Best Wealthsimple Credit Cards
The best Wealthsimple credit card depends on whether you're looking for a prepaid or standard credit card – and whether you qualify to waive the standard card's fees.
The Wealthsimple Visa Infinite has generated a lot of buzz recently, so much so that Wealthsimple has created a waitlist for this Visa Infinite credit card. As a card with no foreign exchange fees and a flat 2% cash back on all purchases, it's easy to see why Canadians are eager to try it. If you meet increased income requirements, you may even qualify for a premium version of the card: the Wealthsimple Visa Infinite Privilege (which is also on a waitlist).
In the meantime, you can get a Wealthsimple Prepaid Mastercard. As with all prepaid cards, you can load money onto the card and use it like a credit card. Once you're out of funds, just load more money and you're good to go.
Key Takeaways
- The Wealthsimple Visa Infinite has a $240 annual fee and earns a flat 2% cash back on all purchases.
- The Wealthsimple Prepaid Mastercard allows you to deposit money to the card, which becomes your prepaid card’s credit limit.
- Due to high demand, Wealthsimple has a waitlist for people interested in getting the Wealthsimple Visa Infinite or Wealthsimple Visa Infinite Privilege.
Does Wealthsimple issue credit cards?
Unlike many banks or credit unions, Wealthsimple only issues 3 credit cards. You can open a Wealthsimple Prepaid Mastercard, operated by the Mastercard network, or apply for a Wealthsimple Visa Infinite, which is also available as a Visa Infinite Privilege card.
Just note that the Mastercard option is a prepaid credit card that you get when you open a Wealthsimple Everyday chequing account*.
Wealthsimple credit card options
The Wealthsimple cards couldn't be more different – one is a prepaid card in the Mastercard network, while the other 2 are typical cards issued by Visa.
Of course, there are several other important differences:
| Annual fee | Income requirements | Welcome bonus | Rewards | Additional features | |
|---|---|---|---|---|---|
| Wealthsimple Visa Infinite | $240 | * $60,000 personal * $100,000 household | None | * 2% cash back on all purchases | * Mobile device insurance * Visa Infinite benefits |
| Wealthsimple Visa Infinite Privilege | $240 | * $150,000 personal * $200,000 household | None | * 2% cash back on all purchases | * Airport lounge access * Travel insurance * Mobile device insurance * Hotel enhancements and enhanced dining reservations |
| Wealthsimple Prepaid Mastercard | $0 | * $0 personal * $0 household | None | * No cash back | None |
Wealthsimple Visa Infinite
Rewards:
- 2% cash back on all purchaess
Don't let the Wealthsimple Visa Infinite's steep annual fee put you off. If you set up a qualifying direct deposit with your paycheck or if you have $100,000 in assets with Wealthsimple, the $240 annual fee is waived.
You'll enjoy 2% cash back on every purchase, regardless of spending category, with no spending caps. Wealthsimple doesn't charge a foreign exchange fee with this card either, saving you 2.5% on foreign purchases. You'll also get access to Visa Infinite benefits, which include the Visa Dining Series, Luxury Hotel Collection, and more.
Pros:
- Solid flat earn rate across all spending categories
- No foreign exchange fee
- 9 types of insurance
- Opportunities to waive the annual fee
Cons:
- High income and annual fee requirements
- Must be a Wealthsimple chequing account customer
- Currently requires getting on a waitlist
If you’re applying for the Wealthsimple Visa Infinite, Wealthsimple may determine that you’re eligible for its new Wealthsimple Visa Infinite Privilege cash back card, which includes airport lounge access and extended insurance coverage.
Wealthsimple Prepaid Mastercard
×1 Award winner 
Rewards:
- None
Prepaid credit cards are usually pretty basic in terms of what they offer: you just load money on the card, use it, and repeat. The Wealthsimple Prepaid Mastercard is a little different, though, because it's a hybrid bank account where the money you load earns between 1.25% and 2.25% in interest.
Pros:
- No annual or ATM fees
- No foreign exchange fees
- Earn interest on your balance
Cons:
- No welcome bonus
- No insurance included
- Doesn't build credit
Pros and cons of Wealthsimple credit cards
If you're unsure whether it's worth it to sign up for a prepaid card or go on the unsecured credit card's waitlist, keep these Wealthsimple pros and cons in mind:
Pros
- Pay no foreign exchange fees
- Enjoy Visa Infinite perks (with the Visa card)
- Earn interest on your prepaid card balance
- Ability to waive the credit card's annual fee
- Metal cards available for specific clients
Cons
- Limited availability
- High income requirement for the unsecured card
- Lacklustre travel insurance
- Requires holding a Wealthsimple chequing account
Who should consider a Wealthsimple credit card?
Since it offers a flat 2% cash back on all spending, the new Wealthsimple Prepaid Mastercard is an excellent option for someone who doesn't want to track their spending categories. It's also a good card to have in your wallet if you frequently travel abroad, since you'll avoid paying the standard 2.5% on foreign exchange fees.
On the other hand, the prepaid Mastercard might be a better option for someone who's trying to stick to a budget and limit their spending. Since your deposit becomes your credit limit, there's no way to spend more than you have.
How to apply for a Wealthsimple credit card
Unfortunately, due to high demand, Wealthsimple is rolling out the Wealthsimple Visa Infinite in waves to efficiently process applications and open new accounts. Due to this delay, Wealthsimple has set up a waitlist.
You can join the waitlist by signing up online or via Wealthsimple's mobile app. You'll need to log in to a Wealthsimple account, so those who don't already have one will need to open one.
Once you're in, choose the "Join the waitlist" option and follow the prompts.
After Wealthsimple notifies you that it's your turn to apply, determine if you meet the basic requirements. You must be a Canadian resident, the age of majority in your province, and have a personal income of at least $60,000 or $100,000 annual household income. Plus, you should have an active Wealthsimple chequing account.
If you do, you can fill out an application and await Wealthsimple's application decision.
To apply for Wealthsimple Prepaid Mastercard, you simply have to open a Wealthsimple chequing account. This requires having your personal information ready, going to the Wealthsimple site or mobile app, and filling out the required forms.
Wealthsimple will determine if you're eligible for the Visa Infinite or Visa Infinite Privilege card.
Wealthsimple is an online-only institution, so you can't visit a branch to fill out applications there.
Other services offered by Wealthsimple
If you're interested in using Wealthsimple for more of your personal finance needs, you'll be pleased to learn that they provide a number of services in addition to chequing accounts, like:
- USD savings accounts
- Registered savings accounts
- Mortgages (through Pine)
- Self-directed investing, including cryptocurrency
- Tax preparation
You can also work with Wealthsimple for wealth management and personalized financial advice. The company also takes corporate accounts.
Legal disclaimers for Wealthsimple products:
Chequing account
Self-directed and managed investing
FAQ
Does Wealthsimple do credit cards?
Wealthsimple offers 2 Visa cards, an Infinite and Infinite Privilege option. It also offers one prepaid Mastercard, the Wealthsimple Prepaid Mastercard. At this time, there are no other credit cards available through this financial institution.
Does the Wealthsimple card work like a credit card?
Yes, the Wealthsimple Visa Infinite is a Visa that works like any other unsecured card. You have a set credit limit and can charge purchases up to that limit, then pay them off to continue to access credit. The Wealthsimple Prepaid Mastercard doesn't work like a credit card, it functions more similarly to a debit card.
Is the Wealthsimple card a Visa?
Yes, Wealthsimple partners with Visa to issue its unsecured credit card, but it also partners with Mastercard to provide customers with a prepaid card option. Wealthsimple doesn't offer any type of American Express product.
Why is there a waitlist for a Wealthsimple credit card?
Wealthsimple anticipates a high demand for the Wealthsimple Visa, so it's limiting the release of the cards. This way, Wealthsimple can efficiently process applications, issue cards, and provide customer support to all of its new users.
What is the best credit card in Canada?
The American Express Cobalt® Card is the best credit card in Canada, with fantastic earn rates, extensive insurance coverage, low eligibility requirements, and valuable Amex perks. Plus, you have a wide variety of redemption options that give your points a high value.
