# Should I be using this RBC Virtual Visa debit card they sent me?



## ButaneProphet (Feb 15, 2011)

Arrived in the mail, I didn't ask for this service or the card and was wondering if there is any reason to keep/use it or just cut it up. I use PayPal for the vast majority of online transactions and regular Visa for anything else. Why are they pushing this on me?


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## OhGreatGuru (May 24, 2009)

I can't figure it out why I would need it either, nor can I figure out how RBC is making money on it.

I suppose people who have trouble managing their credit card balances might prefer a "debit" card they can use on-line instead of a credit card.

But what's in it for RBC &/or VISA? It might generate more debit card transaction fees for them. RBC's site says each purchase may generate 2 transactions on your banking account - an initial authorization amount, and then a debit or credit for a final adjustment. (Why this should be is beyond me.) And I suspect VISA still collects a hidden merchant fee, same as for a credit card purchase. But if you used your credit card it would be the same fee. Maybe it's a pre-emptive strike to head off plans by internet merchants to accept your bank debit card, which would bypass the fees they currently have to pay to VISA.


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## mind_business (Sep 24, 2011)

I had received this Card from RBC a while ago, and finally had time to look into the details. I have to say, I DON'T see ANY benefit to RBC Customers using this card. There is nothing that this card can do, that a regular VISA can't ... aside from immediately debiting your bank account. If anything, I have this feeling that financial institutions are trying to limit their exposure to fraudulent purchases. The Virtual VISA card has a "Zero Liability" clause ... however, reading the fine print it puts most of the responsibility on the customer to prove that they maintained the cards security before the Zero Liability will kick in. 

Has anyone activated their cards? What benefits do you see over existing cards??? What am I missing?


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## Echo (Apr 1, 2011)

I think the main advantage is that, because it's a Visa debit, you can use your debit card when you're in the U.S. or abroad. 

But I think there's a bigger story here about how the banks are introducing their own Visa debit cards and leaving the lower cost Interac debit cards behind.


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## mind_business (Sep 24, 2011)

Echo, the Virtual VISA card cannot be used at ATM's or Point-of-Sale. It's only used for online, telephone or mail-order purchases ... at participating retailers.


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## Echo (Apr 1, 2011)

@m_b - gotcha. I was thinking of the Visa Debit card that TD just introduced (and I believe CIBC also has one).


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## SW20 MR2 (Dec 18, 2010)

There's no reason to use it if you have a credit card and have good spending habits. You might as well take advantage of the free short-term loan from the credit card.


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## liquidfinance (Jan 28, 2011)

The only real benefit of this card is for those who don't have a credit card and wish to make a purchase online. In Europe specifically the UK the majority of debt cards offered by the major banks use VISA. Here in Canada we have Interac and that's the service all the banks want us to use for debit. So this is beneficial for making an online purchase from a retailer who may not accept INTERAC.

I guess this is a slow way of VISA gradually entering the debit market in Canada. I read an article a while back about how retailers are against the VISA because of the higher fees when compared with INTERAC.


But as has been said in summary it is for online transactions only and really only of benefit if you do not have a credit card.


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## v_tofu (Apr 16, 2009)

Can this be used as a wire transfer? There are a few stores that I shop at that only take wire transfer.


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