Everything You Need to Know About Wealthsimple Credit Card

Wealthsimple Credit Card is a game-changer for Canadians looking to earn rewards and cash back on their everyday purchases.

The card offers 1.5% cash back on all purchases, with no rotating categories or spending limits.

You can earn up to $1,000 in cash back in the first year, which is a generous welcome bonus.

The card also comes with a $0 annual fee, making it a great option for those who want to earn rewards without breaking the bank.

The Wealthsimple credit card is a game-changer for Canadians, offering up to 2% cashback on purchases. It's available to Canadian residents, excluding Quebec, who meet the income requirements of $60,000 personal or $100,000 household income.

The card has a $120 annual fee, but it's waived for Premium and Generation clients. You'll also pay a $10 monthly fee, but that's a small price to pay for the benefits.

The card offers mobile device insurance, purchase security, and an extended warranty, making it a great option for those who want extra protection. Purchase security covers new personal items against loss, damage, or theft for 90 days from the date of purchase.

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You can earn cashback on purchases made through the card, but there's a catch - you need to pay your balances via your WS Cash account. The cashback is paid to this account, but it's unclear if it will be a taxable reward payment.

One of the best features of the card is the no foreign transaction fees, saving you 1.5% to 3% on international purchases. This can add up quickly if you shop online or travel abroad.

The Wealthsimple credit card offers a range of benefits that make it an attractive option for Canadians.

One of the standout features is the lack of foreign transaction fees on purchases made in currencies outside of Canadian dollars. This means you can shop online or travel abroad without being charged an extra 1.5% to 3% on your transactions.

You won't be charged any ATM fees on Wealthsimple's side, although you may still incur fees from the bank or operator of the ATM.

The card also offers mobile device insurance that protects against loss, theft, mechanical breakdown, or accidental damage. This is a valuable feature, especially if you're prone to dropping your phone.

You'll also earn interest on the amount of money you have in your free Wealthsimple savings account, which is used to fund your card. The interest rate is currently set at 4%.

The card's purchase security feature covers new personal items against loss, damage, or theft for 90 days from the date of purchase. This gives you peace of mind when making big-ticket purchases.

An extended warranty doubles the repair period provided by the original manufacturer's warranty, giving you extra protection for your purchases.

The Wealthsimple credit card offers a range of features that make it a compelling option for those looking for a cash back credit card.

You won't have to worry about foreign transaction fees when making purchases in currencies outside of Canadian dollars.

The card also comes with no ATM fees on Wealthsimple's side, although you may still be charged by the bank or operator of the ATM.

You'll earn interest on the amount of money you have in your free Wealthsimple account, which is currently set at 4% (as of May 5, 24).

The Wealthsimple Cash Card is a prepaid Visa that offers several features that set it apart from other credit cards. No foreign transaction fees are charged, saving you 1.5% to 3% on purchases made in foreign currencies.

You can earn interest on the amount of money in your free Wealthsimple account, which is used to fund your card, with an interest rate of 4% as of May 5, 24.

The card also comes with no ATM fees on Wealthsimple's side, although you may be charged fees by the bank or operator of the ATM.

One of the standout features of the Wealthsimple Cash Card is its ability to earn cash back, with a 2% cash back rate across the board.

You can fund your card by transferring money from your traditional bank, and you can also have your employment payroll direct deposited onto the card.

The card can be used to make purchases and withdraw cash at ATMs, and you can earn interest on the amount of money in your free Wealthsimple account.

Wealthsimple does not charge any fees for foreign transactions, but you may still be charged fees by the ATM operator when withdrawing cash abroad.

The card's 2% cash back rate is paid directly to your Wealthsimple Cash account, and it's unclear whether this will be considered a taxable reward payment.

The Wealthsimple Visa credit card offers a simple earning structure, making it easy to understand and use. You'll earn 1% cash back on all eligible purchases made with the card.

Eligible purchases exclude cash-like transactions, such as refunds, bill payments, or adjustments. This means you won't earn cash back on these types of transactions.

Here's a breakdown of the earning rate:

The earning rate is straightforward and doesn't require any complicated calculations or hoops to jump through.

The Wealthsimple credit card is a Visa Infinite card, available to Canadian residents (excluding Quebec) who meet certain income requirements.

You'll need to have a personal income of $60,000 or a household income of $100,000, and an active Wealthsimple Cash account.

The card offers up to 2% cashback on the first $3,000 spent per statement period and 1% on subsequent purchases, excluding cash-like transactions, refunds, fees, and adjustments.

A $120 annual fee is charged monthly at $10, but waived for Premium and Generation clients.

Foreign transactions incur a 2.5% fee, unlike the Wealthsimple Cash Mastercard which has 0% FX fees.

You can only manage the card through the Wealthsimple app at launch, and payments can only be made from a Wealthsimple Cash account.

The card includes mobile device insurance that protects against loss, theft, mechanical breakdown, or accidental damage, which can be a lifesaver if you're prone to accidents like I am.

Purchase security covers new personal items against loss, damage, or theft for 90 days from the date of purchase, and an extended warranty doubles the repair period provided by the original manufacturer's warranty.

To apply, you'll need to access the Wealthsimple app, complete the application process, and undergo a soft credit check.

Invitations to apply will continue to roll out this year, so keep an eye on your email for an opportunity to sign up.

The new 2025 version of the card offers 2% cash back across the board, with fees waived for premium/generation clients or for people with direct deposits set up monthly.

You'll also need to pay balances via your WS cash account and the 2% cash back is paid to this account, which may have tax implications.

The card does not have any significant insurance coverage when using the card, unlike the original version.

One benefit of the new card is that it doesn't have a foreign transaction fee, which can save you up to 3% on your purchases if you shop online or travel outside of Canada.