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Who has Visa debit?

post #1 of 13
Thread Starter 
We don't have Visa debit here in Canada yet. We only have credit cards and debit cards but nothing where you can use a visa card but it comes straight our of your bank.

If you have it, what do you think? Do you like it? Are there any fees involved? What the advantage of using it over just a regular debit card?
post #2 of 13
I have one that is linked to my checking account. I guess I like it okay. There are no fees associated with it. I pay most things either online banking or with cash so I dont use it much. The only downside I can think of at the moment is the chance of becoming overdrawn on the account.
post #3 of 13
it is pretty common here in the states, most banks give them out with a link to your checking account. I use mine all the time, I think it is great to not have to write out a check. Our's has a thingy where if you get overdrawn, it will then come out of your savings, and I think you can do that 3-4 times a year without charges.

Just like a regular CC but with out the bill! just shows up on my bank statement.
post #4 of 13
I have one. I like it. Our bank even has a promotion where you can earn free things including cash for useing it. That and some places don't take debit. With it I hardly carry cash.
post #5 of 13
I pretty much use mine constantly. DH would be lost without his!
post #6 of 13
We have one but we very rarely use it. When we need cash, we use it at the grocery store and use the cash back facility. It is easier instead of searching for an ATM machine or going to the bank.
post #7 of 13
You ask what the advantage is to a Visa debit card over a "regular" debit card. I really can't answer that because this is the only sort of debit card I've ever had. You use it just like a Visa, but it comes out of my checking account, so I don't get a charge bill. There are no added fees. I guess maybe it's welcome at more locations than a regular debit card would be? Also, that is the form of over-draft protection my bank uses. Should I overdraft, they put the extra on the debit card, and then I DO get a billl like I would for a charge. They essentially put a cash-advance on the card, which I do not recommend doing, by the way.
post #8 of 13
I have one that I use all the time. Hubby grew up cash only, won't carry one (even tho it comes out of the checking acct).

I think that I would spend less money without it, and actually, I have two - one that I keep money in that is budgeted for me to spend and one that is our primary acct. Eventually, I'll only carry 'my' card, and transfer enough in it each pay period to cover what I'm allowed to spend. I struggle with impulse buying, so having the accountability is good for me. The primary debit card gets me into trouble sometimes.
post #9 of 13
I LOVE mine, of course I've had one since I was 16, I never use my checks (which means savings from ordering them all the time) and I don't carry cash, just a hassle to go to the bank, wait in line for the atm and then go shopping. It is just like cash. You can go everywhere and anywhere and it is always accepted. I have no complaints. And someone said you would be overdrawn, that is not the case if you take your checkbook and subtract your purchase as you normally would a check or taking money out of your account. I think it is harder to keep track of cash because I may spend $1 here for a pop or a $1 here for a snack. I also seem to spend more when I have cash! lol It seems to just fly out of the wallet

Of course when you are checking out, you don't hit "debit" you hit "credit" for your purchase because it is a visa it is a credit card but technically it is a debit card...I know hard to understand. I know Sam's Club doesn't take Visa and company's may not use them. The reason is because Visa guarantees the company will get paid, but for that guarantee 3% of the total that you spend goes to visa. So, you go to Target and spend $100 and you use your Visa (debit or CC), Target takes it and doesn't even look at your signature because Visa GUARANTEES that Target will get that $100, but because Visa guarantees it they take 3% of the purchase price for that guarantee. So 3% of $100 = $3, which means Target only gets $97 instead of $100 so if Target starts losing money on the deal they might not keep Visa around and not take them anymore.....this is why Sam's Club doesn't take Visa because they don't want to give them 3% of all purchases.
post #10 of 13
pretty much the difference between a debit card and a debit/visa card is that with a debit card you can use it with a pin number only. the debit/visa card you can choose to pay at using your pin or using it as credit and signing for the transaction. either way it comes right out of your checking account. it just gives you the option if some places do not take debit. it costs your financial institution more if you use it as a debit card. most banks here in the states are a live system so either transaction comes out right away.

i use mine both ways just depends on where i am.
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