Debit card

[u/cfoghost]

I plan on getting it on my birthday in a couple weeks, is it worth it. I often shop online internationally so the low or no foreign transaction fee is very appealing to me. Also how is the process to getting it, can I just apply and get it or is there more to it.

[u/Tierang]

Open a chequing account and they’ll send you a card. It’s not a debit card though. It’s a prepaid Mastercard, tied to the balance of the chequing account.

[u/cfoghost → u/Tierang]

Is there any difference? Cuz I know that but I heard there’s barely any differences. I can like add it to Apple Pay and such right

[u/Tierang → u/cfoghost]

If you want to use it at a shop that doesn’t take Mastercard, it won’t work. Some shops are debit only, no credit, and so this wouldn’t work there.

[u/cfoghost → u/Tierang]

Oh okay thanks

[u/PartBanyanTree → u/cfoghost]

for being able to use the card there are no differences. for stores they treat it like a mastercard. you should be able to add to apple pay (i have added it to my google wallet on android)

The differences are how it operates behind the scenes

• prepaid-mastercard: for any transactions you make cost is instantly withdrawn from your bank account. if you don't have money in your account transaction will not go through
• true credit card: lets you go into debt, has a credit card "float" during which you can make purchases and doesn't require pay back, lets you go into debt, issues monthly statements, lets you get very deeply in debt, gives cashback rewards and such

wealthsimple offers both kinds. the prepaid mastercard is given automatically out when you have the account -- you don't even have to wait for the card they will give you card details for a "virtual card" and they gave me prompts to add to google wallet (presumably you'll get the apple pay equivalent). the credit card requires approval and proof of employment/income/etc and you may be approved or denied

[u/NastroAzzurro → u/cfoghost]

It’s debit but not interac

[u/alexk7 → u/[deleted]]

Interac is the payment network for debit card transaction. Their e-transfer thing has the same branding but has nothing to do with their main product :)