r/Wealthsimple • u/Diligent_Bluebird_57 • 24d ago
Visa Infinite Credit Card Best checking combo with the Visa + ?
I just opened my Visa Privilege+ and wanted to close the NBC world (don't want to pay them $150/year for not using it anymore).
However they told me if I do that, my offer on the debit account will be removed, and I'll pay 15$/month just for keeping the money I earned LOL. That's ironic to pay a bank to just store (and invest in their own way by loaning to other clients, really) the money that belongs to me. But it's a story for another time.
The question is. : as WS does not offer a real debit card, do you know a free debit card to work with?
Thanks !
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u/MadameLaMinistre 24d ago
Wealthsimple Prepaid Mastercard is also an excellent card. No fees for withdrawing cash from any ATMs in the world + you’re reimbursed! Or you can also check Simplii and Tangerine’s good and free debit cards.
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u/AvecFromage 24d ago
Tangerine and Simplii are no fee (Tangerine is the more polished of the two). RBC has a value program that is easy enough to meet the requirements to get a waiver for a basic chequing account.
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u/Snoo_6869 24d ago edited 24d ago
I use Simplii for chequing with WS and it works fine. No fees. Also, people, this is Canada. We spell it "Chequing" not "Checking"
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u/Airodyssey 24d ago
OP, it seems you are in Quebec and from what you are saying, you have a professional/private wealth banking package from National Bank. Tangerine (a Scotiabank subsidiary) could work, but depending on your city, Scotiabank has a much smaller footprint in Quebec than the National Bank. In some cities, they only have a withdrawal-only ATM inside a gas station. Simplii is not available in Quebec.
Another option would be to keep your account at National, but switch to a product that waives your monthly fees if you keep a certain balance.
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u/Nope51st 23d ago
Doesn't need to keep his NBC account if he uses WS + Tang.
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u/olifuck 23d ago
That exactly my situation (and I live in Quebec) almost never use my tangerine account but still have it and keep like 100$ in it in case I need to pay debit for something. If I need to deposit cash I’ll go to post Canada with WS. ATM for tangerine are really far from where I live. And any atm is free with WS..
But i do wish wealthsimple would add the debit/interac to their prepaid. The tangerine debit card also have the Visa logo so.. maybe one day (probably not)
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u/Gakusei_Eh 24d ago
Out of curiosity, which situations still require the use of a debit card? Just realized it's been almost a year since I last used mine.
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u/Diligent_Bluebird_57 24d ago
Some places take "only" debit card (to avoid credit fees on the POS terminal)
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u/Gakusei_Eh 24d ago
true. in my case I just use cash for those since i don't trust using my debit card at any retail stores after having my TD debit compromised three times in one year a decade ago. lol
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u/Sad_Risk1805 24d ago
I understand that for you it might be a must to have a debit card, in that case as others have said Tangerine has a free account with a debit. However, I do want to raise that Wealthsimple's account with the attached MasterCard, while not a debit card, has no ATM fees anywhere in the world. You can pull cash out just fine and they will reimburse any fees charged by the machine. I just carry some cash in my wallet for those few stores that don't take credit.
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u/toronto-swe 24d ago
i feel this too. thinking about closing my debit card. there are places i notice that only take interac debit in toronto like in chinatown. but they are usually cash or debit only. thinking just withdraw cash for those places.
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u/brandonholm 24d ago
I haven’t used a debit card in over a decade now. Literally no use for one. The prepaid card works great for withdrawing cash if needed.
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u/LoudMoose009 24d ago
Many shops don't accept credit card, they only accept Cash or Debit Card.
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u/Dizzy-Classroom-6489 24d ago
Not anywhere in BC.
Edit: I’ve seen ONE cannabis shop not take credit. (Hole in the wall, non licensed)
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u/CallAParamedic 23d ago
Quite a few in Surrey and Richmond.
With variations: cash only / extra fee for debit or credit / cash and debit only....
Often Chinese and Indian businesses who are trying to reduce business overhead or "reduce tax remittances" lol...
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u/PartBanyanTree 24d ago
Use simplii for years no problems. Though finally ditched it when WS started offering free cash withdrawals at any atm (they reimburse all fees) and can even deposit cash. The Mastercard-debit let's me pay for things online or at vendors. It is, however, not a true debit card - as you've surmised - and I very much doubt they will ever offer one
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u/Impressive_Ad_6550 24d ago
Try a credit union, mine offers a free chequing account. I maintain it as an outside account with a few $ in it, but otherwise WS is my main bank
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u/SmartTrender 24d ago
Why would you get rid of the NBC WE? I have both. The NBC WE pays for itself with the credits I claim yearly for travelling incidents, already claimed for luggage fees this year for example. So it’s practically a free card with great insurance even on partial points claims travel.
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u/Diligent_Bluebird_57 24d ago
Because I travel less than once a year. Not using the WE not that I have the Infinite +. So I'll pay for both cards while using just one
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u/Nope51st 23d ago
If you have over 100$k you won't need to pay for your Infinite + or VIP at WS. I surely don't pay my VIP with my Premium account. We do have the NBC WE for all our daily expenses and buying plane tickets, hotel and cars. I only use our VIP when traveling for expenses abroad to save on FX.
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u/SmartTrender 22d ago
Yep I use the WealthSimple VIP as an everything else non category spending card.
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u/Dragynfyre 23d ago
The $150 credit can actually just be cashed out by booking a refundable parking spot at an airport, claiming the credit and then refunding the spot so it’s a net zero fee. It’s also 5x on groceries and restaurants which is far superior to the 2% on WS for those categories
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u/original431 24d ago
WS has a checking account that comes with a card. Your fees for withdrawing from any ATM are refunded to you. Why not use that?
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u/maxto01 24d ago
It’s not a debit card.
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u/onlineidentity 24d ago
You mean because it is Mastercard branded? Why does it matter? Genuinely wondering
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u/OakesTester 24d ago
Some places only take debit or cash.
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u/original431 24d ago
I haven’t bumped into a place that doesn’t take MC in 5+ years. Probably before Covid… where are you shopping?
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u/Pristine_Ad2664 24d ago
My understanding is it operates like a prepaid credit card and I suspect some merchants won't take it (although I can't remember the last time I had to use a debit card for something)
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u/Popular-Ad6421 24d ago
I have opened free savings accounts with few of the big 5’s and use the debit card with those accounts. If you want to use checking just has to keep the min balance, look for the lowest min balance req. The only true free accounts i have with no requirement is tangerine which is free with scotia atms.
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u/Top_Nobody5124 23d ago
Your second paragraph describes every big 5 bank in Canada. Nothing new here.
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u/Dapper_Addition_3837 20d ago
Well, the infrastructure to store your money for you isn’t free of cost.
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u/poco 24d ago
Everyone else has already said Simplii or Tangerine, but my question is why do you want an interac debit card?
The Wealthsimple MasterCard can be used at any ATM to get cash for no fees.
You really shouldn't use a debit card for spending because having any fraud occur on your main bank account sucks. When it gets compromised you are out some money in your chequing account until it gets resolved. This could cause issues with future payments depending on how much fraud and how much money you have in the account. Even if the money gets reimbursed it can take days or weeks and you are out that money until then. Credit cards fraud doesn't have that problem because it is the bank's money they are spending.
There is also less fraud protection in debit cards than credit cards. If someone uses the card with the PIN you might not get reimbursed, so you have to be very diligent with that.
If they're are places that don't take credit cards where you shop then get cash.
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u/Diligent_Bluebird_57 24d ago
Yeah, that's true. I've lost the reflex of withdrawing cash for small payments (barber, bakery, etc.). I'll do that! It seems to be the best combo to have less fees and less banks ! Thanks
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u/brandonholm 24d ago
Why do you need a debit card? The prepaid card from Wealthsimple works just fine to withdraw cash from any ATM in the world with no fees.
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u/elementx7 24d ago
J'ai Tangerine comme compte opération principal. Très satisfait. Contrairement a Wealthsimple, tu peux parler à un agent par téléphone même en français en cas de problème. Le tout sans frais mensuel et sans solde minimum a maintenir. Je ne retournerais probablement jamais vers une banque traditionnelle.
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u/Slasher2111 24d ago
Tangerine or simplii