Virtual card should have a different number than the physical card.
With wealtjsimple it’s 2 different cards linked to the same account. I don’t use WS that much tho.
Most cards who get compromised are the physical cards. Virtual stays on the phone and are usually linked with another provider like Apple Pay or google pay wich generate a number different than the actual card for the merchant.
I think it will be good for Neo for Fraud prevention and good for the customer because if one of the card is compromised they won’t have access to the second one.
1 Like
Fraud prevention is #1! And it is true that the physical cards can be physically stolen, which is a special kind of risk.
Out of curiosity, why aren’t you using the WS card, if you’ve got it?
1 Like
NEO has much better service overall. I mainly use Wealthsimple for savings. - Also , the elephant in the room - No more cash back for their money card lol. Since they started offering their Visa infinite card, people started to think they would ditch the rewards for their money card and they did.
I also don’t like how they tiered their clients. Poor - Average - Rich. Back to the credit card they offer again - it’s only a visa infinite. So for the average Joe they are out of luck.
Meanwhile Neo offers a variety of credit cards - secured and unsecured from the very basic ( with awesome perks ) to the top of the line world elite. What more ? You even give the possibility for virtually EVERYONE to get a credit card by offering unsecured and secured option for each of your card. Secured cards offers do not have good values with may financial institution , most of them with no rewards and you pay to Just have a CC. Meanwhile , you offer the Secured cards offers for all of your cards - with the same perks and privileges. That alone is a massive master move.
You’ve got tiers with Neo as well however it’s much more accessible for everybody regardless of their financial situation - everybody can achieve a boost with 5000. With Wealthsimple you need to fork 100k with them to start having competitive rates. Below that it’s good but not quite good
When Neo offers managed stocks RRSP / TFSA I’ll move my savings to Neo to the managed portfolio.
2 Likes
Neo actually does do managed RRSP and TFSA plans. Isn’t that what Neo Invest is for? Have you checked that out?
I have my TFSA there and it’s performing identical to the little balance remaining in my WS.
2 Likes
I will check it out - I was told it was only ETFs and not actual stocks. The person who told me that mislead me haha.
i will work towards moving the savings from WS to Neo then !
2 Likes
It’s pretty neat! I had a user share this, but you can check the breakdown in the app:
I’ve been running it for a year on the moderate risk portfolio and the return is ~10% for me.
2 Likes
Oh wow thanks to that user for sharing.
It’s pretty neat. It also seems better than WS UI wise ( with the arrow pointing down I assume you see what’s in it and no need to go to another menu like WS.
I’ll definitely move my stuff over.
2 Likes
I dig it, anyway. Would love to hear your thoughts after you try it!
I requested a statement from it on the weekend, to see what it looks like, and you get a really great breakdown of everything you’re invested in.
