Personal Finance

Tangerine is introducing Visa Debit

  • Last Updated:
  • Apr 7th, 2021 12:55 pm
475 replies
Deal Addict
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Jul 16, 2019
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It's nice to see an online bank finally come out with Visa debit. Up to now, if you wanted this, you had to go to a big five big bank (minus BMO) and either pay a monthly fee or let them keep thousands of your dollars hostage in a chequing account earning no interest.

Visa debit may be of little use for people who have credit cards. But many people don't, and these tend to be people with low incomes, the same people who most acutely feel the pain of monthly bank fees.
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Mar 30, 2004
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Durham Region
Not a fan of this. Hope it's opt-in only.
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Apr 16, 2020
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CorSter wrote: Not a fan of this. Hope it's opt-in only.
Why is that?

There's no downside that I'm seeing except that it'll be slightly more expensive for Tangerine to offer, which could lead to more fees down the line.
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Dec 3, 2017
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Was expecting them to go with Debit Mastercard since Tangerine uses Cirrus for their debit and MasterCard for their credit products.
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Sep 19, 2009
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Toronto
https://en.wikipedia.org/wiki/Visa_Debit#Canada
For the dual-network cards, in-person transactions within Canada are processed on the Interac network, but international transactions, as well as online and phone orders through Canadian retailers, are processed through the Visa network.[2][3] (However, Canadian retailers must specifically allow for Visa Debit transactions, even if they already accept Visa credit cards.)[6] "Virtual Visa Debit" works similarly; customers use their existing Interac debit cards for in-person transactions (and Interac Online) in Canada, but are also provided with a secondary "virtual" Visa card (i.e. card number, expiry, and CVV2) which can be used for online and phone transactions (but not point-of-sale, in Canada or internationally).
Are there any new features for consumers to cheer up? Visa network transactions are much more expensive than Interac debit and merchants will have to explicitly sign in.
Sr. Member
Nov 28, 2019
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Does this mean that we will be able to use our tangerine bank account in the USA? If so if a place (like Winco Foods) that does not accept credit cards would this still work or would it be rejected?
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Dec 3, 2017
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andrew4321 wrote: https://en.wikipedia.org/wiki/Visa_Debit#Canada



Are there any new features for consumers to cheer up? Visa network transactions are much more expensive than Interac debit and merchants will have to explicitly sign in.
It's only useful for online purchases as you can put your debit through as a Visa card. In person transactions, in Canada, will still be through Interac.
Last edited by jacnel on Jul 24th, 2020 11:28 am, edited 1 time in total.
Deal Addict
Sep 19, 2009
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Toronto
Got it. Someone who does not have a credit card but has a bank account will be able to do an online purchase, provided that the merchant subscribes.
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Jun 23, 2017
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what's that? I have VISA credit cards (offering points or cash-back etc.) ... I have a KOHO pre-load VISA card ... I have my usual bank card to 'pay by debit' ....


what is a VISA debit for?
Deal Addict
Feb 17, 2017
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905P4N6 wrote: what's that? I have VISA credit cards (offering points or cash-back etc.) ... I have a KOHO pre-load VISA card ... I have my usual bank card to 'pay by debit' ....


what is a VISA debit for?
It works online and outside of Canada for purchases. Something that the current Tangerine debit card doesn't do.
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Jan 31, 2006
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905P4N6 wrote: what's that? I have VISA credit cards (offering points or cash-back etc.) ... I have a KOHO pre-load VISA card ... I have my usual bank card to 'pay by debit' ....


what is a VISA debit for?
It function like a credit card except you set your own limit by putting $$$ that you set. The difference with a real visa is you can not do a charge back if ever your card got compromised.
Newbie
May 5, 2015
43 posts
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Toronto
Kneader wrote: There's no downside that I'm seeing except that it'll be slightly more expensive for Tangerine to offer, which could lead to more fees down the line.
Just wondering...
Why would this be expensive for Tangerine to offer?
I understand that it'll cost them a bit to print and mail to clients. But besides that, what other costs do they incur? If anything, wouldn't they be benefitting in the long-term because of the higher interchange rate associated with Visa debit?
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Aug 15, 2009
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Montreal
Last time I used my debit card was over 6 months ago... No value for me.
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Jul 15, 2009
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Does this mean that they will finally replace my ING Direct debit card? It still works but I always get nervous that it will stop working when I most need it.
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Feb 17, 2017
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cgtlky wrote: It function like a credit card except you set your own limit by putting $$$ that you set. The difference with a real visa is you can not do a charge back if ever your card got compromised.
You’re still covered for fraud and you can also do chargebacks for transactions processed by Visa.
Member
Nov 15, 2017
369 posts
133 upvotes
Canada
I received this letter in my tangerine mailbox as well, im excited for it, because right now, the only way to pay my CTFS card online is with TD (Visa debit).. now ill be able to do from tangerine directly.

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