Wealthsimple has finally introduced their new credit card to the world: the Wealthsimple Credit Card. It's a premium Visa Infinite cash back credit card, and a rare one that offers a high rate on everything you purchase.
It's not available to everyone – yet. There is a waitlist to join, and you must have an active Wealthsimple chequing account before you can apply. Even then, Wealthsimple states that the card is only available in limited quantities.
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What the Wealthsimple Credit card offers
Like their name, the Wealthsimple Credit Card keeps things simple. Here’s what it offers:
- 2% cash back on all purchases
- No foreign exchange fees
- Standard credit card interest rates (20.99% for purchases and 20.99% for cash advances)
- Basic insurance package: extended warranty, purchase protection, and mobile device coverage
- $120 annual fee charged as $10 per month
The biggest thing that stands out is no foreign exchange fees. The list of credit cards that don’t charge them is very small.
The monthly fee for the card is easily waived. If you're already a Wealthsimple Premium or Generation client, you won't pay the fee (and bonus – you’ll get a metal credit card!). You can also waive the fee by setting up direct deposits that total at least $4,000 per month into a Wealthsimple chequing account (you can apply for one here).
There's one last point to note: at this time, the only way you can pay your bill is from a Wealthsimple chequing account. In the future, hopefully cardholders will be able to pay the card from any bank.
It’s an interesting card, being introduced at a time when flat-rate credit cards have been on the decline. If only it was a Mastercard that you could use at Costco…
Comparable credit cards
Based on what we know, there are a couple of credit cards that offer similar cash back rewards. Here are the key details about them.
| Credit card | Earn rates | Special features | Annual fee, income requirements | Learn more |
|---|---|---|---|---|
| Rogers Red Mastercard | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn 1% unlimited cash back on eligible non-U.S. dollar purchases * Earn 2% unlimited cash back on all eligible purchases made in U.S. dollars | * 50% bonus cash back when redeemed towards Rogers bills * 5 free Roam Like Home days | * $0 * None | Learn more |
| Rogers Red World Elite Mastercard | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases * Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars | * 50% bonus cash back when redeemed towards Rogers bills * 5 free Roam Like Home days * 6 types of insurance * World Elite Mastercard benefits | * $0 * $80K personal or $150K household | Learn more |
| SimplyCash Preferred Card from American Express | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases * Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars | * Amex benefits * 10 types of insurance | * $119.88 * None | Learn more |
| RBC Cash Back Preferred World Elite Mastercard | * 1.5% cash back on the first $25,000 spent annually * 1% cash back after $25,000 spent annually | * World Mastercard benefits * 3 types of insurance | * $99 * $80K personal or $150K household | Learn more |
The Rogers cards, in particular, will stand out to many:
- You can earn 2% back everywhere for no annual fee
- You must have a Rogers service of some kind (internet, wireless, TV)
- You can earn 3% cash back on your purchases if you redeem your cash back towards your Rogers services
Otherwise, the Rogers Red World Elite Mastercard is still an excellent no fee cash back card, earning you 1.5% back with no limits and for no annual fee.
The other card that stands out is the SimplyCash Preferred Card from American Express:
- You get 2% cash back everywhere – and more on gas and groceries
- It has the same annual fee
- It's an Amex, which can be a turn off for some people
The TL;DR is the Wealthsimple Credit Card is competitive, but there are other cards to consider if it’s of interest to you.
Your thoughts on the new Wealthsimple Credit Card?
Wealthsimple certainly has an interesting new product and we're curious to learn what the final product will look like.
What are your thoughts on Wealthsimple's new credit card? Let us know in the comments below.
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