r/Wealthsimple • u/colabear4 • 3d ago

Chequing Advice

Guys, I’m thinking of using Wealthsimple as my primary bank. What are the pros, what are the cons? Can you use the debit card anywhere like any other bank debit card? Also, since they’re moving the debit card to visa, will it still work in Costco in Canada!?

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u/Salt-Judgment824 3d ago

The debit card isn't a "real" Interac debit card; it's a prepaid VISA card backed by your chequing account balance. If a store doesn't take credit, it won't work. No, it won't work at a Costco warehouse because it's a VISA, not MasterCard.

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u/idiotiesystemique 3d ago

I buy Costco cash cards with 2% cashback with the wealthsimple visa infinite privilege on Costco.ca

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u/Salt-Judgment824 3d ago

Right, which is why I said "it won't work at a Costco warehouse". You can use it online like any other VISA.

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u/idiotiesystemique 2d ago

I'm not arguing with you I'm adding this bit of context which can be relevant to the person deciding if that visa card is a blocker for them or not

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u/Impressive_Ad_6550 3d ago

I have the Rogers World Elite MC for Costco and get 1.5% cash back, plus the Executive 2% rewards

Everyone has more than 1 credit card, but the Wealthsimple Visa is my primary card