What you need to know in advance
Mollie offers a virtual debit Mastercard as part of the Mollie Business Account. There are differences between debit cards, credit cards and pre-paid cards. This article will outline the differences and what that means for the Mollie card product.
What are the differences between debit, credit and pre-paid cards?
- Debit card: A payment card that is directly linked to the balance available in the cardholder’s bank account. When making a purchase, the money is deducted directly from the current balance available in the bank account.
- Credit card: A payment card that allows the cardholder to borrow money from the issuer of the card. This is a line of credit that constitutes a loan from the issuer to the cardholder and is paid back at a later date (typically monthly).
- Pre-paid card: A top-up payment card that allows the cardholder to top-up a fixed amount of money onto the card to make purchases. It is neither directly connected to a bank account or considered a line of credit. It is not possible to spend more than the amount of money pre-loaded onto the card.
The table below outlines the main characteristics of each card type.
| Debit card | Credit card | Pre-paid card |
| Directly linked to your bank account, using the existing balance when making a purchase | Borrow money from the card issuer and accrue an outstanding balance with each purchase, that is paid back later | You load a fixed amount onto the card and purchases are directly subtracted from the pre-loaded balance. Card balance is not linked directly to your account |
| Easier eligibility terms and minimises debt risk | Offers extra spending flexibility but increases debt risk | No debt risk but limits spending flexibility |
| Borrowing can sometimes be accessed via an overdraft facility but generally balance is not allowed to go into negative | Nature of a credit card means money is being borrowed instantly, which increases risk if you are unable to pay back your outstanding balance | Borrowing is not possible since balance is directly associated with the amount topped up. Often don’t require any credit checks to be eligible for one |
What type of card does Mollie offer?
Mollie offers a virtual debit card that can be used to make purchases online using virtual card details or in-store using Apple or Google Pay. Since Mollie does not offer an overdraft facility on the business account at this time, this means that a positive available balance is required in your Mollie business account in order to make purchases using your debit card.
Mollie does not currently offer credit cards or pre-paid cards.
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How can I create a debit card for my Mollie Business Account?