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Seedly's Product Comparison Page Listing Guidelines
For Debit Cards products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:
When you make a transaction with a credit card, what you are essentially doing is using the banks' funds to pay for your transaction - which ends up in you owing the bank money of which the balance you have to pay at a later time. For debit card transactions, you are using the funds available in your savings or checking account to pay for that transaction.
When you make make a transaction or a purchase with a debit card, the funds required to complete the transaction comes from your savings or checking account. For credit cards however, the amount is charged to your credit issuer (in most cases, a bank) and it becomes your balance of which payment will have to be made at a later time - including interests.
A debit card works by directly drawing funds straight from the checking or savings account it is directly tied to every time a transaction is made.
The minimum age for a debit card application in Singapore is 16 years old.
To apply for a debit card you first need to apply for a savings or checking account with the card issuer. After which, you will then be able to request for a debit card that will be directly tied to the account you've applied for. All it takes after that is to activate your account so you can start utilizing your debit card.
Most card issuers provide debit cards for free upon opening a checking or savings account. Fees that can be incurred with the use of a debit card are annual fees, transaction fees for spends in foreign currencies and card replacement fees.
Since the debit card is tied to a checking or savings account, users need to take note of the minimum account balance required for some accounts to be maintained which is around $500 to $3000.
The best way to choose a debit card is to pick a savings or checking accounts that best suits you. Things that will affect how suitable a card is for you are the initial deposits, interest rates and the annual percentage yield (APY), minimum balance requirements, perks and benefits, and also accessibility in terms of ATM availability.
You will need a bank account to get a conventional debit card as that is where the funds are being drawn from. For a person without a bank account, they can consider getting a prepaid debit card which functions similar to a debit card but as its name suggest, requires a top-up of funds before hand before it can be used.