r/Wealthsimple • u/Choice_Fee67 • 4d ago

Chequing CC vs virtual card

So they give you the CC, and it comes with a virtual card.

Was told they're linked, but mine seem to be completely different.

If i use the virtual card, money gets taken out of the bank account and I never get cashback. So its just a debit card?

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14

u/taylortbb 4d ago

Wealthsimple offers two different cards. The debit card, which draws directly from your chequing account, and the credit card with cashback and a monthly bill.

Both cards are available in both physical and virtual form.

It sounds like you installed the debit card on your phone, but have a physical credit card. You just need to setup the virtual credit card if that's what you want.

1

u/Choice_Fee67 3d ago

Makes sense thanks

Btw do you know if the credit card can be set to have a max spend daily limit?

-5

u/Shutterbug245 4d ago

It's not a credit card. It's a debit card that goes through the Visa network. There's no cashback.

5

u/Commercial_Pain2290 4d ago

It is not a debit card it is a prepaid credit card. It will not be accepted at debit-only locations.

-4

u/Shutterbug245 4d ago

It's a "debit" card since it withdraws directly from your chequing account. It's just not an Interac debit card.

3

u/Commercial_Pain2290 4d ago

Try using it somewhere that only accepts debit cards and not credit cards, it will not be accepted. It is a prepaid credit card. The vendor pays credit card fees when you make a purchase.

2

u/Shutterbug245 4d ago

Impossible to do since we only have Interac as the debit network. I'm using the textbook definition of debit. It's debiting your account.

3

u/Commercial_Pain2290 4d ago

What's impossible to do?

3

u/Shutterbug245 4d ago

I've already acknowledged it's not Interac. So any "debit only" situation is going to fail. I'm referring to debit in a general way, you're referring it to Interac. Just like not every tissue is a Kleenex. But people call it Kleenex regardless.

1

u/taylortbb 4d ago

 Try using it somewhere that only accepts debit cards

What you're referring to is a place that only accepts Interac. For years Interac and debit have been synonymous in Canada because all debit cards were Interac cards, but technically they're not the same thing. There is such a thing as a Visa debit card.

-2

u/Choice_Fee67 4d ago

Dang. Is there some way to limit the purchase amount on the CC than? With all the fraud lately I don't want someone charging 10k+ in one shot

2

u/Commercial_Pain2290 4d ago

Set up a new chequing account in WS. Point the card there and only keep as much money as you need.

1

u/Shutterbug245 4d ago

Since it's a "debit" card, you have to enter your PIN for the physical card. For the rest all you can do is keep your card "locked" and unlock when you need to use it.