Personal Finance

Free Visa debit cards through TD, CIBC, other banks

  • Last Updated:
  • Oct 20th, 2012 3:52 pm
[OP]
Member
Sep 25, 2002
227 posts
127 upvotes

Free Visa debit cards through TD, CIBC, other banks

Hi all,

Sorry if I'm re-posting old news, but I just discovered that TD Canada Trust, CIBC and several other financial institutions have introduced free Visa debit cards. However, they don't seem to be making much of an effort to promote them.

Here's the relevant link for TD: http://bit.ly/KIElHd

Simply put, at TD anyhow, you have to ask your branch to replace your regular Access Card with a joint Visa/Interac debit card. There's no credit line or credit check involved, it simply replaces your existing debit/ATM card. For ordinary in-store debit purchases, it will use the Interac network as always. However, it will use the Visa network instead at those outlets that don't accept Interac, especially for online or phone purchases. Much better than those expensive pre-loaded Visa cards or PayPal and its user fees.
8 replies
Deal Fanatic
User avatar
May 9, 2009
5675 posts
1510 upvotes
Montreal
MtlWriterguy wrote:
Oct 19th, 2012 12:50 pm
Sorry if I'm re-posting old news [...]
If you're really sorry, why didn't you just search to see if it was a repost first?
poooonjabi wrote:
Oct 19th, 2012 2:21 pm
so your "credit limit" is your bank balance?
Yes.
Member
Feb 11, 2004
260 posts
21 upvotes
Kamloops
The problems encountered using these cards (read final pages of this thread), lack of rewards and protections make these cards only mildly useful for those who cannot obtain an credit card.

If you can obtain any credit card, and as long as you have the self control to pay it off each month, it is definitely preferable to these debit cards.
Jr. Member
Aug 20, 2009
132 posts
20 upvotes
companies pay you to use credit cards which if used right (paid off before interest) return almost a thousand dollars a year, so free here is actually not smart
I like cats
Member
Jun 8, 2012
442 posts
45 upvotes
Toronto
I think everyone is looking at this the wrong way. This is NOT a credit card replacement, its simply allowing you to use your debit card in more places. How can you expect rewards when there is very little risk to the bank? The high interest some student pays is paying for your rewards. Not rocket science here.

I've had one for a few months now and there's a few issues:

1. It does not work everywhere. Many online sites do not accept it.
2. The card itself is very confusing. Every time I pay for something, they try to process it as a credit card. Merchants really need to step up and provide some training/information to these cards can be used without any issues.

For those who want the flexibly of having more options without getting another credit card, its a great idea!
Deal Fanatic
Jul 1, 2007
8146 posts
1012 upvotes
I'm betting for all those merchants accidentally processing them as Visas, as opposed to Interac, TD is making extra $$$ due to the higher merchant fee on Visa. :cool:

Also, rewards points come from the upwards of 3% per transaction merchant fee, not from charging students interest.

Personally I haven't bothered changing my access card, though I know many fellow TD employees who have. It really has no purpose for me as I use a rewards Visa for almost everything.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Member
Jun 8, 2012
442 posts
45 upvotes
Toronto
Thalo wrote:
Oct 20th, 2012 12:57 pm
I'm betting for all those merchants accidentally processing them as Visas, as opposed to Interac, TD is making extra $$$ due to the higher merchant fee on Visa. :cool:

Also, rewards points come from the upwards of 3% per transaction merchant fee, not from charging students interest.

Personally I haven't bothered changing my access card, though I know many fellow TD employees who have. It really has no purpose for me as I use a rewards Visa for almost everything.
The problem is that it wont go through as a transaction as you cannot use it if the place has a debit terminal.

I didn't mean to generalize students, I mean people who carry a balance and pay big $$ on interest.
Banned
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Dec 1, 2011
2427 posts
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Winnipeg
amw3000 wrote:
Oct 20th, 2012 10:24 am
1. It does not work everywhere. Many online sites do not accept it.
And this is where it fails drastically! I don't have one myself, and I have no intention on getting one. Though I know many people who do have one, and I've heard many stories of it not being accepted at many online merchants. If the main purpose of this card, is so the user can use it where interac is not available, then this is a huge fail. Aside from the www most places that take credit also take debit. I have yet to shop at a place that doesn't.
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:

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