In this article:
Overview
We're moving all Wealthsimple prepaid Mastercards to Visa. This is mainly a behind-the-scenes change: your day-to-day spending stays the same, and a few new features become available. Your ATM fee reimbursements and no foreign exchange fees stay exactly the same.
How the switch works
You'll get an email and/or push notification with advance notice before your switch date. When you're ready:
- Open the Wealthsimple app
- Navigate to your spendable chequing account
- Tap Get your new card
- Review what's new and what's staying the same
- Tap Get your new card again
- Select which chequing account you want it connected to
- Tap Continue
- Accept your new Visa cardholder agreement
- Tap Sign agreements
- Update any saved payment details with your new card information
Once you accept:
- Your new virtual Visa card is issued right away
- Your old Mastercard is locked for new purchases
- Any transactions already pending on your Mastercard still settle normally
- If you actively spend using your physical card, a physical Visa card is mailed to you automatically
If you're getting a physical Visa card, your Mastercard stays active until you activate your new physical card, so there's no gap in coverage. If you're only getting a virtual card, your Mastercard is deactivated as soon as you accept your new agreement.
What's changing
Compare the prepaid Mastercard to the Wealthsimple Visa Platinum Prepaid Card:
| Feature | Prepaid Mastercard | Prepaid Visa card |
|---|---|---|
| Free ATM withdrawals | Up to 2 business days for reimbursement | Near instant reimbursement |
| No FX fees | Yes | Yes |
| Tap limit | $250 | No tap limit (merchants may set their own limits) |
| Costco Canada | Accepted | Not accepted in-warehouse, can be used online |
| Virtual and physical card numbers | Two different numbers | Same number; CVV changes once you activate your physical card |
| Spend Controls | Not available | Set rules to limit spend by amount, merchant, and more |
| Switching your spending account | Switch a single card between chequing accounts | Request a separate card for any chequing account you hold |
Frequently asked questions
Why is my Wealthsimple prepaid card changing from Mastercard to Visa?
We're moving all prepaid cards to Visa. This sets us up to bring you new features that weren't possible before. Your ATM fee reimbursements and no foreign exchange fees stay exactly the same.
Will I get a new physical card?
It depends on your account activity. If you've made purchases in the last 6 months, a new physical Visa card is mailed to you automatically. If you haven't used your card recently, you'll get a virtual card right away, and you can request a physical card through the app.
What do I need to do to get my new card?
You'll get an email letting you know it's time to make the switch. Open the Wealthsimple app, accept the new Visa cardholder agreement, and your new virtual Visa card will be issued right away. If you have a physical card on the way, it will arrive by mail.
Will my card still work everywhere?
Your new prepaid Visa card is accepted at millions of locations worldwide.
Can I still use my card at Costco?
No. Costco Canada accepts Mastercard only in-warehouse, so your new prepaid Visa card won't be accepted there.
How can I still shop at Costco with my new Visa card?
You can buy a Costco Shop Card on Costco.ca with your Visa card and use it in-warehouse, or withdraw cash at an ATM, we reimburse ATM fees globally, and pay with cash.
What happens to my old Mastercard?
Once you complete the switch, your old Mastercard is locked for new purchases. Any transactions already in progress will still settle normally. After your Mastercard is locked, use your new Visa card for all purchases.
Will my old card stop working if I don't switch?
Yes. Your Mastercard will be locked on a set date whether or not you've completed the switch. We'll send you reminders as that date approaches, so you have time to accept your new card in the app.
Do I need to update my saved payment details?
Yes. If you have your prepaid card saved anywhere, such as a subscription service, online store, or digital wallet, update those with your new Visa card details after you complete the switch.
Is my card number changing?
Yes. Your new Visa card has a new card number, expiry date, and CVV. Your old Mastercard details won't be valid once the switch is complete, so update any saved payment details.
Are there any fees for switching to Visa?
No. There are no fees to make the switch.
Can I still switch my spending account for the card?
No. Instead, there's now one card per chequing account, so the spending account no longer needs to be switched. A virtual card is issued right away, and you can choose to order a physical card for each account.
Will my virtual and physical cards have the same details?
Yes. Unlike the Mastercard, where the virtual and physical cards had different details, your Visa virtual and physical cards share the same card information. When you request a replacement, both your virtual and physical card are reissued together.
Can I add a supplementary card?
For individual accounts, there can only be one card. For joint accounts, each account holder gets one card, with the option to also get a physical version.
How do I tell my prepaid Visa cards apart if I have one for each chequing account?
Since each prepaid Visa card is linked to only one chequing account, you can check the last four digits of the physical card with the card details in your chequing account:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap the card image
- Compare the last 4 digits of both cards to confirm which card is linked to the chequing account
I got a refund to my prepaid Mastercard, will it go through?
Yes. Refunds are credited to your Wealthsimple chequing account linked to the prepaid Mastercard.
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