits and features of Debit Cards, as well as compare them to ATM cards and credit cards, helping you choose the right card for yourself.
What is a Debit Card?
Many people are unfamiliar with the nature and usage of Debit Cards, often confusing them with commonly seen ATM or credit cards in Hong Kong. However, Debit Card is an unique payment method that differs from the concept of "spending future money" with credit cards. Before using a Debit Card, you need to have sufficient funds in your account to complete the transaction.
Debit Cards are also different from ATM cards, as the primary function of ATM cards is not for consumption. They can only be used for UnionPay or EPS payments, with limited capabilities. Debit Cards, on the other hand, support the payment methods of most credit cards. Take Airwallex Borderless Card as an example, it can be used for all Visa Payment Gateway transactions, including contactless payments like Apple Pay and Google Pay, making it very practical.
Debit card, Credit card, ATM card comparison
| Debit card | ATM card | Credit card | |
| Spending Mode |
Deduct from Bank Account |
Deduct from Bank Account |
Deduct from Credit Line |
| Payment Method |
|
|
|
| Spending Limit |
Bank Account Balance |
Bank Account Balance |
Credit Limit |
| Credit Line |
/ |
/ |
Yes (with interest) |
Who is Debit Card suitable for?
Debit Card is the preferred choice for many people's daily expenses. They can be used for online platforms or physical store purchases, and are linked to your account balance, preventing overdrafts. Simply deposit the appropriate amount into your account when needed, and you no longer have to worry about overspending! Therefore, Debit Card is also highly favored by students and self-employed individuals.
For corporate customers, Debit Card is an ideal choice to avoid the dreaded situation of accidental overspending. When making company purchases, you only need to deposit the corresponding purchase amount. Transactions that exceed the deposited amount will not be completed, saving you the worry of overspending! Debit Cards are also commonly used for overseas expenses and foreign currency transactions by companies. For example, the Airwallex Borderless Card allows you to exchange currencies in advance during favorable exchange rate periods, saving a significant amount of foreign exchange costs and time.
Airwallex Borderless Card: Designed for Global Business
While many institutions have introduced their own Debit Cards, most of them primarily target individual customers. The Airwallex Borderless Card, on the other hand, is a multi-currency Debit Card designed for business expenses. It can be used as a company card and employee card to comprehensively manage enterprise expenses.
Key Features of Airwallex Borderless Card:
- Real-time management of global business expenses through one interface
- Direct payment from multi-currency accounts, eliminating currency conversion fees
- 0% foreign transaction fees
- Exchange currencies at leading market rates anytime
- Set various spending limits, such as transaction limits, to prevent accidental overspending
- Expense records can be directly synchronized with Xero accounting software, making it simple and convenient
- Free account opening with no monthly or annual fees
The Airwallex Borderless Card provides comprehensive enterprise expense management services and is suitable for startups and SME enterprises. With no account opening, monthly, or annual fees, it allows you to focus on business development.
OneStart New Customer Promotion
By opening Airwallex business account through OneStart, you can enjoy a 0% fee for the first HKD 100,000 of foreign exchange conversions (or equivalent amount). If you are currently running or planning to start a business, you don't want to miss out on this offer! For more information about the promotion, please call 3575 6888 or WhatsApp OneStart Business Consultants.
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