The Schufa value is very important in Germany, for example to be able to rent an apartment. It can be all the more annoying for millions of bank customers when switching to the new debit card has a negative effect on the Schufa score.
Many are currently switching to the debit card. This has a number of advantages over giro and credit cards because it makes spending clearer and allows payments both online and abroad in the future. However, switching to a debit card can have a negative impact on the Schufa score, which is so important in Germany.
Many banks are switching to debit cards
It has been observed for some time that many German financial institutions are introducing the so-called debit card. The simple reason for this is that you cannot pay in many online shops with the Girocard (formerly EC card), which is widespread in this country. However, online shopping is becoming increasingly important for many customers. From summer 2023, withdrawing money and paying abroad will also be difficult because Mastercard has announced that it will discontinue its Maestro function – TECHBOOK reported.
This is one of the reasons why more and more banks – including ING, DKB, N26 and Comdirekt – are using debit cards. This bank card is, so to speak, a mixture of a giro card and a credit card. Contributions are deducted directly from the account, which for many makes it more manageable than a credit card with the monthly listings. One problem, however, is that many retailers do not accept the card – at least not yet. This is partly due to the higher costs compared to the Girocard. In addition, there is a completely different problem for many users with the changeover.
Possible effects of the debit card on the Schufa score
As Finance Scene reports, switching from credit to debit cards could also affect the Schufa score. The company collects so-called creditworthiness information about a person and uses it to create a value that indicates creditworthiness. A high Schufa score stands for a high level of trustworthiness, while a lower one accordingly indicates a certain risk. Anyone who applies for a loan or rents an apartment usually has to show their current Schufa score. Incidentally, the Schufa recalculates this every three months.
Also interesting: Schufa reveals how the score is determined
A Schufa report is considered positive from a value of 90 and higher. A value of 100 cannot actually be achieved because there is always a certain credit risk. By meeting existing financial obligations and contracts, you can improve your score or, of course, worsen it. For this, a person’s credit history is important. The longer you reliably meet regular payment requests, the better. And this is exactly where the problem with switching to the debit card lies.
When you switch, the data is not simply transferred and is therefore lost. A smaller data set for the debit card also means less information for the Schufa and its score – which automatically deteriorates. Of course, this can be good news for anyone whose Schufa score is below 90 based on old data. The majority, however, is more likely to be affected by the negative effect. Then you have to use the debit card to prove your own creditworthiness to the Schufa again.
Sources
- financial scene (“New debit cards depress the Schufa scores of millions of bank customers“, retrieved on 02.11.2022)
- Stiftung Warentest (“Debit Card: New card in the game“, retrieved on 03.11.2022)
- Consumer Center (“Credit card or debit card? Those are the differences“, accessed on 03.11.2022