Personal Finance

CIBC Visa Debit Card Question

  • Last Updated:
  • Dec 22nd, 2013 10:31 pm
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[OP]
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Feb 6, 2004
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CIBC Visa Debit Card Question

Just recently received a CIBC Visa debit card with a chip, I thought it was a scam, it was funny odd to me for 2 reasons, a) It says its virtual a Visa debit card but yet it has a chip, and b) I closed off all my accounts with them 5 yrs ago.

Has anyone else who banks with cibc received one and can they explain the purpose for of a chip on a virtual Visa credit card? Is it there for aesthetics maybe?
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Deal Addict
Apr 13, 2006
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Debit when in person, which requires chip. Visa when online and outside of Canada. You might still have an account open if they sent it. Possibly joint with someone even.
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[OP]
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kiz5 wrote:
Dec 21st, 2013 4:49 pm
Debit when in person, which requires chip. Visa when online and outside of Canada. You might still have an account open if they sent it. Possibly joint with someone even.
I thought this initially but I was also under the impression you had 2 separate cards like how some of the other banks do, guess TD wasn't the only one offer this. Thats also how it is in some US banks just 1 card for debt and credit card purchases.
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Apr 13, 2006
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Nope. Just one. Believe TD was the second to bring this to the market. RBC did a virtual card which is terrible in my opinion.
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Jr. Member
Oct 12, 2009
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This is not a debit and credit card. It is simply a debit card that uses the "interac" network in Canada and the "VISA" network in the USA to process payments through your bank account.
Member
Aug 5, 2012
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You have choice of either the VISA Advantage Debit card or the Convenience Debit card. Both card draws funds from your bank accounts.

CIBC VISA Advantage Debit card
Pros: Can use the card for online or overseas purchases
Cons: Your bank accounts is at higher risk since this debit card is a VISA card

CIBC Convenience Debit card
Pros: Safer than the VISA debit card
Cons: Cannot be used for overseas purchases

CIBC is marketing the VISA Advantage Debit card aggressively. They will send you the VISA Advantage Debit card for all debit card renewals. If you don't want the VISA Advantage Debit card, you need to call them to replace the VISA Advantage Debit card with a Convenience Card or visit a branch to order a replacement Convenience Card.
[OP]
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Yeah all this cibc stuff is weird since I haven't banked with them in over 5 yrs maybe 6 even. I actually like RBC's visa debit proposition and prefer the idea of having a separate client card and virtual Visa debit card, its a pain when doing returns on a visa debit card tho, some stores still haven't figured out how to process a refund and usually give me cash.
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