5 Things to Know About Wealthsimple’s New Credit Card

Wealthsimple Visa Infinite Credit Card

4.5

NerdWallet rating

Annual fee

$120

Interest rates20.99% / 22.99%

Intro offerN/A

Recommended credit scoreN/A

Rewards breakdown

NerdWallet's take

Card details

The Wealthsimple Visa Infinite credit card is definitely eye-catching — earn double the cash-back than most flat-rate cards in Canada, get access to mobile phone insurance and skip foreign transaction fees. Plus, premium members can opt for a sleek, metal version of the card.

But there are downsides. The insurance line-up falls a little short, with mobile phone coverage being the only worthwhile callout. Waiving the $10 monthly fee is no small feat, and you must have a Wealthsimple chequing account to hold the card. All told, it adds just enough weight to balance out the seesaw.

1. The ‘no annual fee’ comes with a big ‘but’

The Wealthsimple credit card has a $10 monthly fee unless you meet one of these requirements:

Wealthsimple suggests using your paycheque as the monthly deposit, if applicable. Note: To meet this requirement, you’d need an annual net salary (after tax) of at least $48,000. The minimum salary requirement for this card is $60,000 (gross), which is just under $4,000 per month after taxes.

If you can’t meet the above requirements, the monthly fee will add up to $120 per year — significantly higher than average for a cash-back card’s annual fee ($34), according to NerdWallet’s analysis of 200+ cards.

Something to consider: Browse our picks for the best no-fee credit cards in Canada to find cards without a price tag.

2. Twice as rewarding as the average cash-back card

The Wealthsimple credit card earns 2% back on everything — roughly twice as much as other flat rate cash-back cards in Canada, according to NerdWallet’s analysis. (The 2% rate does not apply to cash advances, refunds or card fees.)

That 2% earn rate can garner impressive returns. For example, spending $2,000 per month could net you $480 a year in cash-back. This comfortably covers the card’s monthly fee ($10) and then some.

Cash-back rewards are automatically applied to your statement balance each month.

Something to consider: Compare our top picks for cash-back cards in Canada to see how this card stacks up.

3. You’ll need a Wealthsimple chequing account

Currently, the Wealthsimple credit card balance can only be paid from a Wealthsimple chequing account, which means you’ll need a bank account with the issuer to hold the card.

But this may not be such a bad idea — their chequing account has some compelling features:

To qualify for the Wealthsimple credit card, you must:

Something to consider: Choosing where to park your money is an important decision. Check out our list of best chequing accounts to see which one fits your needs.

4. No foreign transaction fees

Credit card issuers sometimes charge up to 3% on foreign transactions, which can add up if you travel often. The Wealthsimple credit card, however, does not charge foreign transaction fees when you use the card abroad.

For example, when you buy a meal on vacation, you’ll only pay the cost of the meal at the conversion rate set by the payment processor (Visa). As of this writing, Visa’s USD-to-CAN conversion has only a small 0.05% mark-up over the European Central Bank Rate.

You can estimate transaction costs using Visa’s exchange rate calculator.

Something to consider: Check out our list of the best credit cards without foreign exchange fees to see what other cards offer frequent travellers.

5. No tap limit when paying via mobile wallet

Wealthsimple doesn’t impose a spending limit when you use your mobile wallet for contactless payments. By contrast, many issuers in Canada limit contactless payments, often around $250, requiring the physical card for larger purchases.

A big pro to this perk is being able to use your mobile wallet for big ticket items in an emergency when you don’t have your physical card on you. Just be mindful that merchants may impose their own limits for tap payments.