Visa Debit Cards | Learn about using a Visa Debit Card (2024)

FAQs

What are the disadvantages of a Visa Debit card? ›

The Cons of Using a Visa Debit Card

If you have a limited amount of funds in your bank account, a debit card will restrict your spending to that amount. Unlike a credit card, if you have an emergency expense or unexpected bill, you will not have access to additional funds you may need to cover emergency expenses.

A Visa Debit card works basically like a check. The amount of your purchase is deducted directly from your checking account. You can use your Visa Debit card to: Place an order online, by phone or mail.

Debit and credit cards both allow cardholders to obtain cash and make purchases. Debit cards are linked to the user's bank account and limited by how much money is in there. Credit cards provide the user with a line of credit that they can borrow against as needed and pay back later.

Visa Debit allows customers to make online, over-the-phone and mail order purchases, as well as recurring payments, directly from their bank account via the Visa network. Plus, when shopping at stores outside of Canada, they can pay with Visa Debit† anywhere Visa is accepted.

If you overspend, you could get hit with costly overdraft fees: If charges to your debit card cause your checking account balance to go negative, you could suffer overdraft fees and other steep charges that far exceed the potential costs of using a credit card.

Although Mastercard and Visa cards are accepted almost everywhere in the globe, Visa cards have a few more advantages. Even with a Visa card at the most basic level, you can access advantages like stolen or lost card reporting, urgent card replacement, emergency cash disbursem*nt, roadside dispatch, and zero liability.

This means that even if it's a debit card payment, you still have to pay a fee to cover the credit card company's operating costs. Assessment fees are generally a percentage of the transaction amount. For example, Visa's debit card assessment fee is . 11% and Mastercard's is .

VISA Debit Card Benefits

They are a safer alternative to cash. With a global network of over 1.9 million ATMs, you can withdraw cash anytime and anywhere. You can use your card to make purchases globally by enabling the international transaction facility.

The Visa Zero Liability* policy provides Visa Debit account holders with protection against fraud for purchases made online, over the phone, by mail or internationally. Under the Visa Zero Liability policy, cardholders pay $0 for purchases made through unauthorized account use.

VISA Gold. With the VISA Gold debit card, enjoy the better things in life with discounts at restaurants, shops, entertainment venues, and travel agencies. You also have the right to toll-free access to the 24-Hour Customer Assistance Service, as well as medical, travel, and legal guidance and assistance.

Which banks use Visa Debit cards? ›

To activate your Visa Debit Card, please call 1-855-253-1057 (U.S.) and follow the steps below: Enter the 16-digit card number and press the “#” key. Enter the last 4 digits of your U.S. Social Security Number.

Acceptance: In the United States, Visa Debit cards are generally accepted everywhere that Visa credit cards are accepted. However, in Canada, some merchants may not accept Visa Debit cards unless they specifically requested to accept them from their payment processor.

Using a debit card as credit is easy, simply select “credit” on the payment terminal at point of purchased when you shop. The only difference between selecting debit and credit is that there will be a short delay in the processing of the transaction, from a few hours to one or three days.

The big difference is they use the Visa or Mastercard networks to allow you to use these debit cards in places you otherwise probably couldn't. So they're not credit cards, since you're not borrowing money to make those transactions. Instead, by using the credit card networks, you can use your debit card in more ways.

Visa's Zero Liability Policy^* is our guarantee that you won't be held responsible for unauthorized charges made with your account or account information. You're protected if your Visa credit or debit card is lost, stolen or fraudulently used, online or offline.

Visa Debit cards work like cash, only better. They are issued by your bank or other financial institution, and use funds directly from your bank account. Accepted worldwide, Visa Debit cards offer quick, secure and convenient access to your money in person, online, overseas and over the phone.

No interest, No annual fee, No monthly bill

A Visa Debit card has these benefits in common with a regular debit card — because these are not credit transactions they are not charged interest, and do not get forgotten until a surprising bill comes in the mail.

Fraud Protection

If someone steals your cash and spends it, you have little chance of recouping the funds. But Visa® debit cards have built-in fraud protection against theft.