Anyone own a Visa Debit card? Please answer some questions for Me.

**Sophiasmama** · 12-30-2011, 07:21 PM

Next month my Visa is due to expire...I'm thinking of closing the account as I strap down useless spending inorder to pay off the mortgage faster. My questions are:

1) Is there an annual fee?
2) Is there an interest rate?
3) Is it easy to use onine shopping or a hassel in regards to extra steps taken at checkouts.
4) How does it work?

Thanks for reading.

**Nishu** · 12-30-2011, 07:59 PM

Visa is a clearinghouse that handles transactions. The specifics of your card will depend on the bank that issues it. There's going to be a big difference between a bank of america visa debit card and a local credit union debit card.n

A debit card is attached to a checking account and when you use it, you enter your pin and it takes money right out of your account. There typically is no annual fee, but some banks are implementing a monthly fee. It just depends in the bank. You should never be charged interest on a debit card because they do not carry a balance. You might earn interest if the checking account attached to it is an interest earning account, but that won't have anything to do with your debit card.

I use a checkcard to do online shopping, but I run it as credit because my card can be run as a credit or a debit card. I've never seen an online merchant that accepts PIN based debit transactions, but most debit cards today can be run as credit so it probably doesn't matter.

**monkeywrangler71** · 12-30-2011, 08:16 PM

I didn't even know they were available, so I had to look it up and saw that CIBC has come out with one. As near as I can tell while you are in Canada it goes through Interac exactly like any debit card, but it can be used in other countries (including online US sites) as if it were a visa. Apparently not for online sites in Canada though, where it is only accepted at the ones listed here: http://www.visa.ca/en/personal/visa-..._merchants.jsp

In order to have one you'd need to bank with CIBC, so fees would depend on what they charge for their accounts (of which I have no clue as I would never bank with them).

**bunnys** · 12-30-2011, 08:27 PM

You mean an ATM card with Visa on it, right?

Yes, as above posters said, takes money right out of your checking account. Some have a line of credit attached to them, mine doesn't.

I am with a credit union. No transaction fee unless I use it at an ATM. I always have them run it as a credit card bc I know that I get all the consumer protection benefits from Visa by doing so. If I used it as a debit card (put in a PIN number) no protection.

I don't even know my PIN number and because of this, when I make a purchase I can't get extra $ back which is ok with me bc I never use cash or checks anyway and so I am rarely (like less than once a year inconvenienced by the fact I can't get cash back.)

I don't know what the laws regarding fees are in Canada. Only in US. But I know they can get you coming and going with transaction fees in US if you use your card at an ATM--another reason I don't use cash.

**Sophiasmama** · 12-30-2011, 08:34 PM

Thanks for replying..was on the phone with TD Canada...and they do not have them...only CIBC offers them so far...and we do not have a CIBC here in town. I wonder if my PP account is still okay with no CC attached to it...anyone know how that works?

**hmcart** · 12-30-2011, 08:42 PM

We bank at a local bank and so ours are mastercard but same idea.

**Shewillbemine** · 12-31-2011, 05:05 AM

I have one. There's no annual fee and no interest because the money is taken directly out of your checking account. Online shopping is quite easy.

**udwe** · 12-31-2011, 08:06 AM

I only incur fees at ATMs that aren't by my bank.

**Libby** · 12-31-2011, 10:25 AM

So do you only have a Visa card then? Or is it a pre-loaded Visa gift card? (that would work similar to debit)

**Sophiasmama** · 12-31-2011, 11:06 AM

I do currently have a Visa credit card...and just heard of the preloaded visa yesterday...thinking it will be the way to go...or I can challenge myself and shop in stores with cash...kind of leaning that way.

**monkeywrangler71** · 12-31-2011, 01:14 PM

The prepaid visa cards have a bunch of extra fees on them.

**Libby** · 01-03-2012, 11:52 PM

The preloaded Visa card ie Visa gift card costs the buyer $1.50 just to activate it before they decide how much to put on it and after 365 days from activation - there will be interest charged daily until the balance is gone. Thats what I remembered when I considered giving one as a gift.

If possible, call Visa credit card up and ask for a year w/o the annual fee?