Wealthsimple Card Review 2026: Cashback, Fees, Visa Infinite & Alternatives

Wealthsimple Card Review 2026: Fees, Rewards, and How It Compares

The Wealthsimple credit card earns a flat, unlimited 2% cash back on all eligible purchases and charges 0% foreign transaction fees, a combination few Canadian cards match. The CA$240 annual fee (billed at CA$20/month) is waived if you hold CA$100,000 or more with Wealthsimple, or direct-deposit at least CA$4,000/month into your Wealthsimple chequing account. However, the income and asset eligibility thresholds are steep, and you must pay the card exclusively from a Wealthsimple chequing account, factors that limit who can take full advantage.

Wealthsimple now offers 3 credit cards plus a prepaid card, and this review, based on a comparison of 200+ cards, updated weekly, breaks down every card in the lineup so you can decide whether the Wealthsimple ecosystem deserves your wallet share. We cover cash back rates, fees, eligibility, insurance, perks, and how the cards compare to traditional bank alternatives. All figures below are in CA$ (Canadian dollars) unless otherwise noted, since these cards are available in Canada only.

The Wealthsimple Card is available on MyCardCompare, see how it stacks up against other options. View card →

1. Wealthsimple Card Overview: Understanding the Full Product Lineup

Wealthsimple's card products have expanded significantly since the original Cash Card launched. Wealthsimple now offers three Visa Infinite credit cards, in addition to its prepaid Mastercard. Many searchers conflate the prepaid Cash Card with the credit cards, so here is a clear breakdown.

The Wealthsimple Cash Card (Prepaid Mastercard)

The prepaid card is a way of spending your own money that is already in your chequing account, it is not a credit card. Any Wealthsimple user can get the Cash Card with no credit check or income requirement. However, Wealthsimple removed the 1% unlimited cashback from its prepaid Cash Card in October 2025. The Cash Card now earns zero cashback on any purchase and does not build credit history, because it is prepaid. It still carries 0% FX fees, which may be useful for travellers, but it is no longer a rewards product.

The Wealthsimple Visa Infinite + Credit Card

Wealthsimple has renamed its 2% cash back card, which is now called Visa Infinite +. This is a true credit card subject to standard credit approval. With the Wealthsimple Visa Infinite + Card, you get 2% cash back on all your purchases, with no annual limit. In addition, there are no foreign exchange fees for any purchase made in a currency other than the Canadian dollar. It includes Visa Infinite perks, concierge service, purchase protection, travel insurance, and is available to applicants who meet certain income and asset thresholds (detailed in Section 4 below).

The Wealthsimple Visa Infinite Privilege Credit Card

The Wealthsimple Visa Infinite Privilege Credit Card is the premium version of Wealthsimple's 2% cash-back card. It has the same core appeal as the Visa Infinite+: 2% cash back, no foreign transaction fees, and a waivable CA$240 annual fee. The difference is the benefits package: the Infinite Privilege card adds premium travel perks, including access to airport lounges, but has higher eligibility requirements, CA$150,000 personal income, or CA$200,000 household, is required.

The Wealthsimple Visa Infinite 1% (Beta)

In June 2026, Wealthsimple added a third credit card to its lineup: the Visa Infinite 1% card. This card targets a specific profile: those who want a Visa Infinite card with no annual fees and who accept a more modest base cash back rate. The Visa Infinite card 1% (beta) is free and incurs no monthly or yearly fees. It is currently invitation-only and not yet broadly available.

2. Cash Back Rewards: How Much Can You Actually Earn?

The Flat 2% Cash Back Rate

Both the Wealthsimple Visa Infinite + and Visa Infinite Privilege earn 2% cash back on every eligible purchase, with no caps, bonus categories, or rotating offers to track. The 2% does not apply to cash-like transactions, refunds, or any applicable fees and adjustments. This flat-rate simplicity is a genuine differentiator, most competing Canadian cards either cap high-rate categories or require you to manage rotating bonuses.

To put it in perspective: at CA$30,000 in annual card spending, you would earn CA$600 in cash back. At CA$50,000, you would earn CA$1,000. Because there are no caps, heavy spenders benefit proportionally.

The Visa Infinite 1% (beta) card earns only 1% cash back on all eligible purchases, half the rate of the Visa Infinite + and Privilege cards.

Boosted Cash Back Categories

Wealthsimple has partnered with select brands to offer extra cash back, on top of the 2% already earned on all spending. You register for the boosted offer in the app, shop with partners using in-app links, and pay with the credit card. The boosted cash back only applies when you shop through the app. These merchant boosts rotate, so check the Wealthsimple app's rewards centre for the current list.

How to Redeem Wealthsimple Card Cash Back

Cash back accumulates in the Wealthsimple app and can be redeemed at any time into a linked Wealthsimple account, such as chequing, and then used to pay down your card or invest. There are no minimum redemption requirements, and you have up to 10 years after your qualified spend transaction is settled to redeem your rewards. You can only deposit your cashback into Wealthsimple chequing, TFSA, RRSP, or non-registered accounts.

The ability to funnel cash back directly into a TFSA or RRSP is a notable advantage over points-based systems, where redemption value often varies. There is no portal to navigate and no complex valuation math, 2% back is 2% back, deposited in cash.

3. Fees Breakdown: What Does the Wealthsimple Card Actually Cost?

Annual Fee: Conditions and How to Waive It

The annual fee for the Wealthsimple Visa Infinite+ or Wealthsimple Visa Infinite Privilege credit card is CA$240 and is charged monthly at CA$20. The monthly fee is charged when the card is issued (regardless of activation) and is billed to the first statement and once a month thereafter, unless this fee is waived.

There are 2 ways to waive the fee:

1. Individually hold CA$100,000 or more in net deposits/total assets with Wealthsimple (excluding business or corporate accounts).
2. Direct-deposit at least CA$4,000 into your Wealthsimple chequing account.

An important update for 2026: as of April 28, 2026, being part of a Premium or Generation household no longer automatically waives the CA$20/month credit card fee. If you were receiving a household-based fee waiver before April 28, 2026, Wealthsimple is honouring your fee waiver until further notice.

For Quebec residents, the fee is charged annually (CA$240) when the card is issued. Quebec residents who are not eligible for the fee waiver are charged the annual fee on their first statement.

If you cannot waive the fee, you would need to spend at least CA$12,000 per year at the standard 2% cashback rate just to break even.

No Foreign Transaction Fees: What This Really Means

Wealthsimple does not charge FX fees, but transactions are still subject to currency conversion from credit card networks, or fees from merchants or financial institutions involved in the transaction. Most Canadian credit cards charge 2.5% on foreign currency purchases, so on CA$5,000 of international spending, the Wealthsimple card saves you CA$125 in FX fees alone, on top of the CA$100 in cash back earned.

Interest Rates

The annual interest rate for purchases is 20.99%, and for cash advances or cash-like transactions, it is 22.99%. Your annual interest rates will increase to 25.99% on purchases and 27.99% on cash advances if you do not make your minimum payment by the due date for 2 consecutive months. As with any credit card, carrying a balance can quickly erode your cash back gains. A CA$5,000 balance at 20.99% would cost roughly CA$1,050 in annual interest, far more than any rewards earned.

4. Eligibility and Wealthsimple Tier Requirements

How Wealthsimple's Tier System Works

Wealthsimple offers 3 different client statuses: Core, Premium, and Generation. To upgrade to a new status, you must meet the minimum required threshold through either the value of your net deposits or the value of your entire Wealthsimple portfolio.

Asset and Income Thresholds

To qualify for the Wealthsimple Visa Infinite + card, you must have a personal income of at least CA$80,000 or household income of at least CA$150,000. Alternatively, you can qualify with CA$25,000 in annual card spend, or CA$300,000 in assets at Wealthsimple.

To qualify for the Visa Infinite Privilege card, you must have a personal income of at least CA$150,000 or household income of at least CA$200,000. Or, you can also qualify if you have a minimum annual spend of CA$50,000, or hold at least CA$400,000 in assets with Wealthsimple.

Credit Score and Standard Credit Approval

Wealthsimple runs a soft credit check first to see if you pass the initial qualification (this will not affect your score). If you pass the initial qualification and choose to continue, they perform a hard credit check, which could impact your credit score. Meeting the tier or income threshold does not guarantee approval, standard credit assessment applies.

Quebec Availability and Provincial Restrictions

Any eligible client in Quebec can join the waitlist and apply for the Wealthsimple Visa credit card. The card is available to all provinces in Canada. However, several travel insurance benefits, including emergency medical insurance, are not available to residents of Quebec. Quebec residents should review the Certificate of Insurance carefully before relying on the card for travel coverage.

Wondering how the Wealthsimple Card compares to other cashback cards? Check the full comparison on MyCardCompare. View card →

5. Welcome Bonus: What New Cardholders Can Expect

None of the Wealthsimple cards offer a permanent, ongoing welcome bonus at this time. Unlike many big-bank competitors that dangle CA$300–CA$500 sign-up offers, Wealthsimple's pitch centres on the ongoing 2% flat rate rather than a one-time incentive.

That said, Wealthsimple has periodically run invitation-only promotions. One such promotion provided an increased cash back boost of 3% additional cash back on top of the credit card's standard 2% rate (totalling 5%) for 30 days following approval. The boost was only available on the first CA$10,000 of net purchases during the boosted period. This promotion began in January 2026 and was invitation-only, not a publicly available welcome bonus.

Wealthsimple has also run a referral promo where, by July 31, both the referrer and the referred new cardholder receive 5% cashback. Promotions like these change frequently, so check Wealthsimple's promotions page or in-app notifications for the most current offer before applying.

The trade-off is straightforward: many competitors offer large one-time bonuses but lower ongoing earn rates (often 1–1.5% flat). On CA$30,000 in annual spending, Wealthsimple's persistent 2% delivers CA$600/year, which can outpace a one-time CA$300 bonus within the first year.

6. Wealthsimple Card Perks and Visa Infinite Benefits

Travel Perks

All Wealthsimple credit cards carry Visa Infinite-level benefits. This includes access to the Visa Infinite Luxury Hotel Collection, 24/7 concierge, the Visa Infinite Dining Series, the Wine Country program, and Booking.com benefits.

For Visa Infinite Privilege cardholders, the perks step up significantly. Privilege cardholders receive access to over 1,200 airport lounges worldwide through the Visa Airport Companion Program. Generation clients can access up to 10 free DragonPass lounge passes per year by redeeming DragonPass as their Milestone reward (4 passes) and signing up for the Visa Airport Companion program (6 passes).

Lifestyle and Shopping Perks

Premium and Generation clients receive lifestyle-focused milestone rewards, including travel perks (DragonPass, Uber One, GigSky data), wellness (Strava Premium, Headspace, Maple, Willful), and culture (The Globe and Mail, DINR). Once you reach CA$200,000 in assets, you can claim your reward directly in the app. Then, you get another reward for every additional CA$100,000 in assets (up to CA$400,000).

The Visa Infinite + card also includes mobile phone coverage up to CA$1,000, covering repair or replacement. To be eligible, you must pay your monthly phone bill with your card.

Visa Infinite Privilege Extras

Privilege coverage includes out-of-province travel medical coverage up to CA$2,000,000, baggage insurance up to CA$1,000, trip cancellation coverage up to CA$5,000 per trip, purchase security, and rental car insurance up to CA$65,000. Other perks include benefits from the Luxury Hotel Collection and Enhanced Visa perks. In short, the Privilege tier layers on enhanced insurance limits and lounge access that the standard Visa Infinite + does not include.

7. Insurance Coverage: What's Included With the Wealthsimple Card?

Travel Insurance

Visa Infinite + coverage:

• Emergency medical insurance covers you and your family for up to CA$1,000,000 in emergency medical expenses while travelling outside your home province or country.
• You are covered for the first 14 consecutive days of your trip. Insured persons must be under age 65.
• Trip cancellation/interruption insurance reimburses up to CA$1,500 per eligible person, with a maximum of CA$3,000 per trip.
• Lost/damaged baggage coverage is up to CA$750 for lost checked baggage and contents.
• Flight delay insurance covers up to CA$1,000 in reasonable expenses when you face a missed connection, denied boarding, or a flight delay of at least 3 hours.

Visa Infinite Privilege coverage:

• Travel medical coverage is up to CA$2,000,000, double the Visa Infinite + limit.
• Trip cancellation coverage increases to up to CA$5,000 per trip.
• Rental car insurance (CDW/LDW) covers up to CA$65,000. The Visa Infinite + does not include standalone rental car insurance.

Purchase Protection and Extended Warranty

Purchase security covers up to CA$1,000 per occurrence (CA$10,000 maximum per cardholder), for items charged to the card, for up to 90 days after the date of purchase.

Extended warranty coverage automatically doubles the period of repair services provided by the original manufacturer's warranty, up to a maximum of one additional year.

What the Wealthsimple Card Insurance Does NOT Cover

• Emergency medical insurance, trip cancellation, and several other travel coverages are not available to residents of Quebec.
• Trips exceeding the 14-day coverage window require supplemental travel insurance.
• Pre-existing medical conditions are subject to exclusions outlined in the Certificate of Insurance.
• Items not fully charged to the Wealthsimple card are not covered.

For long-haul trips or travellers over 65, supplemental travel insurance is strongly recommended regardless of which card tier you hold.

8. Drawbacks and Limitations You Should Know About

No Cash Back on Certain Transactions

Cash back is earned on net eligible purchases only; cash advances, balance transfers, cash-like transactions, fees, and returned purchases do not qualify. Rent payments via third-party platforms (such as Chexy or Bilt) may be classified as cash-like transactions and could be excluded. Government payments and some utility bills may also fall outside the eligible-purchase definition.

Eligibility Walls for the Best Card

The card has high eligibility requirements. For the Visa Infinite +, you need a minimum personal income of CA$80,000 or household income of CA$150,000. The Privilege tier ratchets that to CA$150,000 personal or CA$200,000 household. Canadians who do not meet these thresholds are limited to the Visa Infinite 1% (beta, invitation-only) or the prepaid Cash Card, which no longer earns any cash back.

This creates a significant barrier for younger Canadians or those building wealth, the most rewarding version of the card is available primarily to those who already have substantial assets or income.

Platform Lock-In Risk

Currently, you can only pay your credit card balance from a Wealthsimple chequing account. This means you must move money into the Wealthsimple ecosystem to use the card. If you decide to move your investments elsewhere and your assets drop below the fee-waiver threshold, you will start paying CA$20/month.

Cash back must be redeemed manually in-app to a Wealthsimple account, with no auto-redeem. And because cash back can only flow into Wealthsimple accounts, your rewards stay within the platform.

Other Limitations

• No dedicated travel category bonus rate, the card earns a flat 2% everywhere, which means no accelerated earning on groceries or dining like some competitors offer at 3–5%.
• No physical branch support, customer service is fully digital (though 24/7 phone support is included).
• You cannot hold multiple Wealthsimple credit cards at the same time.

9. Wealthsimple Card Pros and Cons: Quick Summary

Pros

• Unlimited 2% cash back on all eligible purchases, no caps, no category complexity
• CA$0 annual fee for qualifying clients (CA$100,000+ in assets or CA$4,000/month direct deposit)
• 0% foreign transaction fees, saves roughly CA$125 on every CA$5,000 spent internationally
• Cash back redeemable directly into TFSA, RRSP, or chequing, no point devaluation
• Visa Infinite Privilege tier includes CA$2,000,000 emergency medical insurance and 1,200+ airport lounges
• Mobile phone coverage up to CA$1,000 (pay your phone bill with the card)
• Metal card available for Premium and Generation clients

Cons

• CA$240/year fee applies if you cannot meet the waiver criteria, erodes value below CA$12,000/year in spending
• High income thresholds (CA$80,000+ personal) lock out many Canadians from the 2% card
• Card balance can only be paid from Wealthsimple chequing, no external bank bill payments
• Cash back stays within the Wealthsimple ecosystem
• No permanent welcome bonus
• Several travel insurance coverages are not available in Quebec
• The prepaid Cash Card no longer earns any cash back

10. Wealthsimple Card vs Competitors: How Does It Compare?

The table below compares the Wealthsimple Visa Infinite + to 3 popular Canadian cash back alternatives. All figures are from issuer websites, verified in July 2026.

Key observations:

• Wealthsimple is stronger if you want simple cash back. The flat 2% on all categories means you never need to optimize spending, everything earns at the same rate.
• The Rogers card charges a 2.5% foreign transaction fee, making Wealthsimple the superior choice for international travellers.
• Consider the Scotiabank Passport Visa Infinite if you want strong travel insurance, included lounge visits, and no FX fees, with predictable approval criteria. Scotiabank does not require you to bank with them exclusively.
• The Tangerine Money-Back Mastercard offers 2% on up to 3 selected categories with no annual fee and no eligibility wall, making it a strong alternative for Canadians who do not meet Wealthsimple's income thresholds.

See how the Wealthsimple Card stacks up in a full side-by-side comparison on MyCardCompare. View card →

11. Key Takeaways: Is the Wealthsimple Card Worth It?

The Wealthsimple credit card is a strong contender in Canada's flat-rate cash back category, it is one of Canada's strongest flat-rate cash-back cards if you can avoid the fee. The combination of 2% unlimited cash back, 0% FX fees, and the ability to invest your rewards directly is genuinely differentiated.

The card is a strong fit if you: - Already hold CA$100,000+ at Wealthsimple, or are willing to direct-deposit CA$4,000/month - Prefer simplicity over category optimization - Travel internationally and want to avoid FX fees - Are comfortable banking entirely within the Wealthsimple ecosystem

It is less compelling if you: - Cannot waive the CA$240 annual fee - Prefer to pay your credit card from an external bank - Earn below CA$80,000 personally (or CA$150,000 household) and want the 2% card - Need comprehensive travel insurance as a Quebec resident

No card is the right answer for every Canadian. Whether you are comparing the Wealthsimple Card against traditional bank alternatives or exploring fintech options, the decision should come down to your spending patterns, income, and how much of your financial life you are willing to consolidate onto one platform. You can compare it alongside 200+ cards, updated weekly, on MyCardCompare to see which option fits your specific situation.

Compare cards on MyCardCompare →

FAQ

Does the Wealthsimple Cash Card still earn cash back?

No. Wealthsimple removed the 1% unlimited cashback from its prepaid Cash Card in October 2025. The card now offers zero cashback on purchases. If you are looking for cash back, you would need to apply for one of the Wealthsimple Visa Infinite credit cards.

Is the Wealthsimple credit card available in Quebec?

Yes, any eligible client in Quebec can join the waitlist and apply. The card is available in all provinces in Canada. However, several travel insurance benefits, including emergency medical insurance, are not available to Quebec residents. The annual fee in Quebec is charged upfront as a CA$240 lump sum rather than CA$20/month.

Can I pay my Wealthsimple credit card from another bank?

Not currently. The card balance can only be paid from Wealthsimple chequing at this time. You must have an active Wealthsimple chequing account before you apply.

What is the difference between the Visa Infinite + and Visa Infinite Privilege?

Both versions earn the same flat 2% and carry the same fee. The Privilege card adds enhanced travel insurance (up to CA$2,000,000 emergency medical vs. CA$1,000,000), rental car collision insurance up to CA$65,000, and access to 1,200+ airport lounges via the Visa Airport Companion Program. The Privilege card requires higher income: CA$150,000 personal or CA$200,000 household.

Does Wealthsimple offer a welcome bonus for new credit card applicants?

None of the Wealthsimple cards offer a welcome bonus at this time as a standard, publicly available offer. Wealthsimple has run periodic, invitation-only promotions, such as a 5% cash back boost for 30 days, but these are targeted and time-limited. Check the Wealthsimple app and your email for any current invitation before applying.

What is the new Visa Infinite 1% card?

In June 2026, Wealthsimple added a third credit card to its lineup: the Visa Infinite 1% card. It does not have an annual fee and earns 1% unlimited cash back. To be eligible, you must have annual personal income of CA$60,000 or household income of CA$100,000 or have CA$250,000+ in savings/investments or spend CA$15,000+ annually on cards. A unique feature is that you customize your protections by selecting 3 benefits from a list at the time of application, though your choices remain locked for 12 months. This card is currently in beta and invitation-only.

This article is comparative information provided by MyCardCompare, an independent card comparison platform. MyCardCompare is not a bank, card issuer, lender, or financial advisor. Figures are verified as of July 2026. Card terms, fees, and availability may change, always confirm details on the issuer's website before applying. Approval is never guaranteed.