Personal Finance

CIBC to offer the first VISA Debit Card in Canada

  • Last Updated:
  • Jan 18th, 2013 5:21 pm
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CIBC to offer the first VISA Debit Card in Canada

I've stumbled upon watching a news report today that CIBC is the first bank in Canada to offer a VISA Debit Card. The new card will be called the "CIBC Advantage Card". IT will enable customers to provide the ability to shop online, by phone or mail or anywhere using the funds from their bank account.

Right now, there is very little information about this particular card. The only concern is - I'm not sure if the card will be available to CIBC clients or any other clients with other banks....~_~

References:
"Visa teams up with CIBC to offer first debit card in Canada." Canoe Money. 18 October 2010. 18 October 2010. <http://money.canoe.ca/money/business/ca ... 05227.html>

"Visa launches First Debit product in Canada." DigitalJournal.com. 18 October 2010. 18 October 2010. <http://www.digitaljournal.com/pr/138545>

"CIBC Announces Enhanced Debit Card Features Allowing Clients to Pay by Debit at Millions of Online Merchants or when Travelling the Globe." CanadaNewsire. 18 October 2010. 18 October 2010. <http://www.newswire.ca/en/releases/arch ... c3245.html>
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Any advantage to switch from a debit card to this? Can you still use your card as an interac card if the merchant does not accept VISA?
[OP]
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agent86 wrote:
Oct 18th, 2010 1:19 pm
Any advantage to switch from a debit card to this? Can you still use your card as an interac card if the merchant does not accept VISA?

Well you can still use as an Interac Card in Canada, but you can pay for debit purchases online in Canada and abroad. If you go abroad, you can use it anyhwere outside of Canada - where Visa Debit is accepted.
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not really - maybe buying stuff online in the US if you dont currently have a credit card.

The only reason visa debit cards caught on in the US is because the US banks never came to an agreement around one Interac type standard like the canadian banks did. Because all the banks here adopted Interac, and it is so widely used, there was no real need for a second debiting system here.
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mada726 wrote:
Oct 18th, 2010 1:22 pm
Well you can still use as an Interac Card in Canada, but you can pay for debit purchases online in Canada and abroad. If you go abroad, you can use it anyhwere outside of Canada - where Visa Debit is accepted.
Thanks. One more noob question. Will it default to Interac in Canada if the merchant accepts both debit and credit? Or will it default to VISA? Or can you choose? :?:
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agent86 wrote:
Oct 18th, 2010 1:27 pm
Thanks. One more noob question. Will it default to Interac in Canada if the merchant accepts both debit and credit? Or will it default to VISA? Or can you choose? :?:

Like I said, I have very little information about the new CIBC VISA debit card. However, it will definitely default to Interac - as far as I know. More information can be founded here: http://www.visa.ca/en/personal/visa-deb ... /index.jsp
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mada726 wrote:
Oct 18th, 2010 1:29 pm
Like I said, I have very little information about the new CIBC VISA debit card. However, it will definitely default to Interac - as far as I know. More information can be founded here: http://www.visa.ca/en/personal/visa-deb ... /index.jsp

If it's like the debit visa I have from TD Bank, if the merchant accept both visa and Interac, you can choose the payment method. It's almost sure it'll be the same thing though. :lol:
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Gdc wrote:
Oct 18th, 2010 1:34 pm
If it's like the debit visa I have from TD Bank, if the merchant accept both visa and Interac, you can choose the payment method. It's almost sure it'll be the same thing though. :lol:

I wonder if PC financial will "ever" get on the enhanced debit bandwagon......... :(
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This could be interesting... seeing as a just a little while back it seemed like VISA Debit was all but dead in Canada...

I bet on the face, the Interac association is not pleased! ;)
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Yay! 10 years after Europe it's finally here. And with only one bank! :cheesygri
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hmm, i wonder when we can upgrade out cibc debit card to that? :D any cashback? lol

well doesnt matter, going to stick with my credit cards~
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[OP]
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More information about the VISA Debit card in Canada:
http://www.moneyville.ca/article/877157 ... debit-card

It'll be a matter of time - until other banks join in (particularly President's Choice Financial. We made already got Interac E-mail money transfers, but we desperately need an enhanced debit card that will work online and abroad without the risk of credit cards!)....
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I don't know what the big fuss is about. Having used this with Bank of America, I don't know if I can really say I prefer this over Interac. I already have conventional credit cards for online purchases, and interac debit cards at the very least require PINs to validate purchases. I don't feel secure with a card that allows access to all of my bank account savings with just a simple signature that most merchants don't even bother checking. Sometimes for purchases at automated machines (eg. gas stations) even a signature isn't needed. If you lose your card, you lose your money.
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mada726 wrote:
Oct 18th, 2010 3:33 pm
More information about the VISA Debit card in Canada:
http://www.moneyville.ca/article/877157 ... debit-card

It'll be a matter of time - until other banks join in (particularly President's Choice Financial. We made already got Interac E-mail money transfers, but we desperately need an enhanced debit card that will work online and abroad without the risk of credit cards!)....
how is a credit card more riskier than a debit card?
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Milfman wrote:
Oct 18th, 2010 3:51 pm
how is a credit card more riskier than a debit card?

+1, its actually quite the opposite :)

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