The Sparkasse has new bank cards. Two functions are eliminated with the new card. CHIP explains what those affected have to consider.
Many customers will receive mail from the Sparkasse in the coming weeks and months. The letter not only includes a new EC card, but also an important note. The bank is thus announcing the quiet death of the money card and the GiroGo payment function. Consumers can then no longer use either of the prepaid services with the new EC card.
Deutsche Bank did it four years ago and banned the debit card from their EC cards for the first time. The bank justified the cash card exit by saying that market conditions had changed. Fewer and fewer consumers would use the function. The savings bank also explains the surprising end by saying that topping up credit when paying is no longer up-to-date.
This is behind Geldkarte and GiroGo
In order to be able to use the “money card” function, customers must first load funds from their account onto the card. This is usually possible at ATMs (under the “Load card” selection button). The credit can then be used at cigarette, ticket or snack machines. However, customers often pay parking fees at machines or at parking barriers.
GiroGo is also a contactless prepaid payment function that will no longer be used with the new EC cards. This allowed Sparkasse customers to quickly pay for smaller purchases of up to 25 euros. You simply held the card close to the cashier’s terminal. The amount is debited within seconds – a PIN number or signature is not required. The function will be replaced by contactless payment using a Sparkasse debit card. In many cases, a PIN number is also not required for amounts under 50 euros.
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Why are GiroGo and the Geldkarte discontinued?
Both features require consumers to load a certain amount of credit onto the card. This is no longer up to date.
Consumers can now make contactless payments with a bank card, credit card, smartphone or smartwatch. The popular payment functions Google Pay and Apple Pay are also accepted worldwide.
The Geldkarte is a prepaid payment function that started nationwide in 1996. Banks thus offered a first alternative to small change. However, the function did not really score with consumers.
Customers will find the well-known money card symbol on almost every Girocard (formerly EC card). According to statistics from the German banking industry, consumers paid a total of 119.2 million euros with this payment function in 2012. In 2016 it was 96.8 million euros.
EC cards from the Sparkasse with a cash card function will still be in circulation until December 31, 2024. From January 1, 2025, however, the function will be switched off. If you have credit on your card, you can have the money paid out until March 31 at the latest. After this period has expired, the credit expires.
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This tells you whether you already have the new EC card
Consumers who received a new Sparkasse card last year can check on the back whether they can still pay with a bank card – or not.
The function is no longer used across the board. Little will change for Sparkasse customers. In some everyday situations, however, it could happen that those affected can no longer buy cigarettes or parking tickets from machines with their EC card.
Operators are upgrading their devices, but replacing them could take some time, especially in rural areas. Consumers should either have small change with them, especially for the parking ticket, or use apps on their smartphones.
The article also appeared on Focus Online.