Debit Cards in Armenia: overview and recommendations

What is a debit card and what is it used for?

A debit card is a banking card that allows you to make cashless purchases, payments, and other financial transactions.

A debit card is linked to a checking account where your funds are stored. With it, you can withdraw money from ATMs or pay for goods and services without exceeding the balance in your account.

Unlike the card itself, the account does not have an expiration date. When the card expires, it is reissued: the account number remains the same, but your card details are updated.

What types of debit cards are there?

Debit cards in Armenia are divided into plastic and digital types. The latter is a card without a physical carrier. It has the same functions as the plastic card.

Plastic cards can also be personalized (with your name) or non-personalized (without your name). Non-personalized debit cards are convenient if you need to get one as quickly as possible since they don't have your personal details. However, be aware that non-personalized cards have certain limitations regarding services and payments. Personalized cards do not have these restrictions.

Banks in Armenia offer the following types of cards:

• Student card  

  Designed for receiving scholarships, it is similar to a regular bank card. This card may also offer various bonuses and benefits for students.

• Salary card  

  Designed for receiving your salary, it is issued based on an agreement between the bank and the organization where you work. Some banks in Armenia offer salary clients various discounts on financial services.

• Pension card  

  Intended for pension and other social payments. Many banks in Armenia offer pension cards with no annual maintenance fees.

• Multi Currency card  

  A bank card with multiple accounts in different currencies. This type of card is convenient if your finances are not concentrated in one currency. Multi currency cards help avoid conversion fees during transactions and protect your funds from currency fluctuations. They are also useful for cross-border transactions, such as shopping on foreign websites or traveling abroad.

What is the payment system of a card?

A bank card is linked to a specific payment system. In Armenia, banks offer cards with the following payment systems: ArCa, Visa, MasterCard, American Express, UnionPay, and Diners Club.

What are card classes?

Bank cards are divided into three classes: standard, gold, and premium. Each class has a different set of features and additional bonuses that you receive. Premium cardholders in Armenia are offered privileges such as discounts on banking products, access to airport business lounges, and more.

How to apply for a debit card in Armenia?

To apply for a debit card in Armenia, you need to visit a bank branch with identification and a social card. In some cases, additional documents may be required. For example, to apply for a salary card in Armenia, an employment contract and income certificate are necessary.

How to close a debit card?

It is important to properly close a debit card: simply blocking it is not enough. If you stop using your bank card but do not close it, the bank will continue charging an annual maintenance fee. To avoid additional costs, you should contact the bank and submit a request to close the card and the account linked to it.