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Email this7:00 am
September 1, 2013
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I'm looking for Visa Debit or Mastercard Debit card that pays Cashback.
Any suggestions?
6:02 am
March 27, 2019
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Debit card: scotiabank
Prepaid: Wealthsimple and eqbank
6:27 am
May 26, 2022
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Rogers World Elite Mastercard has no annual fee, 1.5% cash back on CAD purchases & 3% cash back on USD purchases
https://www.rogersbank.com/en/rogers_worldelite_mastercard_details
2:09 pm
September 1, 2013
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Unfortunately, EQBank's card is not a debit card.
I don't have a Scotia account and Wealthsimple does not appear to be that simple if I am after only a debit card.
2:27 pm
December 20, 2016
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matkokubko said
I'm looking for Visa Debit or Mastercard Debit card that pays Cashback.
What is the advantage of a debit card over a credit card that pays cashback rewards?
Stephen
2:30 pm
September 30, 2017
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Are you guys talking unicorns again?
7:26 am
April 6, 2013
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Such a card is mythical as the federal government has blocked Mastercard Canada and Visa Canada from requiring merchants to accept Mastercard debit and Visa debit if the merchant wishes to accept Mastercard credit and Visa credit cards.
Merchants won't accept Mastercard debit and Visa debit for in-person transactions because debit via Mastercard or Visa have credit-card-like interchange fees while debit via Interac does not. That's likely why no Canadian financial institution issues a debit card that's just Mastercard debit or Visa debit and would not be accepted in-store.
The challenge with cashback on Interac debit is there is no interchange to the card issuer for in-person Interac debit. Interac itself collects less than 10¢ on such transactions. That's why merchants like Interac debit.
8:01 am
April 6, 2013
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Some Canadian financial institutions do issue a debit card that's just Mastercard debit or Visa debit.
RBC issues a RBC Virtual Visa Debit card for online purchases. Interestingly, the Virtual Visa Debit card account debits seem to be free:
3 Debit transactions made using your RBC Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account. Other account fees may apply. Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details.
BMO issues a BMO Debit Mastercard that can be used outside of Canada or online. Scratch that. That Debit Mastercard is issued by BMO in the U.S. not BMO in Canada.
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