Maestro was a brand of debit card owned by MasterCard that had gained the trust of millions across the world since its inception in 1991. People loved Maestro debit cards because of the plethora of benefits they offered. Let's take a closer look at what Maestro cards were and what they had to offer. Maestro, however, was discontinued as of July 2023, so this blog explored its benefits retrospectively for those who already owned a Maestro Card.

Maestro Debit Cards - All Features and Charges

Maestro Debit Cards offered a wide range of features including top-notch security and contactless payments. Here's everything you need to know about Maestro Debit Cards:

• PIN-and-Chip: Allowed for seamless transactions through contactless payments or by verifying your PIN.
• No expenditure limit: Allowed spending as much as the account holder wanted as long as there were sufficient funds in the account.
• Expense tracking: Sent an SMS to the registered mobile for every transaction made on the Maestro debit card. Account holders also received a monthly and annual bank statement to help them track their expenses.
• Security: Maestro debit cards were protected by a unique PIN set by the account holder. Additionally, being a chip card conferred additional security.
• Annual fee: Charged an annual fee for maintenance purposes like all other debit cards.
• ATM withdrawal charges: Most banks offered a certain number of free ATM withdrawals every month - some for withdrawing from the bank's ATM and some for ATMs of other banks. After that, a nominal transaction fee was charged.

Maestro Vs MasterCard: A Quick Comparison

Note: According to Valerie Nowak, Chief Innovation & Product Officer Europe at Mastercard, the rise of e-commerce has rendered Maestro cards ineffective, as they were built primarily for a physical world and not designed to be consistently used for e-commerce payments. As a result, banks and card issuers will begin replacing expired or lost Maestro cards with Debit Mastercards that are accepted wherever Mastercard is accepted online and offline. The new Debit Mastercards will offer a lot more capabilities to make your shopping and travel experience seamless, while still being linked to your current account and operating in the same way as Maestro cards.

Benefits of Maestro Debit Cards

Maestro, which is comparable to Visa debit cards in terms of its worldwide network and brand image, no longer issues debit cards as of July 1, 2023. Therefore, if you are specifically looking for a Maestro card, make sure to check with your bank or card issuer to confirm if they are issuing Maestro or Visa.

Here are some advantages of using the Maestro debit card:

• Did not need to carry cash, as most merchants accepted Maestro cards, making it easy to make transactions within seconds by swiping or tapping the card during checkout.
• Did not have to deal with bills that needed to be cleared at the end of every month, as opposed to credit cards.
• Could only spend the money that was already in the bank account, avoiding overspending and ending up in financial trouble.
• Could use the Maestro debit card at any ATM to withdraw cash at any time of the day.

Conclusion

Maestro Debit Cards were a great choice for people who wanted a convenient and secure way to manage their finances. With features like PIN-and-Chip security, no expenditure limit, and easy expense tracking, Maestro cards offered a lot of benefits. Additionally, Maestro cards were widely accepted all over the world and could be used to withdraw cash at any ATM. While Maestro was not as dominant as Visa in India, it still offered a great option for those who preferred a PIN-based debit card. Overall, Maestro cards were a reliable and safe way to make transactions and manage your money.

Starting July 2023, Debit Mastercard will replace Maestro. The new Debit Mastercards can be used both online and offline and offer more features for an improved shopping and travel experience. They will be issued by banks and card issuers as a replacement for Maestro cards, but will still work the same way.

Frequently Asked Questions

1. Is it safe to use Maestro cards?

Yes, Maestro cards are protected by a unique PIN set by you and a magnetic chip, making them extremely secure.

2. Why are Maestro cards not accepted?

Maestro has decided not to issue any more cards from July 1, 2023. Hence, some places might not accept Maestro cards anymore.