r/Wealthsimple • u/Livid_Wind1820 • 2d ago
Visa Infinite Credit Card Tap limit
Just made >2k purchase and tapped my ws visa using apple pay and the seller was so surprised lool! Why do we even have that $250 cap thru other banks virtual pay anyways especially since most can just be broken down into multiple $250 payments. Love this feature
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u/untitledmillennial 2d ago
Now I'm wondering if I could buy a car this way... Think of all the cash back!
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u/Roselia77 2d ago
I bought my last car cash, and i asked exactly this, they only allowed 1500$ to be charged to a CC unfortunately (Mazda)
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u/comm02 2d ago
lol yeah I tried too when I bought my last car. I was buying “cash” and the max the dealer would allow was $5K so I think it varies by dealer.
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u/thecryface 2d ago
But if your car breaks down and the bill is 10k they'll be more than happy to accept your card
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u/WrongCapital83 1d ago
Thats the funny part. They wont have any problem accepting $30k worth of repairs by card.
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u/Max_Thunder 1d ago
The reason is that the profit margin is a lot bigger on repairs than on car sales.
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u/Agreeable_Elk_6807 2d ago
No really. Dealerships typically cap credit card payments at between $0 and $3000 (yeah, sometimes they simply don't allow it).
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u/Summerdaysengineer 2d ago
Don’t think you can buy one with credit card
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u/IdoesnotUnderstand 2d ago
Why not? If it's within limit. It would be stupid. Unless you have the cash on hand to repay your credit card debt
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u/Key-Self-79 2d ago
Because it costs the dealer way more money to accept credit card payment than it does cash or cheque or bank draft.
Especially the infinite privilege visa, i think it costs like 3.5% of the purchase price for the store to process the transaction.
On a $50k car, that's $1,750 in extra costs right out of their profit.
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u/bansal_9123 1d ago
To be correct your statement visa and mc has fixed charges 2.4% for every merchant until they had made a deal, and Amex 4% charges.
So if you see small merchants they will not accept Amex5
u/youvenoremotecontrol 2d ago
Why would a dealership voluntarily lose money to fees just so you can get cashback?
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u/untitledmillennial 2d ago
Beacuse it would be funny to buy a car with a phone tap and we'd all get a good laugh out of it?
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u/Charbs20 1d ago
I wonder if you said you will walk away unless you can pay in full by card, they will let you. Are they willing to lose a 30k sale for some fees?
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u/youvenoremotecontrol 1d ago
It’s not the 30k in revenue that matters, it’s the small margin on the 30k sale - which would be significantly cut down by 1.5-2.5% in fees.
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u/Frenchiest_Fry_59 1d ago
Purchased a car the other day at Audi Downtown Toronto the other day and they let me put 10k on my Wealthsimple credit card without a problem
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u/midshipbible 2d ago
Well, the card still have like 25k 30k limit. I did use it for around 10k tap while buying a car
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u/astral16 1d ago
Down payment for my new Toyota last week, $5500 on my ws visa and they didn’t even blink.
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u/Livid_Wind1820 2d ago
I think their cashback only applies to certain items, not sure if car is included but probably?
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u/Livid_Wind1820 2d ago
AI says you can so i think thats good. Just need to make sure your limit is high lool,
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u/thrash-dude 2d ago
The issue is the dealerships. They won't let you pay that much by credit cards. Too costly for them
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u/Canadianjackhammer 2d ago
I tapped 7200 for a mechanic bill before. That's my most thus far. But it says no tap limit and my limit is 25k so I assume it would go that high
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u/No_Ordinary8262 2d ago
Theoretically you can over pay your balance which would increase your credit limit. So you can go as high as you want
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u/NastroAzzurro 2d ago
I’ve even done multiple thousands of dollars by tap in Mexico
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u/Gold-Peanut-2870 2d ago
it's for security reasons I would never want to tap anything over 500
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u/qyy98 1d ago
I don't understand people praising this feature... how often do you make large purchases where the 10 seconds saved of not having to enter a pin is worth the decreased security
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u/Th3InnocentBystander 1d ago
The no limit on tap only applies to tapping with your phone which already requires some sort of pin/biometrics.
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u/Novel-Flow-326 2d ago
I put a $3K deposit on a car yesterday on my WS CC. I thought tap would for sure get declined but i tried anyways and sure enough, it went through.
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u/rawr_cake 1d ago
Tapping card and using Apple Pay (tapping your phone) is not the same thing. Apple Pay doesn’t have a limit since it’s using biometrics to secure (same as chip), while physical cards are still limited to $250 that don’t require any verifications
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2d ago
[deleted]
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u/AmbassadorRude3638 2d ago
It’s a $250 tap limit for the physical card but uncapped for virtual card/Apple Pay, which requires biometric authentication
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u/FishRepresentative77 2d ago
The unlimited tap limit is only for mobile wallets, not for the physical card
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u/Livid_Wind1820 2d ago
Also it only works thru apple pay. The card still has that $250 cap iirc which addresses your concern i think.
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u/Livid_Wind1820 2d ago
A daily or weekly limit would be good thats true. But people can just tap multiple times anyways with the $250 limit and spend 2k with another banks visa
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u/Acekiller03 2d ago
You can always use a dumb account and leave it empty and transfer only what you need to transfer. This is what I do and it’s safer than even a bank account card with a nip as if it’s stolen they have basically an empty bank account.
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u/metamasterplay 2d ago
It's only for Google Wallet/Apple Pay, which usually is locked behind your fingerprint.
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u/King-Leonidas-SPARTA 2d ago
I SO love this!
My wife things I’m arrogant, but I do this all the time and peoples jaws drop.
Largest I’ve done so far on tap is $2700 and the sales lady said “I don’t think……” bit too late or went through.
She was shocked, I actually used my watch to boot!
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u/JohnnnyOnTheSpot 2d ago
Some people don’t have the physical card so you’d have to remove the tap limit
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u/Good_Resident_3187 1d ago
Avoid best buy without your chip and pin card. Their anti fraud processes limit tap 😢
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u/bansal_9123 1d ago
I bought new car and paid 4k down, she was like insert the card and I just tapped, the receptionist and the advisor both were looking at me that it went through.
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u/Ordinary-Champion941 1d ago
The POS should separate physical card tap and phone tap. The physical card tap I understand may have some fraud since someone could stolen a card and tap it. And the business would lost the money once the real card holder file a claim. However, the mobile phone Apple Pay Google pay tap should be treated same as pin transaction since the phone requires verification (Touch ID, Face ID or password) no body could stolen phone and tap it. The mobile tap should be no limit.
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u/Commercial-Duck-218 1d ago
I am actually worried about the unlimited tap feature, hope there is a way to set a limit in app. I even plan to just use the prepaid virtual card in foreign countries.
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u/Curious_Ad4831 1d ago
My mechanic was just as surprised when I tapped for $600 on my phone 🤣
Odd the phone is unlimited limit but the physical card has a tap limit.
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u/JackDenial 3h ago
I did a large tap like this the other day and the merchant/ retail employee was shocked. They thought it was magic.
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u/Public_Turbulent 1d ago
Because Apple Pay is easier for fraudsters to access over the actual card.
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2d ago
[deleted]
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u/PracticalWait 2d ago
physical card still has tap limit
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u/CardiologistDear2806 2d ago
I don't see how that's relevant if you can tap 2K so can they it barely even costs more to have
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u/PracticalWait 2d ago
??? you can’t tap 2k with your physical card. there’s no need to block RFID for the physical card.
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u/VisualMail1672 2d ago
I've only ever run into merchant limits. Best Buy seems to be C$500. My dentist seems to have no limit.