Visa vs Visa Electron | Visa Debit vs Visa Electron
Visa is an electronic funds payment company headquartered in California, and is operating in nearly all the countries of the world today. Visa is not a card issuing company, but operates through financial institutions all over the world. Visa holds nearly 40% market share of credit card turnover in US, and nearly 70% when it comes to debit cards in the country. Visa as a company provides financial products to banks, which then offer credit and debit cards to consumers. Visa debit and Visa Electron are two of the most popular products of the company that are confusing for many owing to many similarities. This article attempts to highlight these differences for the benefit of those desirous of making use of these cards.
As far as withdrawing cash from any cash machines worldwide is concerned, there is no difference between Visa debit and Visa Electron, and a customer can withdraw cash easily in this way through both cards. A customer doesn’t notice a difference even while making a purchase, and both Visa Debit and Visa Electron can be easily swapped to buy goods and services. Just make sure that Visa Electron is displayed at vendor’s showroom if you have this card, while any outlet that has Visa logo displayed can accept Visa debit cards.
The difference between Visa Debit and Visa Electron lies in the fact that over draft facility is not available with Visa electron, and the amount that one requires to make a purchase must be available in his bank account at the moment of purchase. On the other hand, if one is using a Visa Debit, he can allow transfer of funds exceeding his cash balance in account by a certain limit. Another difference lies in wider acceptability of Visa Debit. In any country you go, you would find more vendors with Visa Debit displayed at their outlets than vendors accepting Visa Electron. The thing to remember is that both Visa Debit as well as Visa Electron are debit cards as they require finds to be present in your bank account.
What is the difference between Visa and Visa Electron?
1. Both Visa Debit and Visa Electron are debit cards requiring availability of funds, though debit allows over draft facility up to a certain limit.
2. There are more vendors accepting Visa Debit than Visa Electron.
3. Visa debit is harder to secure if the person has a poor credit history.