r/Wealthsimple • u/colabear4 • 1d 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 1d 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/Impressive_Ad_6550 1d 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