ATMs are the most commonly used means of withdrawing cash, offering millions of people with bank accounts the quickest way of accessing cash without going into a branch of their bank.
At the ATMs, meaning automated teller machines, these customers of banks withdraw money using physical cards linked to their accounts. In Kenya, Equity Bank gives those who use their banking products and services an option to choose between various debit and credit cards that work best for them.
Using Equity Bank cards in Kenya
As stated, to accommodate different consumer needs and preferences, Equity Bank issues several types of debit and credit cards to their customers, and all these banking cards accept ATM withdrawals.
However, a debit card differs from credit cards in that while using debit cards to draw cash from an ATM or make payments, you are deducting money you deposited in your bank account, but on the other hand, credit cards give you access to credit that you’ll need to pay back later.
Equity Bank has two types of debit cards using the VISA Secure and Mastercard Identity Check service. These are the Equity Visa Debit Card and Equity Mastercard Debit Card, with very similar capabilities, except for their logos.
With both Equity Bank’s Visa Debit Card and Mastercard Debit Card, you enjoy the convenience of withdrawing money from ATM facilities available countrywide and making instant payments to any outlet that displays their respective logos, similar to having one of its credit cards – American Express (Amex) Credit Cards, Equity Gold Credit Card, and Equity Gold Credit Card – but for the line of credit with 45 to 50 days interest-free credit (unlike the overdraft facility in debit cards), and multiple rewards upon use.
Are Equity Bank banking cards free to get?
All Equity Bank customers are eligible to get debit cards upon opening a bank account and credit cards based on credit risk assessment and assignment of credit limits for accessing cash in advance on their cards. However, these ATM cards are not free.
One must pay a card application fee of Ksh600 to get Equity Bank’s Visa Debit Card or a Mastercard Debit Card and a similar amount to replace it when it gets lost, expires, or for re-issue due to a forgotten PIN. You also pay an annual fee of Ksh200 when holding these debit cards.
But credit cards are a bit more costlier, with joining fees ranging from Ksh2,500 for the Equity Classic Credit Card to Ksh7,500 for the Equity Gold Credit Card.
It is free to get American Express (Amex) Credit Cards from Equity Bank, but even so, the annual subscription costs, paid to avoid expiry, is Ksh3,500 for the Equity Bank American Express Green Card and Ksh7,000 for the Equity Bank American Express Gold Card.
Does Equity Bank charge a fee for using an ATM?
Yes, there are fees associated with withdrawing cash from ATMs when you are a holder of any of its Visa/MasterCard debit and credit cards, and it is set at Ksh30 in 2024 for all withdrawals from ATMs belonging to the bank and a fixed fee of Ksh200 for out-of-network ATM transactions.