A debit card is a payment card linked directly to your chequing account. When you use one, money leaves your account right away. Debit cards are how most Canadians pay for purchases, get cash from an ABM, and receive funds from employers or government programmes.
How Does a Debit Card Work?
When you make a purchase, your debit card sends a request to your bank to move funds from your chequing account to the merchant. Most transactions in Canada run through the Interac network.
Use a debit card to:
- Pay for purchases in stores or online
- Withdraw cash from an ABM
- Receive direct deposits from your employer or the government
- Pay bills through your bank
Some purchases require a PIN but for most purchases they are contactless and let you tap for smaller amounts.
Debit Card vs. Credit Card
A debit card and a credit card look similar but work very differently:
- Debit card: uses your own money from your chequing account. No borrowing, no interest.
- Credit card: uses a line of credit. You borrow from the lender and pay later, often with interest.
Using a debit card does not affect your credit score because no credit is involved.
Debit Cards and Instant Funding
Some lenders offer instant debit card funding (IDCF), which sends money directly to your debit card account. Speedy Cash offers this option in Canada. After approval, funds are available as soon as the same day. Funding is processed during business hours.
Another option for funding is E-transfer. After we verify your information, we send you an e-transfer with your payday loan right to your email address for you to deposit into your bank account.
Keeping Your Debit Card Safe
Your debit card gives direct access to your money. Keeping it secure matters:
- Never share your PIN with anyone
- Cover the keypad when entering your PIN in public
- Check your account statements often for charges you do not recognize
- Report a lost or stolen card to your bank right away
- Set up account alerts to track transactions
Debit Cards and Payday Loan Applications
To apply for a Speedy Cash payday loan, you need an active chequing account. Your debit card is linked to that account and plays a role in how funds get delivered to you.
When you apply, you will need:
- One piece of Government Picture ID
- Pre-Authorized Debit Form (PAD)
- 30-60 Day Bank Statement
- Proof of Address
- Your most recent Pay Stub (if your income is not Direct Deposit)
Eligibility and products vary by province.
Summary
A debit card gives you direct access to the money in your chequing account. It is not a credit product and does not affect your credit score. To apply for a Speedy Cash payday loan, you need an active chequing account. Instant debit card funding and E-transfer is available in Canada. Eligibility and products vary by province.
If you’re ready to explore your borrowing options, start your application online or visit a Speedy Cash store near you.