Credit Suisse Introduces Debit Mastercard with “no” Abroad Transaction Feesby Company Announcement June 24, 2020
Credit Suisse is launching the next generation of debit card, replacing the Maestro card currently used by its clients. The new “Debit Mastercard” not only offers functions such as cash withdrawals and cashless payments but also makes it possible to pay in online stores worldwide without incurring fees.
Credit Suisse is phasing out its existing Maestro card and replacing it with the Debit Mastercard. The new card will be available from 7 July 2020, for clients ordering new or replacement cards. Credit Suisse clients with an existing Maestro card will receive the Debit Mastercard automatically and free of charge when their Maestro card expires. In contrast to the Maestro card, Credit Suisse clients can now use the Debit Mastercard to pay for online purchases made via the Internet and in apps. There are no charges when using the new debit card in both Swiss and foreign online stores. The associated 3D Secure authentication procedure that requires clients to confirm their payments by mobile phone offers additional security.
Clients can continue to make contactless purchases like they do with their Maestro card – in Switzerland, contactless transactions can be made for amounts of up to CHF 80 without entering a PIN. In addition, when shopping in Switzerland – and now also abroad – there are no transaction fees*. As is customary with a debit card, payments and cash withdrawals are immediately debited to the accounts of clients, giving them full control over their spending at all times.
In addition, Credit Suisse clients have the option to adjust the settings for their debit card at any time via online and mobile banking to suit their personal security needs. For example, they can conveniently activate or deactivate functions such as contactless payments and online payments, and block or unblock countries where the card can be used.
Anke Bridge Haux, Head of Digitalization & Products at Credit Suisse Switzerland stated:
“The Debit Mastercard is a modern and secure payment solution that combines the traditional functions of a debit card with the new feature of online payments. In offering our clients this new card, we are adapting our broad range of payment solutions to suit their needs and giving them complete flexibility when making payments. The fact that foreign transactions can now be completed without incurring fees makes the Debit Mastercard an attractive alternative to the offers from neo-banks.”
*(Editor Notes: Forex fees still will apply. A Credit Suisse spokesperson commented: “Therewill be no transaction fees for purchases abroad with the Debit Mastercard (normally CHF 1.50 per transaction with a Maestro card). We do not provide any further information on the calculation of the exchange rate.”