CIBC Launches First Debit Visa Card in Canada
Well, it's finally happened, a major Canadian bank, CIBC, has finally launched a Visa card that works like an Interac card. (Credit Unions have already had such a product called the Global Payments Mastercard, check it out here)
Here's how the CIBC Visa Advantage Debit Card works.
The card has both a VISA Debit and an Interac logo on it.
So, the card will work anywhere that an Interac card or a Visa card will work. This means you can purchase things online that require a Visa or Mastercard, even if you don't have a credit card, don't qualify for one, or simply don't want one.
The card will use the Interac network when available (eg: At the grocery store, ATMs, gas station, etc), and Visa elsewhere (like online, the few stores that take credit and not debit, Paypal and outside of Canada).
Purchases, whether they go through the Visa or Interac network, always get withdrawn from your bank account, you shouldn't ever get a monthly bill or be able to spend money you don't have.
This should be a game-changer for the Prepaid Mastercard and Prepaid Visa card markets in Canada, as many of these cards are purchased by people that cannot or choose not to have a credit card with a credit limit. These new debit visa and (soon) Mastercard Debit cards should make the existing prepaid Mastercard and prepaid Visa market far more competitive.
This will also be very convenient for people, since they'll only have to carry and use one card for both on-line purchases and ATMs. Convergence at its best.
For those more anonymous or one-off purchases, the prepaid cards will still have this market (The best cards for this being the 3vcash virtual Visa Prepaid card and the RBC Prepaid Visa).
CIBC Prepaid Debit Visa Cards: The Good
- No more wasting money on prepaid cards (though you'll still need them when you need to register a US address to sign up for a US-only service)
- It seems like you don't have to be 18 to have one
- Great for those that don't qualify for a regular credit card or choose not to have one
- Easy and Cheap, especially if you're already a CIBC customer
- Excellent for newly incorporated or newly formed businesses that need a Visa or Mastercard, but have no credit history, even if their founders do
CIBC Prepaid Debit Visa Cards: The Bad
For now, only CIBC has the debit Visa, which they call the "Advantage Card", but you can be sure that the other Canadian banks will follow suit, they ALWAYS do, this is banking in Canada after all, we can't have different banks with vastly different products!
The huge downside for this card is that there are NO rewards at all for it. No 1% cash back, like the MBNA Smart Cash (which also has 3-5% cash back on gas and groceries). No purchase protection, no car rental automobile coverage, no free 3-day travel health coverage (be sure to read the actual policies for details!).
We're not sure about security: What happens if it's stolen? Can someone steal your Visa number online, somehow get your PIN and make an ATM card out of it to drain your chequing account?
Another big issue for the card is that you, obviously, must have a CIBC chequing account to use it, you can't hook it up to your Scotia chequing account or the like.
Thirdly, since most transactions are going to be processed as Interac transactions, every transaction will still count against any monthly transaction limits you have on your account (eg: 10 chequing or Interac payments per month) that are included with your bank account plan.
Fourthly, Visa Debit is an actual transaction system in other parts of the world (ie: The USA), and merchants can choose to block it. So, you could still have trouble using this card trying to book a hotel or renting a car just like with a prepaid card (especially when they waive security deposits when you pay with a credit card).
Finally, there seems to be some complaints about how the transactions are routed (as they can go over either the Interac or the Visa network), there is a chance that these cards will get taken off the market, but for now, they're available.
CIBC Visa Debit Card Getting Rejected?
Since the card has both the Visa and Interac logos (and looks more like a Visa card than an Interac bank card), if a transaction isn't going through, make sure the store is putting the card through as a debit card, and not a Visa card. Trying to process as a credit purchase when Interac is available can cause the transaction to be rejected.
How do I get a CIBC Visa Debit Card?
Simple, if you have a CIBC chequing account, you can actually go to a branch and get a temporary on the spot (but I'd still call the branch ahead as the product is so new), or call in and get the permanent one in within 10 days.
If you don't have a CIBC chequing account, well, you'll just have to open one up. If you don't like CIBC (for some reason, I never have), then you'll have to wait for someone else to come out with one.
Problems Problems Problems
As of the very beginning of 2012, people are still having problems with the card in Canada. It's still hit and miss. If you're over 18, consider applying for the Smart Cash MasterCard® Credit Card, it is the best no annual fee credit card out there because it has 1-3% cash back, and according to an online chat I had with an MBNA rep, you only need a $1000+ annual income to apply (but don't go nuts!).As always, please leave comments with your experiences!
CIBC Launches The Big Banks' First Interac/Visa Combo Product:
Guide the travel you need - airfare, hotels, cruises and much
more and earn kilometers on your own purchase.
Here is my site; générateur de carte bancaires
Visa debit and car rentals in usa
If you want to rent a car in the USA, your card needs to have your names printed on it, else they will reject it. Cibc makes you believe that the card is accepted wherever visa is used, but they continue to give us bank cards with your name missing. You will face I'd issues with this card
This is another attempt just
This is another attempt just to get more money out of you! I didn't ask for it, they just impossed it on me. Now my Visa and debit accounts can be mixed up? And when ( not if ) they "accidently" charge it to my Visa account, I will have to pay interest. By the time I figure it out it will be to late. So now I have to monitor my bank just like my cell and cable provider on a regular basis to make sure I'm not getting ripped off?! This is bullshit!
Eventually, Visa will be
Eventually, Visa will be cheaper for store owners to use that Interact, if not free. Then all you will be able to use is Visa, just like they want you to. The ONLY plus side is that you can dispute a purchace and get your money back on a credit card.
Someone got our account
Someone got our account number when my Fiance used his Visa debit card as a debit card, and drained our bank account. HATE this thing.
visa debit
This card is always getting rejected! hit and miss for sure. I am about to give up on it. Its like having a car that starts sometimes, you just can't rely on it.
visa debit works great
for a nearly new product people need to expect some glitches,especially with online purchases.As for counter purchases how hard is it to say "debit or interac" when retailer asks is you are paying by cash or card?The only online sites ive seen the card rejected is online gambling which is probably a good thing anyways.Overall the card is awesome.I dont have to buy prepaid visa anymore,no more fees...YAYYY.Eventually the kinks will be worked out.
"debit or Interact" is that
"debit or Interact" is that not the same thing? Your confused aready. This is such a obvious attemt to "accidently" charge your Visa account instead of your checking account! It might not matter to you, but people like me who have good credit and don't need "Pay as you Go" crap are going to get burned. And eventually all of us!
Had VISA Debit for most of my life, never been this bad.
Coming from Australia, where VISA Debit is entrenched, I'm over 30, I've never had to own a credit card and I don't have a credit history, so a credit card is out of the question.
In Australia, VISA Debit and VISA are treated the same. That is, you press "Credit" for your card, you don't have to ask for EFTPOS (equivalent of Interac), you don't get charged a transaction fee and that transaction doesn't count in any transaction limits you may have. It works EVERYWHERE, without issue, inside Australia and outside, online and offline.
I was really surprised when I found out this was the only option. So I got this card, thinking it was the same.
No, it isn't.
For one, you CAN'T use it as a VISA in Canada, online or offline. I had it working for a short time on paypal and then in stopped.
The only time it has worked for me has been when making a purchase from HMV in the UK, That's it.
So I'm still paying for my Canadian services (Rogers, Internet, Hydro, rent, etc) with my Australian VISA Debit cards. How stupid.
As if people needed more encouragement to spend money outside this country....
Pathetic.
Problems? Really? Not me.
Since CIBC sent me this new card, I have been using it just like my old debit card and have not once had an issue. I had been wondering why it was taking so long for CIBC to send me their first chip card because by the time I received it I think that I'd already had a chipped debit card from Coast Capital for a year. Anyway I started using it right away but as a debit card just like my old one and not as a visa card. I have not had a single issue with it. Maybe its because I'm in the habit of telling cashiers that I'm paying debit BEFORE I show my card, that is a pretty simple solution for anyone who has experienced retailer confusion over the logos.
Happy swiping?
Worked for a while with Rogers and Shaw. No longer
I have a pay as you go phone I use for work and bill to them. The card worked fine for the auto top up, until November. Called Rogers and they say they no longer accept CIBC Visa Debit cards. But it still works to auto top up my Rocket Stick with Rogers... go figure.
It was working for a while for my Shaw Gateway purchase. And suddenly started rejecting in December. A call to shaw and they say they no longer accept the card. I can either pay out my Gateway hardware purchase or use a real credit card.
MPI, I had my insurance cancled in Febuary as my December and January payments suddenly rejected. A call to MPI and they advice they no longer accept the card.
it looks to me like people
it looks to me like people need to stop complaining. obviously eventually the problems will be fixed and people should appreciate that this is an awesome tool to be able to shop online with if you have bad credit and cant get a credit card, where as if cibc was like other banks and didnt offer this and you needed to order stuff online youd be screwed. im getting one!
CIBC Advantage Visa Debit
Was given this when I lost my old CIBC Imperial Service debit card. Nothing but frustration since. Not accepted at my local safeway nor by the BC Liquor stores. Don't know about gas stations as I use a speedpass dongle.
I will be going back to the bank to see if I can change back. What a pain in the ass.
works
Works in Wall-mart, But I had to show them the Interac Logo on it. same anywhere else so far but I've but I don't use it much.
Not a VISA but a VISA Debit (In Canada)
I went through a process of cancelling my CC's (Visa and MC) with CIBC since they offered me this combo card, which in theory is a great idea.
The problem is, that in Canada it is considered a Visa Debit card, not an actual VISA so unless the company that you are trying to pay accepts Visa Debit, you are out of luck :( The thing that really gets me is that in the US (and other countries) companies will process this as a Visa with no issues, so there is no real reason that is can not work the same within Canada.
This has put me in quick a situation since now I am frantically trying to figure out a way to pay for my iTunes Account, Auto-Insurance, Fitness Membership, Cell Phone bills, etc....
Mike
cash
Just pay with cash, if a company want's your custom they will make arrangments for you to pay. If they don't go elsewhere
Recently we were given the
Recently we were given the new debit/credit cards in place of our CIBC debit card. We have only used it in Canada so far. Quite a few businesses don't know whether to process it as a debit or credit card. Once you tell them it's a debit card they usually process it properly as a debit card. One major store where it does not work well is Walmart. They obviously have a problem with their software; their computers reject it as a debit card and a credit card! Spent over half an hour there recently and finally had to use cash to complete my transaction!
I just got this the other day
I just got this the other day and tried to pay for a Data plan on my iPad with it and Bell rejected it. Whi won't this damn thing work!!!!??!
So i was wondering if this
So i was wondering if this card works or not? all your comments were all from november and that was 9 months ago, so now i was wondering if cibc fixed it and it works just fine?
I hate this card
I got a CIBC Advantage Card because I was going to be traveling to the U.K. and my credit card has quite a low limit, since it is a student card and the first one I've ever had, so I thought it would be great to be able to use my debit account overseas in which I had money saved up for the trip. There was absolutely no problem using my advantage card in the U.K. because Visa Debit cards seem to be more common there. However, I have had so many problems using it at places in Canada! When I go to pay at stores in Canada, even if I say "debit" and the card has an interac logo on it, several merchants have argued with me saying that it is a Visa card even when I explain that the money comes from my debit account and is not processed on the Visa network in Canada. I have had my card rejected from certain places that do not accept Visa even though I explained that it's a debit card and have had countless other arguments ending with me pleading with merchants to simply try to process my card as a debit transaction and I promised that it would work. I HATE this card and now that I am home from traveling I want my regular CIBC debit card back!!!!!! It is a terrible hassle and I don't like the idea of having to wait for other banks to come out with the card to have mine become more accepted.
Try using Mastercard Global Payment card!
There is a card that works exactly like a Debit Card. You can get it only from a Credit Union. It is called "Mastercard Global Payment Card". You must be a Credit Union member to get one. Here is information from a Credit Union web site:
"This is a unique product that's only available to Credit Union members. It provides a convenient way for you to pay for goods and services, and can be used wherever MasterCard is accepted. Unlike a credit card, funds are automatically taken from the member's deposit account or a pre-arranged line of credit. All the transactions will appear on your monthly statement. For more information, please visit your local xxxxxxx Credit Union."
DO NOT APPLY FOR A LINE OF CREDIT.
If you do not apply for a line of credit then you might be able to get it without a credit check.
Visit your local Credit Union or Google "credit union global payment card". By the way I do not work for Mastercard or a Credit Union.
Good luck
Hey, Thanks for the
Works on Paypal
The card works to add as Visa on Paypal. I ordered from ebay, worked great. So any sites that accept paypal your good for, or international sites. Canadian site will give you issues because the Canadian retailers and payment processors banned the card because of conflicting interests between Interac and Visa, Interac and Canadian retailers are afraid Visa will take over the market and the retailers do not want that because Visa charges a percentage rather then a flat fee. So retailers must physically request to accpet these Canadian Visa Debit cards from there payment processing company otherwise they will not work on Canadian sites, so hopefully soon more online stores will be opting into the Visa Debit cause it is convienient.
CIBC Debit / visa
Used the card at Sears.com site a few weeks ago, worked great. Tried to use it a bcauction.ca to pay for an item. Comes up declined???? Why cant the electronic world make up there mind? It is our money, so many rules on how they will "LET" you pay for something..........Get with it retailers, we have money, want to pay, so clean up your act..........Want to do online business and sales then you have to bite the bullet and pay the fees they all want to accept each type of payment method.......!!!!!
DOESN'T WORK WITH ONLINE CANADIAN RETAILERS
I spoke with CIBC and the problem is that Canadian companies still read the card as a debit card rather than a Visa. In the states, they have the visa debit system rather than interac so it should always work. I suspect the Canadian onlne sites need to recode their visa verification so this card doesn't get rejected. Hope they sort it out soon so I can get my 15 year old one and get my credit card off the xbox account.!
This VISA check card is VERY
This VISA check card is VERY limited.
Only supports NON present transactions.
If you want to use it in Canada at store just have them enter it manually.
Very LIMITED.
IN THE USA/REST OF WORLD THERES NO "PER USE" FEE. only in CANADA.
AND CIBC WAS NOT THE FIRST IN CANADA. I HAD A RBC VISA CHECK CARD IN CANADA OVER 10 years in ago in 2000.
Visa debit cards
I have found it doesn't work for on line purchases, because when you fill out some of the verification info, they ask for the cards "billing address", and of course, there isn't a bill. I put my residence address in, and the purchase is rejected. How do I avoid this problem?
I tried paying bills with
I tried paying bills with Bell Canada, Shaw Cable, it was rejected. It will work at stores if I use it there. I got this card thinking I could use it for internet purchases. CIBC didn't have any real answers, didn't seem to know why it wasn't working the way it is suppose to. Finally I was told they were working on some problems with those cards. That was back in november, I havn't tried using it again yet. Yes, CIBC is disappointing. This card is great in theory, hope they get it straightened out.
Does it work or not?
I am a canmadian that has lived in miami for the past 10 years. We've had Visa Debit cards for years and all banks offer them. They can be used anywhere visa is accepted - amazon, all online vendors, to purchase anything including gas, airfare, car rentals... anything. Doesn't matter if you select visa or debit at the counter (unless I use it in canada). So far the only limitation I've encountered is in renting cars while travelling. car rental places often charge a deposit that is refunded if you use a visa debit instead of a straght visa. Anyway - A young family member of mine still lives in canada and is a student. Everytime she wants to make a large purchase or online purchase, including airfare tickets or books, she has to have one of us do it for her. I suggested she get a visa debit so she could start doing things on her own without having to get an actual credit card. Was surprized to find canada didn't even offer such a thing. Now that I'm reading this site, i'd like to suggest this card to her but it defeats the intent if she still can't make online purchases such as books, airfare or anything else that does not take debit. Will she be able to make online purchases from airlines, bookstores, etc?
Thanks!
this card failed me miserably!!
I tried to buy a FLESHLIGHT and a HEAD HONCHO (super) because i am so horny and I don't have a girlfriend, AND IT DOESN'T WORK!! Now I got BLUE BALLS!! THX CIBC!!
Very few problems so far
I've had the CIBC advantage card since mid-November. Found out about it while at the bank, and called & requested a card with my name on it.
I've had a few glitches at some stores, easily remedied by saying "debit" or "Interac" when I make a purchase. I've used it to reserve motel rooms without issue.
I LOVE using it in the USA for purchases! Makes me very happy.
I've successfully purchased online from several stores, no problems.
Just signed up for a PayPal account with it, worked just fine.
In short, this has been a *terrific* experience. Kudos to CIBC for a relatively problem-free new product!
How long have you worked for CIBC?
Pathetic attempt.
My card has been rejected at
My card has been rejected at multiple retailers as well. Not impressed with CIBC.
It works on toys r us's
It works on toys r us's website
No it doesn't
Tried to place order for grandson several days in a row just to get the rejected message. It does not work on Toysrus.ca
it works on skype
I got it to work on skype - but not amazon.ca is strange as I can use my 10 yr old australian visa debit online anywhere
Can't seem to use it to buy a
Can't seem to use it to buy a plane ticket with Air Canada or First Air.
I tried to buy on ebay
I tried to buy on ebay through paypal. I tried adding it to my account on paypal didn't work. I called paypal the person said it's probably the banks problem. I called the bank and it is their problem. I hope they fix it soon!!!
I've tried it in a couple of
I've tried it in a couple of places on line and so far have been unsuccessful. Has it worked for anybody?
Hasnt worked for me yet.
I have tried to use my card several places, even through the links on the CIBC site that supposidly take the card, I have been unsuccessfull in purchasing anything with this card, except through debit. Called CIBC and they were reluctant to take the complaint but did. I either get a message saying unable to authorize, or there is a problem with your card!! The card is useless in Canada, but seems to work just fine in the US.
CIBC Debit Visa Online Purchase Problems
Where did you try, and what error did it give you? I'm trying to put together a problem list here http://dan.matan.ca/Canada-Debit-Visa-Rejected-Refused-Not-Accepted-Why-Help to get CIBC to start taking action on this.
Doesn't work for me either
Tried on both PayPal and Amazon, doesn't work. I have a feeling it will work on Amazon.com, and I would use it there, but I just want a couple of small things and it isn't worth the shipping charges.
Amazon.ca
I tried using this on amazon.ca, a large and known online retailer. On the info page for the cibc advantage card, it boasts it can be used for online purchases and to enter it as a visa. I did this and had it rejected. I called amazon and they told me the card reply was invalid transaction. I called cibc and they said there were having "problems" and it should be fixed soon. So far very dissapointed with card. I got it for online purchases and so far it fails miserably.
I also had my card rejected
I also had my card rejected when I tried to make a purchase at Amazon.ca. I only got the card so I could shop online, and now I can't even do that!
Ticketmaster
Sadly the visa debit card doesn't seem to work with ticketmaster.ca. Otherwise I've had no issues so far in the few days that I've used it.
I've requested feedback from
I've requested feedback from TicketMaster on this, but they seem to have misunderstood my question and said that they don't support debit...
We'll see if they're still dense enough to misunderstand my response...
Post new comment