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.

Black-and-gold Wealthsimple Visa Platinum prepaid card surrounded by three coins

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.

Where to use the Wealthsimple prepaid Visa at Costco Canada
Costco Canada locationWealthsimple prepaid VisaOther payment options
Canadian Costco warehouseDeclined at the registerMastercard, Interac debit, cash or Costco Shop Card
Costco.caAcceptedMastercard or Costco Shop Card
Canadian Costco gas stationBring another payment methodMastercard, 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.

CIBC Costco Mastercard

3.1 / 5Our rating reflects the opinion of our editors. It is not influenced by the card issuer.
CIBCMastercardCash Back
Annual fee
$0
No annual fee
Welcome offer
No current welcome offer
Apply Now

on CIBC's website

The CIBC Costco Mastercard is a no-annual-fee cash back card, reserved for Costco members and especially rewarding on restaurant meals and gas.

What the card gives you:

  • 3% cash back on restaurant purchases
  • 3% cash back on gas purchased at Costco and 2% at other gas stations, on the first $5,000 in net annual purchases, then 1%
  • 2% cash back at Costco.ca, on the first $8,000 in net annual purchases, then 1%
  • 1% cash back on all other purchases, including those made at Costco
  • No annual fee and free additional cards

The $5,000 and $8,000 limits reset to zero every year on January 1. The annual interest rate is 21.75% on purchases and 22.49% on cash advances. A 2.5% conversion fee applies to foreign currency transactions.

Annual fee

Primary card$0
Additional card$0

Conversion fees

2.5%

Earning rate

  • 3xGas
  • 3xRestaurants
  • 1xAll spending

Value

1st Year Value$414
2nd Year Value$350

Purchase protection

Purchase ProtectionIncluded
Extended Warranty+1 years
Mobile DeviceUp to $1,000 / 1 years

Rogers Red World Elite® Mastercard

4.0 / 5Our rating reflects the opinion of our editors. It is not influenced by the card issuer.
Rogers BankMastercardCash Back
Annual fee
$0
No annual fee
Welcome offer
No current welcome offer
Apply Now

on Rogers Bank's website

The Rogers Red World Elite® Mastercard is one of the best no annual fee cash back credit cards in Canada.

With the Rogers Red World Elite® Mastercard, you get 2% cash back on all your eligible non-U.S. dollar purchases (including at Costco) if you have at least one eligible service with Rogers, Fido, Comwave, or Shaw.

Until May 10, 2027, earn an additional 1% cash back on eligible Chexy payments.

If you don’t have an eligible service, earn 1.5% cash back on all eligible purchases in currencies other than U.S. dollars.

Receive up to 3% cash back on eligible purchases in U.S. dollars (this credit card is therefore particularly suitable for snowbirds).

Furthermore, Rogers customers get 5 Roam Like Home days at no cost, every year, with an eligible Rogers mobile plan.

As the Rogers Red World Elite® Mastercard is a World Elite Mastercard, you receive a complimentary Mastercard Travel Pass membership (powered by DragonPass) providing discounted access to over 1,300 airport lounges worldwide (US$32 per person per visit).

Finally, you’re protected by a wide range of insurance coverages, such as :

  • Extended Warranty and Purchase Protection
  • Rental Car Collision/Damage
  • Out-of-province/country emergency medical care
  • Trip Interruption Insurance
  • Trip Cancellation Insurance

Annual fee

Primary card$0
Additional card$0

Annual income required

Individual$80,000
Household$150,000

Conversion fees

2.5%

Earning rate

  • 1.5xAll spending

Value

1st Year Value$405
2nd Year Value$360

Travel insurance

Travel medical (under 55)Up to $1,000,000 / 10 days
Travel medical (55-64)Up to $1,000,000 / 10 days
Travel medical (65+)Up to $1,000,000 / 3 days
Trip CancellationUp to $1,000
Trip InterruptionIncluded
Flight DelayIncluded

Purchase protection

Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental CollisionIncluded

EQ Bank Card

3.8 / 5Our rating reflects the opinion of our editors. It is not influenced by the card issuer.
EQ BankMastercardCash Back
Annual fee
$0
No annual fee
Welcome offer
No current welcome offer
Apply Now

on EQ Bank's website

With the EQ Bank Card, you pay no foreign exchange fees for purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card with which you can make free withdrawals at any ATM in Canada.

In addition, you earn the same excellent rate as your Personal Account, as well as 0.5% cash back on every purchase made with the EQ Bank Card.

Since it is a Mastercard, you can use it anywhere in the world as well as in Costco warehouses in Canada.

Annual fee

Primary card$0

Annual income required

Individual$0
Household$0

Earning rate

  • 0.5xAll spending

Value

1st Year Value$135
2nd Year Value$120

At CA$500 a month in eligible warehouse purchases, the annual cash back is:

Annual cash back on CA$500 in eligible Costco warehouse purchases per month
Cash back rateAnnual 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.

Wealthsimple’s English notice inviting the customer to switch to the prepaid Visa by January 12, 2027
Notice shown in a Wealthsimple account. The January 12, 2027 deadline applies to this invitation.

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.

Cash back examples for eligible net purchases under the Wealthsimple offer
Eligible net purchasesBase cash back (2%)Boost (3%)Total cash back (5%)
CA$1,000CA$20CA$30CA$50
CA$5,000CA$100CA$150CA$250
CA$10,000CA$200CA$300CA$500
Exclusive

Wealthsimple Visa Infinite+* Card

4.5 / 5Our rating reflects the opinion of our editors. It is not influenced by the card issuer.
WealthsimpleVisaCash Back
Annual fee
$240
Welcome offerBy invitation for new Wealthsimple clients. Earn 3% extra (5% total) on up to $10,000 in net purchases in the 35 days after approval. Keep the card open and active for 180 days after the offer period.
Up to $500 cash back
Apply Now

on Wealthsimple's website

Invitation-only offer. Earn up to $500 in total cash back. The 3% boost applies to up to $10,000 in net purchases during the 35 days after approval. With the 2% base rate, that brings total cash back to 5%.

Purchases in the first 35 daysBase cash back (2%)Boost (3%)Total cash back (5%)
$2,500$50$75$125
$5,000$100$150$250
$10,000$200$300$500

The 3% boost only applies to the first $10,000 in net purchases during the 35 days after approval; beyond that, purchases earn the standard 2%. The card must stay open for 180 days after the boosted period.

With the Wealthsimple Visa Infinite+* Card, earn 2% cash back on all your purchases, with no categories to track and no cap.

In addition, there are no foreign exchange fees on any purchase made in a currency other than the Canadian dollar, and no annual fee if you hold more than $100,000 in assets with Wealthsimple, or if you transfer the direct deposit of an eligible payroll to Wealthsimple.

To be eligible for this card, you must have a personal income of at least $80,000 or a household income of at least $150,000.

Since November 2, 2026, Quebec residents can enrol in optional travel insurance through their Wealthsimple account at no additional cost. Consent and confirmation of activation are required: coverage takes effect on the activation date, subject to the certificate’s terms.

Before booking, read Milesopedia’s guide to Wealthsimple travel insurance in Quebec and Ratesopedia’s comparison of cards and coverage limits for enrolment, age and trip-length limits, qualifying payments, and exclusions.

Annual fee

Primary card$240
Additional card$0

Annual income required

Individual$80,000
Household$150,000

Conversion fees

0%

Earning rate

  • 2xAll spending

Value

1st Year Value$378
2nd Year Value$240

Travel insurance

Travel medical (under 55)Up to $1,000,000 / 21 days
Travel medical (55-64)Up to $1,000,000 / 21 days
Trip CancellationUp to $1,000
Trip InterruptionUp to $1,000
Delayed BaggageUp to $500
Lost BaggageUp to $750
Flight DelayUp to $1,000

Purchase protection

Purchase ProtectionUp to $1,000 / 90 days
Extended Warranty+1 years
Mobile DeviceUp to $1,000
Exclusive

Wealthsimple Visa Infinite Privilege* Card

4.5 / 5Our rating reflects the opinion of our editors. It is not influenced by the card issuer.
WealthsimpleVisaCash Back
Annual fee
$240
Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
$500
Welcome offerExclusive offer: extra 3% cash back (5% total) on the first $10,000 in net purchases during the 35 days after approval. The card must stay open for 180 days after the boosted period.
Up to $500 cash back
Apply Now

on Wealthsimple's website

Exclusive welcome offer: earn up to $500 cash back on your first $10,000 in purchases during the 35 days after approval, for 5% cash back (2% base + 3% boost).

Purchases in the first 35 daysBase cash back (2%)Boost (3%)Total cash back (5%)
$2,500$50$75$125
$5,000$100$150$250
$10,000$200$300$500

The 3% boost only applies to the first $10,000 in net purchases during the 35 days after approval; beyond that, purchases earn the standard 2%. The card must stay open for 180 days after the boosted period.

With the Wealthsimple Visa Infinite Privilege* Card, get 2% cash back on all your purchases, with no annual limit.

In addition, there are no foreign exchange fees for any purchase made in a currency other than the Canadian dollar and no annual fees if you hold more than $100,000 in assets with Wealthsimple, or if you transfer direct deposit of an eligible payroll to Wealthsimple.

Since November 2, 2026, Quebec residents can enrol in optional travel insurance through their Wealthsimple account at no additional cost. Consent and confirmation of activation are required: coverage takes effect on the activation date, subject to the certificate’s terms.

Before booking, read Milesopedia’s guide to Wealthsimple travel insurance in Quebec and Ratesopedia’s comparison of cards and coverage limits for enrolment, age and trip-length limits, qualifying payments, and exclusions.

Annual fee

Primary card$240
Additional card$0

Annual income required

Individual$150,000
Household$200,000

Conversion fees

0%

Earning rate

  • 2xAll spending

Value

1st Year Value$300
2nd Year Value$480

Card benefits

Airport lounge access$240

Travel insurance

Travel medical (under 55)Up to $2,000,000 / 21 days
Travel medical (55-64)Up to $2,000,000 / 21 days
Trip CancellationUp to $1,500
Trip InterruptionUp to $1,500
Delayed BaggageUp to $1,000
Lost BaggageUp to $1,000
Flight DelayUp to $1,000

Purchase protection

Purchase ProtectionUp to $1,000 / 90 days
Extended Warranty+1 years
Mobile DeviceUp to $1,000
Auto Rental Collision (primary)Included

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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.

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