For Canadians Who Don't Want A Credit Card But...!

[i am bob]

How many of us don't want to have a Credit Card because we know it is an easy way to end up in debt.  How many of us are the "If I don't have the cash, I don't buy it!" type?  Not sure about the rest of you but you can pick me...  See my hand is up!  

 

Next question - How many of us know that it's hard to get through life without a Credit Card?  Gotta get my flight to the Philippines...  Gotta order that throw-away ticket...  Need to send something to my Mom back in Niagara Falls for her birthday or Christmas...  Sometimes you just gotta have that dang blasted Credit Card!

 

How would you like to have a Credit Card that only works for online purchases and the money comes straight out of you bank account - at no charge?  Say that again?  How would you like a Credit Card that only works online (no store usage - that's what cash is for) and they take the money right out of your bank account rather than having to pay a monthly bill AND there is no charge to use it?  

 

I can't say it any simpler than this - Some of the banks now offer what they call a Virtual Credit Card.  It can't be used in a store as there is no Visa information stored.  But there is a pertinent Visa number on the card that you can use online to pay your bills, book hotels and airline tickets, etc.  And, when you do need to use it in person at a location?  It reverts back to being your everyday Canadian Bank Debit Card.  A PIN Number is needed to get any money out.  The bank doesn't charge you to use it like a Visa and there are no interest charges as the amount comes out of what ever account you have it set up under.  So the only limit is what is in the account.  I read up on this last night for my Bank (Royal) and think it is perfect for me.  I don't want a credit card - I have a Line of Credit that has much lower interest charges when a balance plays out at the end of the month and I can transfer from my LoC directly into my other accounts online - and then access it with my Virtual Visa card.  And I believe it is insured up to $100,000 - as if I would ever have that much in my bank account for anybody to get their hands on.  Heck, if I had that, I wouldn't be here in the cold right now!

 

Anyway, if you are like me and don't like Credit Cards, this may be just the thing for you!  Go and check it out at your bank  - see if they offer one.  If not, check it out on the Royal website under Virtual Visa Debit Card.  Nothing better than a Credit Card with no fees and no interest because it's not a Credit Card but it is a Credit Card...  I think?

[Will]

I use a bank debit card. That way I can only spend what's in my account. If some store, oh we don't accept debit , I just say run it though credit. Still the same.

Psssst... Let me introduce you to a guy named Dave Ramsey. Stay outta debt!

[Bruce]

There is a 'not true scam' but a problematic card available here in the US called a 'secured credit card' mostly used by minorities who are the targeted audience. Very high MULTIPLE fees......

 

I think Bob, you should just get a real credit card with a $5,000 limit and then use it for your online purchases, pay off before the interest charges are added.   

[i am bob]

I use a bank debit card. That way I can only spend what's in my account. If some store, oh we don't accept debit , I just say run it though credit. Still the same.

Psssst... Let me introduce you to a guy named Dave Ramsey. Stay outta debt!

 

This is one way to stay out of debt - and that is why I like this idea!  If you don't have the cash, you can't use it.  Still, for those times when you want to book airline tickets on-line, well, they don't take debit.  This just kind of replaces  your debit card for a few minutes and pretends it's a Visa card - it still comes off your bank account immediately just like a debit card.

 

My "Escape Clause" for once I am in the Philippines will be my Line of Credit - for those times I don't have the required amount sitting in my bank account.  Airlines don't accept my Line of Credit but they will accept this Virtual Visa.  I just need to know the total amount I need and then transfer it from my LIne of Credit to the bank account the Virtual Visa is set up to withdraw against.  And because there are no Visa fees or interest, I get emergency funds at a lower interest.

 

Bottom line?  Absolutely perfect for situations where you need a Visa card while you don't want to have a Visa card.

 

:lol:

[i am bob]

There is a 'not true scam' but a problematic card available here in the US called a 'secured credit card' mostly used by minorities who are the targeted audience. Very high MULTIPLE fees......

 

I think Bob, you should just get a real credit card with a $5,000 limit and then use it for your online purchases, pay off before the interest charges are added.   

 

Why get a Credit Card I don't want as it is just another way to get into debt?  I prefer the pay as you go method.  If I don't have the cash, I can't buy it.  Unfortunately, if someone wants to buy something on-line, you need a credit card because they don't (or rarely) take Debit.  This is just my bank's way of saying "We can make life easier for you"!  I like it!  I don't like Credit Cards!

[Bruce]

There is a 'not true scam' but a problematic card available here in the US called a 'secured credit card' mostly used by minorities who are the targeted audience. Very high MULTIPLE fees......

 

I think Bob, you should just get a real credit card with a $5,000 limit and then use it for your online purchases, pay off before the interest charges are added.   

 

Why get a Credit Card I don't want as it is just another way to get into debt?  I prefer the pay as you go method.  If I don't have the cash, I can't buy it.  Unfortunately, if someone wants to buy something on-line, you need a credit card because they don't (or rarely) take Debit.  This is just my bank's way of saying "We can make life easier for you"!  I like it!  I don't like Credit Cards!

 

BOB!!!!!!!!!!!!!!!!!! Step BACK from the cookie! Control yourself! Yes there is a box of cookies in reach and yes you are a grown man and able to make decisions for yourself... But do you really NEED that cookie?

 

It is called impulse control. I used 'cookie' in place of the words 'impulse purchase'.

 

I agree with you.... BOB does not need / should not have a credit card. No one knows Bob like Bob does. And there are many 'Bobs' out there and the credit card companies love BOB!

 

A simple analogy..... Credit is wonderful and helpful when you can control your impule to buy. Suppose it was not an impulse buy but instead women and sex.....

 

Bob is smart! He is taking control and saying no..... However Ron Jeremy lacks any impulse control..... He will have sex with any woman regardless of .... well you name it he has no standards. Ron Jeremy today is a bloated half bald shell of a former porn star who is currently in the hospital with health issues.... While Bob is saying NO, that word is not in Ron Jeremy's vocabulary....

 

I think Bob is on the right path to avoid becoming the next Ron Jeremy (Jake.... welll, the jury is still out on that)

 

I am glad we had this little talk. No need for a full blown TV style intrevention at this time on your spending habits...... I, however, took a different path to avoid personal debt..... I have a series of credit cards in the name of some guy named Tom in Australia :hystery:  He is in for a supprise when the mail arrives!   

[Mike S]

Bob ... there are some stores here in the Phils that won't take debit cards ..... Handyman an excellent hardware store is one of them ..... I just bought some stuff from them yesterday and they wouldn't except my Phil debit card or my US debit card but they did except my Citi-bank credit card ..... but you are correct sir a debit or the type of card you are talking about is the ONLY way to control your debt if you tend to not spend wisely or don't keep up with your CC balance ..... and I did just what you are doing before I left the US .....

 

Here is how I did it I used non-interest cards to pay off my high interest cards and then could afford to make double payments to get the non interest cards paid off .... took me almost 3 years to do it but I did as I want to come here debt free ..... I love those CC that offer you interest free for 1 year on all CC you consolidate into their card ..... I saved myself $1000's in unpaid interest charges .... as soon as the years was almost up I would transfer my balance to a different card that offered the no interest for 1 year ..... worked for me ..... :hystery: :hystery:   :cheersty:

[i am bob]

I wish I had credit card debt...  Actually I don't...  hehe!

 

All I have left now is a LIne of Credit that I want to get paid off - because (a) I don't want to be paying off any bills once I move; and (b) that Line of Credit is going to be my fall back if things go south on me.  

 

Like I said above - This is not a regular Credit Card because it can't be used in stores.  Only online.  Yes, it has a Visa number and a CCRV number (CCCV in some places) but it won't work in a regular system - there is no Visa mag strip or chip.  (Actually there is a way around that but I'm not telling...  hehe)

 

:dance:

[Jollygoodfellow]

Canada must be behind the times as I have had a mastercard debit card for years. Use it anywhere including the Philippines or online. I also have one from another bank which is a visa debit card.  :89:

[jpbago]

We have come a long way from trading beads and whiskey for beaver pelts.

 

We do have Visa debit cards at these 3 banks. http://www.visa.ca/en/personal/visa-debit-card/index.jsp?gclid=CJfq_eHAp7YCFcxlOgod_WQATg

 

With just a quick google, it looks like Mastercard will have them soon.