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Swiss wealth manager Credit Suisse has decided to replace Maestro card used by its clients with a new fee-free debit card issued by Mastercard.

The new card named ‘Debit Mastercard’ offers functions such as cashless payments and cash withdrawals, similar to the Maestro cards.

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In addition, the new card now allows online payments at stories around the world, via the internet or in-app, without incurring any transaction fees.

For clients ordering a new or replacement card, the Debit Mastercard is expected to be available from next month.

Clients with an existing Maestro card will receive the new card automatically for free, upon expiry of their existing Maestro card.

The Debit Mastercard is equipped with 3D Secure authentication service for additional security, which requires the clients to confirm their payments on their mobile devices.

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The cardholders can also adjust their debit card settings online or using a mobile device and configure their security needs.

They can activate or deactivate contactless or online payments and also block or unblock the countries where the card can be used.

In Switzerland, the cardholders can make contactless purchases up to CHF80 ($84.53) without needing a PIN.

Credit Suisse head of digitalisation & products Anke Haux said: “The Debit Mastercard is a modern and secure payment solution that combines the traditional functions of a debit card with the new feature of online payments.

“The fact that foreign transactions can now be completed without incurring fees makes the Debit Mastercard an attractive alternative to the offers from neobanks.”