EC card on the verge of extinction: Maestro customers face costs and problems

Created: 10/06/2022 11:44 am

By: Alexander Eser-Ruperti

From July 2023 there will be no new EC cards with the Maestro symbol.

When traveling abroad, this becomes a problem for many.

But why?

Berlin – Is the EC card on the verge of extinction?

It is already on the decline at most banks.

But what exactly has changed, why are there problems with giro cards for savings bank customers when traveling abroad in the future and, above all: what comes after that?

has summarized all the important details about the (supposed) end of the well-known bank card

in an overview.

EC card before the end: customers of savings banks and Co. are facing problems

Over a hundred million giro cards are in circulation throughout Germany, an astounding number: there are more cards than residents.

The giro card has been around in Germany for fifty years, but the debit card is now on the verge of extinction – at least in part.

The key reason: Mastercard is discontinuing the Maestro function.

What sounds unspectacular has consequences for customers of Sparkasse and Co.: It is precisely the service that makes the EC card usable for paying abroad.

As of July 1, 2023, no new cards with the Maestro symbol will be issued.

This means that most cards will soon become unusable abroad.

A bank customer withdraws cash from an ATM with her giro card.

© Fabian Sommer/dpa

The good news for cardholders: The EC cards will retain their function and validity until they expire - provided this does not extend beyond the end of 2027.

For the time being, the card can also continue to be used abroad, even though the days of the giro card for payments outside national borders are clearly coming to an end.

At Mastercard itself, cost reasons are given as the reason for the discontinuation of the service.

Experts believe this is credible: Half of all Maestro transactions take place in Germany, so the service is used very limitedly.

EC card before the end: Savings banks and Co. are changing their offer - some charge a fee for giro cards

In the meantime, many banks have started to charge fees for debit cards, which in turn leads to terminations in some cases.

ING Germany, for example, has been charging 99 cents a month for the giro card since March.

Another disadvantage of the Girocard: online payments are not yet possible with it.

Many banks are changing their offer – including the Sparkasse.

Nevertheless: EC cards are unlikely to disappear completely from the scene, as the overwhelming number of cards in Germany alone will ensure.

However, if you want to pay by card abroad, you will soon have to switch – or buy another card as well.

According to

, there are currently around 250,000 acceptance points that only allow EC card payments, so the debit card is of little use here.

In other words, the debit card is on the brink of dominance, for example because of foreign payments, but it will basically remain the same.

EC card before the end: Savings banks and Volksbanks with compromise "Co-Badge"

So there is one answer to the question: “Is the EC card about to expire?” Apparently not quite.

Nevertheless, banks have to come up with ways to keep cards usable abroad.

In this context, savings banks and Volksbanks have also opted for a “co-badge compromise”.

Means: Giro cards with a Mastercard or Visa card function are offered.

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The disadvantage is that there are probably double fees, but the fee for the giro card should be low.

The Sparkasse is also planning another innovation for its Sparkassen-Card – together with Payback.

As an alternative to the "co-badge solution", it may be worth considering getting two different cards: an EC card and a debit card from Visa or Mastercard.