Simplii Financial Debit Card

Simplii Financial Debit Card is Best for

• People who like to manage their finances online;
• Those who prefer using mobile wallets;
• People who want cashback on a debit card;
• People who want all the benefits of digital banking.

What Are the Advantages

Here are the most noteworthy benefits that come with the Simplii Financial Debit Card.

Easy application and fast approvals

Simplii Financial makes applying for a debit card simple and easy. The online application wizard will take you through the entire process. The approvals are also fast (up to 2 business days) so that you can start using your card as soon as possible. Foreign citizens are allowed to apply as well. They only need their passport and a recent photo to submit an app.

No monthly fee

Simplii Financial Debit Card comes with a free chequing account. Cardholders don’t have to spend anything to keep the account open and the card active. Given that many debit cards come with a fee, using one with no monthly fee can save you a lot of money in the long run, and you can use the card to develop good financial habits¹.

Excellent digital experience

Simplii Financial is a bank that exclusively focuses on providing online banking services. The Simplii debit card is an extension of the bank’s philosophy. It means that you use the card to streamline online purchases. However, there are no restrictions for in-shop purchases, and you can use it to make payments offline too.

2% cashback

If you are looking for a debit card with cashback rewards, you will find this card satisfying. You will get 2% back from all your purchases. The cashback accumulates in your account, and you can claim the funds with each new month.

Great ATM network support

Simplii Financial is owned by CIBC. That’s great news for cardholders interested in making ATM withdrawals. CICB has one of the largest ATM networks in Canada, with over 3,400 ATMs. It means no extra fee when withdrawing cash.

Unlimited transactions

Many banks and card issuers have monthly transaction limits in place. With this debit card, that’s not the case. You will be able to use your card whenever you want without worrying about reaching your monthly limit. The transactions are also completely free for all your debit purchases.

$250 tap limit

While discussing limits, you should know that card issuers also impose tap limits² on cardholders. Simplii Financial has a beneficial tap limit of $250. It means that you can use your debit card to make purchases up to $250 at a time.

Promotions

Simplii Financial has excellent promotional deals. New cardholders can often earn free cash after making three direct deposits. These promotions often come with expiration dates, and you will have to stay tuned to the bank’s official website to learn when to earn the rewards.

Does It Have Any Disadvantages?

There are a couple of disadvantages to owning and using this debit card. Let’s start with the overdraft fee. Unlimited and free transactions are a great perk, but you have to be careful not to spend more than you have. If you spend more money than there is in your account, you will trigger the overdraft fees.

An overdraft fee of $4.97 will apply for every month your account is in the negative. Simplii Financial bank looks at the amount you are in overdraft as a personal loan. It means that you will be charged an additional 19% interest on top of your overdraft fee. Keep your account in the positives to prevent incurring these fees.

Furthermore, if you use your debit card to withdraw cash from an ATM outside of the CIBC network, you will be charged an extra fee of up to $3. It can accumulate to a substantial amount if you keep withdrawing cash from non-CIBC ATMs.

What Makes Simplii Financial Debit Card Different

There are a couple of things that make this debit card unique. First of all, it’s insured by CIBC, one of Canada’s major banks. It means that it is a trustworthy and reliable debit card to use for purchases.

Cardholders can use Simplii Financial Mobile Banking App to streamline their purchases and manage their finances on the go. The app is really easy to use and works on most smartphones and tablets. Cardholders are also allowed to manage their accounts through a web browser.

One of the most interesting things about this debit card is that you can apply for it and get it even if you don’t have Canadian citizenship. You can even make the first transaction from an account in your name while you are outside of Canada. When applying for the card, foreign citizens must submit a recent photo and passport.

Finally, if you decide to apply and use this card, the bank will not enforce a minimum balance on you. It can help you have more freedom with your cash.

Similar Offers and Alternatives

• National Bank MC1 Mastercard – no annual fee, no income required, and easy to get approved for
• National Bank World Mastercard – travel insurance, attractive rewards, concierge service, and purchase protection
• Jeton Visa Debit Card – virtual and physical cards to access your money no matter where you are. Low transactions fee works worldwide
• KOHO Prepaid Mastercard – free card with rewards, optional credit builder tools, and high APY

Bottom Line

Simplii debit card is an excellent starter card for Canadians and foreign citizens planning to start living in Canada. Bear in mind that this card is not a credit card³. Although issued by Simplii Financial, the card is insured by CIBC, which owns one of the largest ATM networks in the country.

Besides unlimited and free transactions, cardholders will be able to withdraw their cash from CIBC ATMs without paying a fee. There is also no minimum balance requirement. The smartphone app with built-in notifications is very useful and can help you track and manage your finances more efficiently.

However, this debit card doesn’t offer some extra perks that you can find in other debit cards. Given the simple application process and high approval rates, it’s logical to see no attractive perks in this card. That’s why it’s considered a starter debit card, and once you get your finances in order, you should consider applying for credit cards that offer more perks.

Frequently Asked Questions

Reference Index

1. Seven Better Money Habits For Long-Term Financial Freedom. Forbes
2. Credit and debit card “tap to pay” limits are now higher. MoneySence
3. Debit Cards vs Credit Cards. MarketProSecure