Can You Pay Bills with a Wealthsimple Cash Card? (Updated)

If you’re looking for a quick and easy way to pay your bills, you may be wondering if you can use your Wealthsimple Cash Card.

Well, you’re in luck.

You can indeed use your Wealthsimple Cash Card to pay bills for a variety of services, such as subscriptions, phone plans, internet packages, and much more.

In fact, using the Wealthsimple Cash Card to pay your bills can be a super convenient way to manage your bills and keep track of all your expenses.

So to get started, all you have to do is provide your Wealthsimple Cash Card details to your biller, and they will automatically charge your card for your bill each month (think of a subscription like Spotify). Alternatively, you could set up a pre-authorized debit from your Cash account to a number of different payees (for bigger bills like your utilities or internet packages).

Not only is it that easy, but there are also no account management, or transaction fees associated with a Wealthsimple Cash account, so you can use it to pay your bills without worrying about additional costs.

I’ve personally used Wealthsimple Cash for a number of years now and was actually, at one point, one of their top 500 users which gave me access to their metal card. Back then the card was with Visa, but it’s now with Mastercard.

Now I have to be honest, I haven’t used the bill payment feature yet – as it is still relatively new, but I can say for certain they do have one and it’s super easy to set up and use.

Understanding Wealthsimple Cash Card

As you probably know by now, the Wealthsimple Cash Card is a prepaid Mastercard that allows you to spend funds directly from your “cash account”. It is a great alternative to traditional credit cards as it doesn’t charge any annual fees and it helps you spend within your means.

You can easily apply for the card through the Wealthsimple app if you have a Wealthsimple Cash account.

One of the great features of the Wealthsimple Cash Card is that you can earn 1% cash back on all purchases made with the card. This is a great way to earn some extra cash while making your everyday purchases. The cashback is automatically deposited into your Cash account, and you can use it to pay your bills, transfer it to your bank account, or invest it.

Another feature of the Wealthsimple Cash Card is that you can use it anywhere that accepts Mastercard. This includes online purchases, in-store purchases, and even at ATMs. However, keep in mind that some merchants may not accept prepaid cards, so it’s always a good idea to have a backup payment method.

Overall, from my own personal experience. the Wealthsimple Cash Card is a great option for those looking for a prepaid card that offers cash back and no fees. As I mentioned before, it’s also a great way to keep your spending in check as you can only spend what you have in your Cash account.

How to Pay Bills with Wealthsimple Cash Card

If you have a Wealthsimple Cash account, you can easily pay your bills with your Wealthsimple Cash Card. Here’s how:

1. First, make sure your Wealthsimple Cash account is funded. You can fund your account by transferring money from your linked bank account or by depositing a cheque through the app.

2. Once your account is funded, you can use your Wealthsimple Cash Card to pay your bills. You can do this by setting up a normal pre-authorized debit from your Wealthsimple Cash account to a number of different payees. This is a convenient option if you have bills that are the same amount every month, such as a music or streaming subscription.

3. To set up a pre-authorized debit, you’ll need to provide your payee with your Wealthsimple Cash account information, including your account number and transit number. You can find this information in the app by tapping on your Cash account and then tapping on “More” and then”Direct Deposit Info”
4. Once you’ve set up a pre-authorized debit, your bills will be paid automatically from your Wealthsimple Cash account on the due date.

It’s important to note that there are no fees associated with the Wealthsimple Cash account, so you can pay your bills without ever worrying about extra costs.

Benefits of Using Wealthsimple Cash Card for Bill Payments

If you’re looking for a convenient and hassle-free way to pay your bills, then the Wealthsimple Cash Card might be the perfect solution for you. Here are some of the benefits of using the Wealthsimple Cash Card for bill payments:

Automatic Payments

One of the biggest advantages of using the Wealthsimple Cash Card for bill payments is that it allows you to set up automatic payments. This means that you no longer have to worry about remembering to pay your bills on time, as the card will automatically make the payment for you each month. All you need to do is provide your Wealthsimple Cash Card details to the biller, and they will take care of the rest.

No Fees

Another great benefit of using the Wealthsimple Cash Card for bill payments is that there are no fees associated with it. That’s right, you won’t have to pay any monthly or annual fees to use the card, making it an affordable option for anyone looking to simplify their bill payments.

Easy to Use

The Wealthsimple Cash Card is incredibly easy to use, making it a great option for anyone who wants to simplify their bill payments. All you need to do is load funds onto the card and then use it to make your bill payments. You can also use the card to withdraw cash from ATMs or make purchases at any merchant that accepts Mastercard.

Earn Rewards

Finally, the Wealthsimple Cash Card also allows you to earn rewards on your bill payments. For every bill payment you make using the card, you’ll earn a certain amount of cashback. This can certainly add up over time, allowing you to earn rewards while also simplifying your bill payments.

Related Article by Noel: Is The Wealthsimple Cash Card Free?

Potential Limitations and Challenges

While the Wealthsimple Cash Card offers many benefits, there are some potential limitations and challenges to keep in mind when using it to pay your bills.

Limited Acceptance

One potential challenge is that not all merchants accept prepaid cards. While the Wealthsimple Cash Card is a Mastercard and should be accepted at most places that accept Mastercard, some merchants may not accept prepaid cards. This can be especially true for larger bills, such as rent or mortgage payments.

Transaction Limits

Another limitation to keep in mind is the transaction limits associated with the Wealthsimple Cash Card. For example, there is a limit of $3,000 per transaction when sending an e-transfer. This means that if you need to pay a bill that is larger than $3,000, you may need to make multiple transactions or find another payment method.

Fees

While the Wealthsimple Cash Card does not charge any monthly or transaction fees, there are some fees to be aware of. For example, if you use an ATM that is not part of the Global ATM Alliance, you may be charged a fee by the ATM operator. Additionally, if you use the card outside of Canada, you also may be charged a foreign transaction fee.

Direct Deposit Limitations

Finally, it is important to note that there are some limitations when it comes to using direct deposit with the Wealthsimple Cash Card. While the deposit should land in your Wealthsimple account within one business day, there may be delays if there are issues with the deposit or your account. Additionally, some employers may not allow direct deposit to a prepaid card, so it is important to check with your employer before setting up direct deposit.

But overall, while the Wealthsimple Cash Card can be a convenient way to pay your bills, it is important to be aware of these potential limitations and challenges. By understanding these limitations and planning accordingly, you can make the most of your Wealthsimple Cash Card and use it to pay your bills with ease.

Frequently Asked Questions

Can I use my Wealthsimple card on an ATM?

Yes, you can use your Wealthsimple Cash card to withdraw cash from an ATM. However, you may be charged a fee by the ATM owner.

Is the Wealthsimple cash card a debit card?

No, the Wealthsimple Cash card is a prepaid credit card which allows you to spend funds directly from your spending (Cash) account.

Are there any fees for using Wealthsimple Cash?

There are no monthly fees, no account minimums, and no transaction fees for using Wealthsimple Cash. However, there may be fees for using an ATM that is not in the Wealthsimple network.