Can I Use the Wealthsimple Cash Card Online? [in 2024]

If you’re a Wealthsimple Cash Card holder, you may be wondering if you can use the card for online purchases.

The answer is yes!

You can use your Wealthsimple Cash Card to make purchases online just like any other credit or debit card. The card uses the Mastercard payments system, so it can be used anywhere that accepts Mastercard.

I’ve been a Wealthsimple Cash user for many years now and can personally attest to this. I actually have my Amazon Prime account set up with my card and use it frequently (too frequently).

In order to use your Wealthsimple Cash Card for online purchases, you’ll need to enter the card information at checkout.

This includes the card number, expiration date, and security code. You can also add your virtual card to your phone’s digital wallet and use this card information as well.

It’s important to note that your virtual card will have a different number than your physical card, which is intentional and helps keep your information secure.

Understanding Wealthsimple Cash Card

If you’re looking for a prepaid Mastercard that allows you to spend funds directly from your Wealthsimple spending (Cash) account, then the Wealthsimple Cash card might be the right choice for you.

Here’s what you need to know about this card.

1. Features of Wealthsimple Cash Card

The Wealthsimple Cash card uses the Mastercard payments system^[1] , so you can use your card anywhere that accepts Mastercard. You can also use your virtual card to buy goods and services online with your virtual card number. You can add it directly to your phone’s digital wallet to make in-person purchases without needing the physical card on hand. Just note that your virtual card will have a different number than your physical card, which is intentional and helps keep your information secure.

One of the best features of the Wealthsimple Cash card is that you can earn 1% cash back on all purchases. This is a great way to save money while you spend.

Not only that but if you have a minimum of $100,000 in net deposits across all of your Wealthsimple accounts, your Cash balance will earn 4.5% interest ^[2] . But I mean, who the **** has $100,000 sitting in their spending account?

2. Security Measures

Wealthsimple takes security very seriously, and the Cash card is no exception.

The card is protected by Mastercard’s Zero Liability protection ^[3], which means that you won’t be held responsible for unauthorized purchases. Wealthsimple also uses industry-standard encryption to protect your information.

If you ever lose your card or suspect fraud, you can freeze your card immediately from the app. You can also report a lost or stolen card from the app, and Wealthsimple will send you a replacement card.

Check out my article here for an in-depth review of Wealthsimple Cash’s features and security measures.

Using Wealthsimple Cash Card Online

If you have a Wealthsimple Cash account, you can use your Wealthsimple Cash card for online shopping, digital wallets, and online subscriptions.

Online Shopping

When shopping online, you can use your Wealthsimple Cash card just like any other debit or credit card. Simply enter your card information at checkout, and the payment will be deducted from your spending (Cash) account.

Keep in mind that you need to select “credit” when you insert your card at a terminal.

Digital Wallets

As mentioned earlier, you can also add your virtual Wealthsimple Cash card to your phone’s digital wallet which makes it super convenient to pay for things without having to carry your physical card.

To add your virtual card to your digital wallet, follow these steps:

1. Open your digital wallet app.
2. Select “Add Card” and choose “Mastercard.”
3. Enter your virtual card information.
4. Follow the prompts to verify your card.

Online Subscriptions

If you have recurring payments for online subscriptions, you can use your Wealthsimple Cash card to pay for them. Simply update your payment information with your Wealthsimple Cash card details, and the payments will be deducted from your spending (Cash) account.

It’s important to keep track of your spending and ensure that you have enough funds in your account to cover these subscribptions, but these can all be tracked in the activty tab in your Wealthsimple Cash app..

Overall, using your Wealthsimple Cash card online is a convenient and secure way to make purchases, but like all spenidng, just be sure to use it responsibly and keep track of your spending.

Benefits and Drawbacks

Using the Wealthsimple Cash Card online has its benefits and drawbacks. Here are some of them:

Pros of Using Wealthsimple Cash Card Online

1. Convenience – Using the Wealthsimple Cash Card online allows you to make purchases from the comfort of your home or anywhere with an internet connection. You don’t have to physically go to a store to buy what you need.
2. Security – The Wealthsimple Cash Card uses advanced security features to protect your transactions. You can also monitor your transactions in real-time, which helps you detect any fraudulent activity.
3. Cashback rewards – You can earn cashback rewards on all your purchases when you use your Wealthsimple Cash Card online.

Cons of Using Wealthsimple Cash Card Online

1. Limited acceptance – Not all online merchants accept the Wealthsimple Cash Card. You may have to use a different payment method when shopping at certain online stores.

Related Article on Wealthsimple Cash: Is The Wealthsimple Cash Card Free?

Conclusion

In conclusion, the Wealthsimple Cash Card is an excellent option for those looking for a prepaid card to use online. The card is easy to apply for through the Wealthsimple Cash app, and once you have it, you can use it to make purchases anywhere that accepts Mastercard.

One of the main benefits of the Wealthsimple Cash Card is that it offers 1% cash back on all purchases – so it’s a great way to earn a little extra money while you shop or spend money on anything. Additionally, the card has no annual fees, making it a cost-effective choice for those who frequently shop online.

If you’re looking for a way to keep your online shopping separate from your other spending, the Wealthsimple Cash Card is a great option. You can load money onto the card as needed and use it to make purchases without worrying about overspending.

Frequently Asked Questions

How do I activate my Wealthsimple Cash card?

You can activate your new Cash Card by following these steps:

1. Open the Wealthsimple app.
2. Tap the Cash tab at the bottom of the screen.
3. Tap the Cash Card tab.
4. Tap Activate Card.
5. Enter the last four digits of your card number and your card’s expiry date.
6. Tap Activate.

Is the Wealthsimple Cash card accepted internationally?

Yes, the Wealthsimple Cash card is accepted internationally. However, keep in mind that foreign transaction fees may apply. The fee for foreign transactions is 1.5% of the transaction amount.

Can I withdraw cash from an ATM using my Wealthsimple Cash card?

Yes, you can withdraw cash from an ATM using your Wealthsimple Cash card. You can withdraw up to $1,000 per day from an ATM ($500 per withdrawal), and the ATM operator may charge a fee for the transaction.

What type of card is the Wealthsimple Cash card?

The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your spending (Cash) account. It is not a credit card, and you cannot carry a balance on the card.

Can I use the Wealthsimple Cash card to pay bills?

Yes, you can use the Wealthsimple Cash card to pay bills. You can set up pre-authorized debits to pay bills automatically, or you can use the bill payment feature to pay bills manually.