Wealthsimple Is Replacing Its Mastercard, With a Catch for Costco Shoppers

Toronto-based fintech Wealthsimple is replacing its prepaid Mastercard with a Visa Platinum Prepaid card, bringing faster ATM fee refunds and new spending controls. But there’s a catch for Costco shoppers: the new card won’t work inside Canadian warehouses.

The change is rolling out in phases, according to Wealthsimple’s updated support page today. Customers will receive an email or app notification when it’s their turn. If you haven’t been notified, no action is needed yet.

The Visa card keeps the existing no foreign exchange fee benefit. Also, ATM fee reimbursements become nearly instant, while the card’s $250 tap limit is removed (but merchants may still set their own limits).

Customers also gain controls to limit spending by amount, merchant and more.

For iPhone users, Wealthsimple says to update its app through the App Store before accepting the new card agreement. A virtual Visa is issued immediately after signing and eligible customers will receive a physical card automatically. The new card of course will support Apple Pay.

The switch is free, but card numbers are changing. So this means customers will need to update subscriptions, saved online payments and digital wallets.

The new Visa will still work on Costco.ca and customers can also use it online to buy a Costco Shop Card for use in Canadian warehouses.

Wealthsimple says customers should complete the switch before their notified deadline, when their old Mastercard will be locked.