How Does A Free Debit Visa Work?

Most banks offer a debit Visa for free as long as you open a checking account with the bank. A debit Visa is a debit card (interac) that has the features of a visa. The card is not a credit product. It simply uses the Visa network to get the money across from your checking account to the store or point of purchase. The card can be used internationally, wherever Visa is accepted. The card can also be used to shop online.

Most debit Visas come with the Flash technology, or what others call PayWave. For purchases under a certain amount, the card can be simply waived in front of an interac debit machine without putting in the pin. This feature is convenient for small purchases like coffee drive-thru, dinners, convenience stores etc. This card does not generate credit history.

Top Uses of Debit Visa

  • Can be used internationally, wherever Visa is accepted
  • Has PayWave – no pin needed for limited amounts, simply wave the card
  • Make online purchases – shop online with the debit visa
  • You do not need to be 18 to get a debit Visa
  • convenient, saves time, multi-use, reliable

Important Points About Debit Visa

  • A debit Visa does not generate credit history
  • a debit Visa is not a credit product and will not appear on your credit bureau
  • a debit Visa is available to all ages, check with your bank for details
  • a debit Visa is secure, some people may be uncomfortable with the PayWave technology in case the card is lost, most banks guarantee a full refund in case of unauthorized use on the card
  • Some banks can offer to turn off the PayWave feature

Category: Back To Basics - FAQsCheckingSavings

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Article by: Anna Suzdenkova

Employed in the financial sector for over 7 years. Held various roles including financial advisor, auto claims adjuster and manager of customer service. Attained an accounting degree with Honours. Mutual fund licensed. Passionate about helping people. Forever an optimist, positivity is the key to a happy life. Enjoys helping people decipher the banking world and use it to their advantage!