Another one plastic wallet- Cirrus Maestro card

 MasterCard International officials have stated the global debit activity and a change in consumers' preferences from carrying cash and checks to debit cards as a preferred method of payment. Many issuers try to capitalize their efforts on the intense promoting their automated teller machine network as the first choice for banking. It would decrease the customer flow into the branches allowing fulfill extended number of transactions via ATM network or online that, in return, would cut operational expenses of bank.

This tendency is even more remarkable with developing process of people migration and opening of the borders. Consumers are looking for the banking products that would be simple in use, cost-effective from the applicable fees and charges and, what is more important, boundless. Following the law of supply and demand MasterCard International has developed a comprehensible and competitive portfolio of well-known and widely accepted payment cards, among them is Maestro and Cirrus.  

Cirrus was developed as a worldwide interbank network and, in some countries, such as India and Bangladesh, it is recognized as local interbank and international network. Cirrus is able to link MasterCard, Maestro, Diners Club credit, debit and prepaid cards to a network of over 1 million ATM in 93 countries. Cirrus was designated to provide customer with a secure access convenience at more than 800,000 in ATM machine locations world wide converting automatically the deposited funds into required local currency. Card branded with Cirrus logo isn't personified i.e. doesn't carry name of cardholder as any other card.  Despite said advantages, the main disadvantage is that Cirrus by itself was limited by its meant for withdrawal and couldn't be used for any purchasing in stores or online and, therefore, had limited number of users. At the same time, by combining with other network such as Maestro, the card significantly increased number of its advantages.

Maestro brand represents instant buying power and cash access convenience worldwide. As stated at MasterCard official site Maestro is the only online PIN - based debit brand that can be used to make purchases and get cash at ATMs worldwide.  The interesting fact that ATM machines we so used to that it seems they have been part of banking system for ever is quiet a recent innovation. In 1971 Don Wetzel (that time the Vice president of Product Planning department at Docukl company developed automated baggage handling equipment) patented his new invention. Initially, ATM served only as cash-dispenser machines, off-line, unable to withdraw the money directly from the correspondent customer's account. At that time the use of the ATM machine was considered as a privilege for credit cardholders with good banking records. Together with Tom Barnes and George Chastain they have developed the first prototype of the ATM cards with magnetic strip and personal ID number to receive cash.

Summing all said above, we would conclude that Cirrus Maestro Card is an example of the interbank debit card that combines the services offered separately by Cirrus and Maestro networks. Protected by PIN, it would allow you to deposit and withdraw cash 24/7 from any ATM where you would find the logo of MasterCard, Cirrus or Maestro. Note, that, in general, you may deposit money in USD currency for US located banks. Some, mostly Internet banks, would allow you to deposit cash, checks, wire transfer, e-gold, card-to-card transfer.  In difference to any other debit card available on the market, Cirrus Maestro is an ideal option for the frequent travelers as it would allow to withdraw money at any location worldwide in the local currency with no conversion fees applied. According to some users' reviews posted in the Internet, some customers while trying abroad to withdraw money from their Cirrus Maestro debit card were unable to do so, simply because on ATM machine question regarding the type of the card they are using they have honestly answered -"debit" and the transactions were declined despite the fact the ATM machine was supporting said brands. So if it is your case try to "cheat" and choose "credit" option.

As any debit card there is no late fee, no overdraft charges, no minimum balance requirements (some issuers, however, have stated in their applications that the minimum balance shall be 10$ to 20$). It is safer than cash and cost-efficient from the point of view of multi-currency exchanges. Cardholder would be able to pay for his online purchases and in merchants' outlets, if the latter have the POS equipped with special PIN - pad, able to proceed.

Remarkable is the fact that EU regulators on December 18, 2007 have ordered MasterCard to drop the cross-border card fees that pushed up costs for shops within following six month or to face serious daily fines. The said cross-border costs of MasterCard vary from 0.4% to 1.2 % per transaction. This range was established by MasterCard in 1992 and effective since than. They are considered among the highest in Europe and MasterCard doubles the fees in Australia. Regulators threatened to impose daily fines of 3.5% of global MasterCard turnover if it doesn't scrap the fees within six month. MasterCard multilateral interchange fees charged on payment customers make in European countries by MasterCard credit card or Maestro debit card unfairly inflated by retailers' costs. In fact, over 45% of all European cards carry the logo of MasterCard or Maestro so you may imagine the volume of such costs. The officials of MasterCard International have expressed their concern that the decrease of said above cross-border fee may considerably increase applicable cardholder costs and fewer electronic payments.

By the mean of the ATM the cardholder of Cirrus Maestro debit may also change PIN, enquire the balance and account transfer. In some countries the card is accepted for paying online gambling.   

The process of applying for this card is quiet simple with slight changes applicable depending on issuer. General requirement is that person shall be over 18 old. For 14 to 18 year old teenagers some banks may offer an additional card linked to parents account with limited access. The application may be made via on-line or directly in the branch filling the paper application form. The period of issuing is maximum 7 days. As additional service customer may receive the wage, scholarships or pension directly to the account linked to card. Some banks may offer, if eligible, to use an overdraft facility to the amount of half of your net monthly salary. It also can be linked to offshore accounts.

While sailing  in the Internet studying the sources and users' forums and blogs regarding debit cards acceptable in the ATMs with Cirrus and Maestro logos, found out the  information about the card that without carrying Maestro or Cirrus logos is accepted in the respective ATM network. What so called Cash Evolution Card is named by its issuer, Cash Evolution, as international Debit/Payroll Card "brings an effective solution for offshore cash withdrawal and convenient and secure way of electronic money transfer".

The main difference that would distinguish this particular card amongst others is the numerous loading methods. Such as ACH direct Deposit (StormPay, Moneybookers, Payroll and others for 5% + $5), international bank transfer (wire, swift and etc) for 1%+$5)), e-gold  (5% +$6 for selling e-gold in real time), 1MDC (with 3% +$6), Pecunix (applicable for Canada only with 3% +$6), card-to card transfer (44), SwiftPay WesternUnion (5%+5$), Ukash (applicable for some European countries  and useful for Ukash vouchers purchase) - 8%) and receiving the online purchase payment (from the leading online auctions - 1% +5$). As you may see the loading methods have combined those offered by 3^rd party processors payment companies and "pure" card issuers. The Cash Evolution company also allows to have two cards activated/registered under same name that is not a common thing for any other cards' issuer due to high fraud activities in card payments and limited monitoring abilities of the authorized bodies. The daily loading limit is 9,500.00 USD and 30,000 USD monthly that we would name an amusing fact as in the USA provided the user would load over 9,999USD he should be ready to face series of IRS questions and be under specific attention of FBI until the sources of such funds are determined.

The main competitor of Cirrus Maestro card is considered Visa Plus. VISA International is another example of the worldwide recognized brand. Plus was developed as VISA's global brand for ATM machines. Used separately it allows the user to obtain access to available funds with their further withdrawal from over 1,000,000 ATM machine network world-wide in 170 countries and territories and 27 million of merchants outlets accepting VISA. PLUS can be used as primarily network or can be added to other VISA network with the extension of its advantages.

Both rivals (Cirus Maestro and Visa Plus) are offering the same options as to loading methods and number and variety of services provided depends on the combination of the networks. Generally saying, it's the matter of personal choice which one of two world-recognized brands you would choose. As the ATM based card option for the traveler we would suggest to check with ATM locator what network is available there to ensure your funds' availability locally. As to security both cards are protected by PIN number and therefore the percentage of potential transactions is limited in comparison of fraud likely activities by the mean of credit cards.

And in conclusion, captivating is the thing if you have ever paid attention, most of merchants would post VISA logo prior MasterCard, without making any priorities in processing both cards. But as a matter of fact, VISA International has faced the same problem with EU commissioners as MasterCard International. EU competition commissioner Neelei Kroes had declared that EU regulators would reopen a prob into Visa's charges after December 31 when a five-year anti-trust expires.