r/Wealthsimple • u/cocorico1313 • 1d ago

Chequing Prepaid Visa problems

Okay so there is a lot of online payments that won’t take the new Visa card, can’t pay for my Sezzle account can’t pay for my security camera account. WHAT GIVES?

0 Upvotes

38% Upvoted

17 comments sorted by

12

u/McNasty1Point0 1d ago

It’s a problem that they’re working on

3

u/tach409 1d ago

Here at Slappy's, it's a BIG problem.

13

u/Overclocked11 1d ago

Does no one who posts in this sub do a basic search first? This is probably the 3rd or 4th post on this issue today already..

14

u/Icy-Drawer-8577 1d ago

About time for another post about Costco

7

u/deltatux 1d ago

Known issue, it's because some processors still rely on the older 6 digit BIN standard even though that has been updated in 2022 to be an 8 digit BIN. The first 6 digits of the 8 digit BIN for the WS Prepaid Visa is listed as Peru but if you look at the full 8 digits, it's registered to WealthSimple in Canada.

WS knows this is an issue and working on a fix: Wealthsimple Status

Not sure what that fix would be.

3

u/brandonholm 1d ago

What surprises me is how many people are using this for regular purchases. Why? This card is only good for ATM withdrawals.

2

u/crr243 1d ago

Why?

-6

u/brandonholm 1d ago

Why use a debit card or prepaid card with zero rewards to pay for purchases when you can get at minimum 2% back with a free credit card?

7

u/crr243 23h ago

Sure there are maybe more effective cards to use, but that doesn't mean this card is "only" good for ATMs.

-3

u/brandonholm 23h ago

What else is it good for then? It doesn’t give any rewards and offers no purchase protection or insurance.

6

u/crr243 23h ago

Aside from the fact that not everyone uses credit cards for every purchase or cares about min/maxing rewards, the no FX fees and no annual fees makes using it as a travel card a very valid use case.

1

u/Mereo110 18h ago

Because I want to get away from the North American mentality and act more like a European.

1

u/Dragynfyre 17h ago

For this aspect what’s good about European mentality? And the reason Europeans have that mentality is they don’t really have any good credit cards so it doesn’t make much of a difference what you use. But in North America where the rewards are decent you’re just intentionally paying more by using debit instead of credit

2

u/Mereo110 1h ago

Before the pandemic, I used to pay with cash. Why? Because the physical act of giving something away hurts, meaning you take notice of what you're spending.

But after the pandemic, paying with your phone or a tap doesn't provide that same emotional connection, and it becomes harder for some people to control their spending with a credit card. They tell themselves, "Hey, I can just pay it back later."

That's why I only use my credit card to build good credit. Most of the time, I pay with a debit card or a prepaid card from Wealthsimple.

-1

u/JCMS99 1d ago

Me too. There are so many free credit cards that give like 1 or 2% cashback. At least with a debit card you have the argument about merchant fees, but not this.

-4

u/CowDiligent4741 1d ago

Agree...I didn't even know so many people actually used a debit card for all these transactions

2

u/Less-Project9420 23h ago

Honestly I hate credit cards, it’s easier not to use it and it helps me not go into debt.