Switching from Visa to Mastercard
As of October 2022, Wealthsimple stopped issuing Visa cards to clients. Instead, all Wealthsimple Cash Cards going forward will be affiliated with Mastercard.
As an existing Wealthsimple Visa Cash Card holder, you will need to switch your card over to Mastercard by March 22, 2023. After March 22, 2023, your Visa Cash Card will automatically be cancelled. Wealthsimple will then automatically send you a new Mastercard Cash Card.
You will receive an invitation to switch over to Mastercard by November 2022. Once you receive this invitation, you can follow the prompts from the notification to request your new card.
If you dismiss your invitation notification, you will also be able to follow these instructions to update your Cash Card to Mastercard:
- Log in to your Wealthsimple mobile app
- Tap the Card icon at the bottom of your screen
- Select Update my card
- Follow the prompts to update your card
Your virtual Cash Card
Your virtual Cash Card will also be switching from Visa to Mastercard. This will happen automatically.
Changes in product offerings
Direct deposit and pre-authorized debit
You can set up a direct deposit or pre-authorized debit with your Cash account. Direct deposits allow employers and other entities to deposit funds directly into your account. This happens in place of sending you a physical cheque. As funds from a direct deposit enter your account directly from the sender, they are available to send, spend, or invest instantly.
New interest rates
You will automatically earn 1% interest on any cash balance that you hold in your Cash account. This is in addition to the rewards you can earn on payments made with your Cash card.
You can also increase your interest rate to 3% if you set up a direct deposit of $500 or more to your Cash account.
Frequently asked questions
How can I activate my new card?
You can activate your new Cash Card by following these steps.
I still use the Visa Wealthsimple Card, is that okay?
You can continue to use your Visa Wealthsimple Card until March 22, 2023.
Will spending/sending limits be different with the switch to Mastercard?
No, spending and sending limits will remain the same. You can learn more about spending limits here.
Will my card number stay the same?
No, when you receive your new Wealthsimple Card, your card number will be updated. Your virtual card number will also change.
Please sign in to leave a comment.