Oct 2, 2026
If you’ve gone all-in using Wealthsimple for your everyday banking, your next trip to Costco could result in an awkward moment at the cash register.
Wealthsimple is a Toronto-based financial technology (fintech) company that offers investing, tax and chequing accounts, as well as a prepaid credit card. It just announced that all of its prepaid Mastercards will be moved to the Wealthsimple Visa Platinum Prepaid card. The company describes it as mainly a behind-the-scenes change, and for most purchases, this will cause no issues.
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But there’s one notable exception. Because Costco Canada accepts only Mastercard in-warehouse, the new Visa will not work there, and there’s no way to fix this issue at the till.
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The switch will be rolled out in phases, and it comes with a hard cutoff date. Here’s what’s changing, who will be impacted and how to keep your grocery budget — and your subscriptions — on track.
What’s actually changing with your Wealthsimple card?
For day-to-day spending, there is little disruption. According to Wealthsimple’s help centre, the Visa keeps two features you already have: ATM fee reimbursements and no foreign exchange (FX) fees. It will also include a few upgrades that are worth highlighting:
- ATM fee refunds arrive almost instantly, instead of the previous two business day turnaround
- The $250 tap limit will disappear — although merchants can still set their own
- New spend controls allow you to limit spending by dollar amount, merchant and more
- You can request a separate card for each chequing account you hold with the company
The switch is completely free — but your card number, expiry date and CVV will all change when you receive the new card. This is important if you have any recurring fees, such as monthly or yearly subscriptions, tied to your old card.
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Why is Costco the catch?
Most retailers accept both Visa and Mastercard, but Costco’s Canadian warehouses are a notable outlier. Wealthsimple confirms its prepaid Visa will be declined in-warehouse, though it still works on Costco.ca.
For many cardholders with a membership to the retail giant, this will be a minor inconvenience. The people who will feel it the most are those who have closed their account at one of the Big Six banks in favour of Wealthsimple.
What happens if you ignore the switch?
You’ll receive an email or push notification before your switch date — until then, no action is required.
However, waiting it out isn’t an option, as your Mastercard will be locked on the set date whether or not you’ve completed the necessary switch.
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A few other details worth noting about how the transition will pan out:
- Physical card: If you’ve made purchases in the last six months, a physical Visa will be mailed to you automatically.
- Virtual card only: If you opted for a virtual card instead, your Mastercard will be deactivated as soon as you accept the new agreement.
- Pending transactions and refunds: These will still go through, with refunds being credited to your linked chequing account.
- Saved payment details: Any subscription, online store or digital wallet with your old card on file will need the information provided on your new Visa card, or else those payments could fail.
- Web-only clients: If you’ve opted not to use the app, you can’t migrate just yet.
How can you still pay at Costco?
Wealthsimple suggests three workarounds:
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Buy a Costco Shop Card online: You can use your new Visa to buy a Costco Shop Card online, which can be used at physical retail locations. However, this does add a step, so be sure to plan ahead of your trip.
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Use ATM cash: You can withdraw cash with your card, which Wealthsimple will reimburse. Keep in mind that ATM withdrawals are capped at $3,000 a day.
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Carry a backup Mastercard: For those who frequent Costco, it may be worth it to keep a Mastercard from another financial institution in your wallet.
For most Wealthsimple users, the Visa is a modest upgrade with some appealing new perks. The real question is whether one fintech card will be able to cover all of your spending needs.
If you only visit Costco now and then, an online Shop Card or a fee-free ATM stop is a minor inconvenience. If a trip to the warehouse is a weekly habit, keeping a second way to pay may save you more hassle than it costs.
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Writer and editor based in Toronto with experience in personal finance, insurance, arts and culture and branded content.
