The past few weeks I have been using TD Canada Trustâ€™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 â€“ Royal Bank of Canada (RBC), Canadian Imperial Bank of Commerce (CIBC) and Toronto-Dominion Bank (TD).
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 â€“ 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.
The CIBC Advantage Card was the first Visa Debit card launched in Canada â€“ 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.
TDâ€™s Visa Debit Card is just like CIBCâ€™s Advantage Card â€“ 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?