Big Six Visa Debit Roundup
The past few weeks I have been using TD Canada Trust’s brand new Visa Debit card, and it has been amazing. It got me thinking that it is time to do a roundup of the Visa Debits you can find in Canada.
As it stands there are 3 banks within the Big Six that offer this revolutionary debit card – Royal Bank of Canada (RBC), Canadian Imperial Bank of Commerce (CIBC) and Toronto-Dominion Bank (TD).
RBC Virtual Visa Debit
The RBC Virtual Visa Debit card is a new product that allows you to pay for products online, over the phone or via mail order – all purchases made are taken directly from your bank account.
Now the issue I find with this particular Visa Debit card is that it is a virtual card. It is not actually a debit card you use outside of the purchases I listed above.
It is ideal for someone looking to make purchases online through their bank account, however the fact is, it is not something you can use outside of that.
CIBC Advantage Card
The CIBC Advantage Card was the first Visa Debit card launched in Canada – it has been around since 2010 in fact.
With this debit card you are able to not only make purchases online, by phone or mail order but in retailers around Canada wherever debit is accepted.
TD Visa Debit Card
TD’s Visa Debit Card is just like CIBC’s Advantage Card – you are able to make purchases online, by phone or mail order but in retailers around Canada wherever debit is accepted.
Now the difference with this Visa Debit card from its competitors is the fact that it also offers Interac Flash. Although I have yet to use it, I cannot wait to be able to tap the reader at the register to pay for my purchases.
Is a Visa Debit card worth having?
You must be asking yourself what is the point of having a Visa Debit card if you have a credit card. Ultimately, this is useful for someone who does not have a credit card. Although virtually anyone can have one if they apply for one.
The fact is, even if you are thinking it can help curb your spending by allowing you not to create debt for yourself, if you manage your credit card effectively you can avoid getting yourself into a pile of debt.
Do you feel a Visa Debit card is worth having?
Clay
Amy @ JobCred CV Builder
Keith Penny
Penn
Comments (8 )
What makes this debit card so amazing to use over a standard td debit card?
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Sounds like these are for people without a credit card. Does it help build / repair credit history even though it’s not credit related?
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This is a virtual card only; it’s limited to on-line, mail order, telephone order. The card cannot be used at in-store Retail locatons and if does work for those payments it violates the Payment Card Code of Conduct. I know TD wouldn’t make a mistake like that. Customer may love the cards but Merchants won’t when they realize the extra cost they’ll pay to process those transactions over the standard debit card.
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Interac is superior debit system – Visa takes time to clear your account – could lead to NSFs. Perhaps not intended with the TD card description but RBC has had Interac Flash Debit for some time now on their regular client card – a year or more.
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Hey Sensei. The banks are so far behind in launching this product . Credit Unions have had this product available via Mastercard Global Payment Card since the mid 1980′s. It has full functionality to use it like a credit card with merchants or a debit card at the ATM, with all funds being debited from your account. We introduced it to replace cheques.
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It’s really consolidation of your credit card and debit under one card.. The biggest security risk imho.. Next to fraudulent transactions with chip/pin.. I refuse to take the new card .. I’m assuming that if I were to upgrade easyweb would remain the same and purchases will seperate.. If this is not the case and funds are drawn immediately this could get very scary in the event of a fraudulent transaction..
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Keep functioning ,terrific job!
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I have the RBC Virtual Visa Debit card – the first transaction I made required 3 debits to my bank account and then 2 credits. Then the other day I started to make a purchase online and because of some glitch on the web site the transaction was NOT completed. RBC, however, charged my bank account and now I have to try to dispute the charge. Meanwhile that money is gone from my account and who benefits from that – only the Royal Bank. My advice to anyone considering using this method of payment is don’t do it – RBC apparently has only had this service for 3 months or so and there are too many glitches that they haven’t worked out yet – maybe they never will. Use a regular credit card, or if you don’t have one, buy a temporary one at Canada Post or at a store – they will charge you $6.95 or so for the card, but that’s the only cost – you won’t be out hundreds of dollars because of a bank’s incompetence.
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