Wealthsimple’s prepaid card switches to Visa: How to pay at Costco Canada
Wealthsimple is replacing its prepaid Mastercard with Visa. Here’s how to pay at Costco Canada, which Mastercards to compare and how to switch your card.

Wealthsimple is replacing its prepaid Mastercard with the Wealthsimple prepaid Visa in phases. The new Visa works on Costco.ca, but Canadian Costco warehouses won’t accept it at the register. The customer notice we reviewed gives January 12, 2027 as its deadline. Wealthsimple gives customers 60 days from their invitation, so check your own notice before relying on the old card for your next Costco run.
Where does the Wealthsimple prepaid Visa work at Costco Canada?
Use the Wealthsimple prepaid Visa to pay directly on Costco.ca. At a Canadian warehouse register, bring an accepted Mastercard, an Interac debit card, a Costco Shop Card or cash. Costco gas stations accept physical Shop Cards and eligible payment cards. They decline cash and digital Shop Cards. Costco Canada’s accepted payment methods.
| Costco Canada location | Wealthsimple prepaid Visa | Other payment options |
|---|---|---|
| Canadian Costco warehouse | Declined at the register | Mastercard, Interac debit, cash or Costco Shop Card |
| Costco.ca | Accepted | Mastercard or Costco Shop Card |
| Canadian Costco gas station | Bring another payment method | Mastercard, eligible debit card or physical Costco Shop Card |
Buy a Costco Shop Card with your Wealthsimple Visa
Costco members can buy a Shop Card on Costco.ca with the prepaid Visa and spend the balance in a warehouse. Costco offers amounts from $50 to $2,000. Buy enough for a typical trip if you want to avoid tying up more money than you need. If you’re deciding whether to order your items directly, compare the online price and delivery fees with the warehouse price. Costco Shop Card purchase rules.
For regular trips, carrying a Mastercard you already have saves you the extra step of buying Shop Cards. Interac debit or cash works for a one-off visit. If you withdraw cash with your Wealthsimple Visa, eligible ATM operator fees are refunded under its ATM reimbursement policy. See our guide to using a Visa at Costco for more options.
Which Mastercards are worth comparing for Costco?
For the checkout lane, compare the rate on eligible warehouse purchases. Gas and Costco.ca fall into separate spending categories. We checked the following rates and conditions on November 13, 2026.
- For Costco gas, the CIBC Costco Mastercard has no annual card fee and requires an active Costco membership. It earns 1% on eligible warehouse purchases. The 3% Costco gas rate applies within a $5,000 annual cap shared with other eligible gas and EV charging purchases, then drops to 1%. CIBC issues the cash back as a yearly certificate. CIBC card terms.
- For warehouse spending, the no-annual-fee Rogers Red World Elite Mastercard earns 2% on eligible Canadian-dollar purchases with a qualifying service, or 1.5% otherwise. The stated minimum annual income is $80,000 personal or $150,000 household. Rogers Bank card terms.
- For a prepaid replacement, the EQ Bank Card is a reloadable Mastercard that earns 0.5% on eligible purchases. It suits shoppers who want to spend only the money they load. EQ Bank Card fees and features.
At CA$500 a month in eligible warehouse purchases, the annual cash back is:
| Cash back rate | Annual cash back |
|---|---|
| 1% | CA$60 |
| 1.5% | CA$90 |
| 2% | CA$120 |
The example assumes the same spending for 12 months and excludes interest charges. Interest can eat up those rewards if you carry a balance. See our Costco credit card comparison, warehouse savings tips and Costco membership guide.
When and how do you switch to the Wealthsimple prepaid Visa?
When the banner appears in your chequing account, select Get your new card, choose the account to link and accept the Visa agreement. The virtual card is available immediately. If you order the physical card, Wealthsimple says delivery can take up to 20 business days. Check your deadline before counting on the old Mastercard while you wait.

Once your Visa is ready, update card details with merchants and in your digital wallet. To see which recurring payments are affected, check whether the merchant charges your card number or debits your chequing account directly. Wealthsimple’s transition guide.
What do the Wealthsimple Visa Infinite+ and Visa Infinite Privilege credit cards offer?
Wealthsimple also offers the Visa Infinite+ and Visa Infinite Privilege credit cards. Both earn unlimited 2% cash back on eligible purchases and waive Wealthsimple’s foreign transaction surcharge. Both include travel insurance subject to the certificate. Quebec cardholders must opt in to certain coverages. Visa Infinite Privilege adds Visa Airport Companion lounge access and collision and damage coverage for eligible rental cars. Both credit cards work on Costco.ca. Bring another payment method to Canadian Costco warehouses. Wealthsimple’s official benefits and insurance comparison.
Exclusive welcome offer by invitation. Eligible new clients who have never held a Wealthsimple credit card must be approved within 30 days of their invitation. The Visa Infinite+ and Infinite Privilege earn 5% total cash back (2% base plus a 3% boost) on the first CA$10,000 in eligible net purchases during the 35 days after approval, for up to CA$500 in total cash back. Gift card purchases, including Costco Shop Cards, are excluded. Keep the card open and active for 180 days after the boosted period. Wealthsimple’s official offer terms.
| Eligible net purchases | Base cash back (2%) | Boost (3%) | Total cash back (5%) |
|---|---|---|---|
| CA$1,000 | CA$20 | CA$30 | CA$50 |
| CA$5,000 | CA$100 | CA$150 | CA$250 |
| CA$10,000 | CA$200 | CA$300 | CA$500 |
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Frequently asked questions
Does the Wealthsimple prepaid Visa work at Canadian Costco warehouses?
Canadian Costco warehouses decline the Wealthsimple prepaid Visa at the register. Costco.ca accepts it directly. You can buy a Costco Shop Card online and spend its balance at a warehouse.
Can I use the Wealthsimple Visa through Apple Pay at Costco?
Apple Pay uses the card you select. At a Canadian Costco warehouse, choose an eligible Mastercard or debit card in your wallet.
Can I use a digital Costco Shop Card for gas?
Costco gas stations in Canada accept physical Costco Shop Cards. You can also pay with an eligible Mastercard or debit card.
Do I need the CIBC Costco Mastercard to shop in a warehouse?
Canadian Costco warehouses accept other compatible Mastercards, including prepaid and credit cards. You can also use Interac debit or cash at warehouse registers.
When will my Wealthsimple prepaid Mastercard stop working?
Your deadline is 60 days after your Wealthsimple invitation. The Mastercard may stop working when you switch, depending on the option you choose. If you order the physical Visa, Wealthsimple says you can keep using the Mastercard until you activate the physical card, subject to your deadline.
Does Wealthsimple charge a fee to switch to Visa?
Wealthsimple makes the change free of charge. The prepaid Visa draws on your Wealthsimple chequing balance.
Will Wealthsimple charge foreign exchange fees after switching to Visa?
Wealthsimple continues to waive its foreign transaction surcharge. Visa applies its currency conversion rate. Merchants or ATMs can charge their own fees if you select their conversion service.
What if my old Wealthsimple Mastercard was already deactivated?
Request a prepaid Visa from your Wealthsimple chequing account. Wealthsimple will permanently deactivate the Mastercard if you miss the deadline. Request a prepaid Visa.






