Wealthsimple Prepaid Card Switches from Mastercard to Visa

Wealthsimple is moving its prepaid card from Mastercard to Visa, but for most cardholders, not much is changing.

The new Wealthsimple Visa Platinum Prepaid Card is rolling out in phases, so if you're a Wealthsimple Prepaid Mastercard cardholder, you'll get an email or push notification when it's your turn.

The biggest upgrades are faster ATM reimbursements, no preset tap limit, and new spending controls. The main downside? You won't be able to use the new Visa card in Costco Canada warehouses (but it can be used to shop Costco online).

What changes with the Wealthsimple prepaid Visa?

Wealthsimple's switch to Visa adds a few helpful features.

ATM fee reimbursements will be nearly instant, which is a big improvement from the 2-business-day timeline from before.

Plus, Wealthsimple is eliminating the $250 tap limit (but keep in mind that merchants can set their own limits if they want).

Wealthsimple is also adding Spend Controls, letting you limit spending by amount, merchant, and more.

However, as mentioned above, you can't use Visa cards in Costco warehouses, so if this was your go-to, it's time to find a new Costco credit card.

You will get a new card number, expiry date, and CVV, though, so you'll need to update subscriptions, online stores, and digital wallets. Your virtual and physical Visa cards will share a card number, and you'll be able to request a separate card for each of your chequing accounts.

What stays the same?

The Wealthsimple Visa Platinum Prepaid Card remains one of Canada's best prepaid cards. It still has no foreign exchange fees, and Wealthsimple will continue reimbursing eligible ATM fees.

Other than losing in-store acceptance at Costco, there really isn't any downside to Wealthsimple's changes.

In case you missed it: In September 2025, Wealthsimple removed cash back from the prepaid card. So if you previously used this card to earn rewards while shopping abroad, you should check out the EQ Bank Card instead. This prepaid card also avoids foreign exchange fees, but you'll earn cash back on purchases.

Your switch from Mastercard to Visa

It only takes a few quick and easy steps to activate this change.

Once Wealthsimple notifies you, open the app, choose Get your new card, and accept the new Visa cardholder agreement.

Your virtual Visa will be issued immediately, and if you're someone who actively uses a physical card, Wealthsimple will mail you a new one.

Don't worry – your Mastercard will stay active until you receive and activate the new Visa.

If you only use a virtual card, the Mastercard will deactivate as soon as you accept the new agreement.

What if you don't switch? Your Mastercard will eventually be locked, and you won't be able to use it anymore.

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FAQ

Why is Wealthsimple switching from Mastercard to Visa?

Wealthsimple is moving its prepaid card from Mastercard to Visa to add new features, including faster ATM fee reimbursements, Spend Controls, higher tap flexibility, and separate cards for different chequing accounts.

Will my prepaid Wealthsimple Visa card have foreign exchange fees?

No. The new Wealthsimple prepaid Visa keeps the same no-foreign-exchange-fee benefit as the prepaid Mastercard. Eligible ATM fee reimbursements also remain, but they should now happen near instantly instead of taking up to two business days.

Can I use the new Wealthsimple Visa at Costco?

Not inside Costco Canada warehouses. Costco only accepts Mastercard for in-warehouse credit card purchases, so the Wealthsimple Visa won't work there. You can still use it on Costco.ca or buy a Costco Shop Card online.

Do I need to update my saved payment information?

Yes. Your new Wealthsimple Visa will have a different card number, expiry date, and CVV. You'll need to update any subscriptions, online retailers, digital wallets, or other services where your old card details are saved.

Will I automatically get a new physical Wealthsimple Visa?

If you've used your physical card within the last six months, a new physical Visa will be mailed automatically. Otherwise, you'll receive a virtual card immediately and can request a physical card through the app.

What happens if I don't switch to the new Wealthsimple Visa?

Your current prepaid Mastercard will eventually be locked even if you don't complete the switch. Wealthsimple will send reminders before the deadline, giving you time to accept the new agreement.