Sunita Somvanshi
Toronto-based fintech Wealthsimple announced on September 10 that it is replacing its prepaid Mastercard with a Visa Platinum Prepaid card, bringing faster ATM fee refunds, expanded spending controls, and removed tap limits—but with a notable restriction for Costco customers shopping in Canadian warehouses.
The transition is rolling out in phases, with customers receiving email or app notifications as the switch becomes available for their account. Updates are not required until customers receive their notification; those who haven’t been notified yet can wait for their turn. The transition is free, though card numbers will change, requiring customers to update subscriptions, saved online payments, and digital wallets.
The new Visa card retains the existing no foreign exchange fee benefit. ATM fee reimbursements become nearly instant, compared to previous processing times. The card’s previous $250 tap limit is removed, though merchants may still impose their own limits. Customers gain new controls allowing them to restrict spending by amount and merchant type.
For Apple ecosystem users, Wealthsimple is directing iPhone customers to update the app through the App Store before accepting the new card agreement. A virtual Visa is issued immediately after signing the agreement; eligible customers will receive a physical card automatically and can add it to Apple Pay.
The catch for Costco shoppers: the new Visa will not work inside Canadian Costco warehouses. However, the card will continue to function on Costco.ca, and customers can use it online to purchase a Costco Shop Card for in-warehouse use.
Wealthsimple recommended that customers complete the transition before their notified deadline, at which point their old Mastercard will be locked.
