×1 Award winner
Pros & cons
Pros
- Earn up to 2.5% interest on your account balance, based on your total Wealthsimple assets.
- No foreign exchange fees.
- No annual fees.
Cons
- No insurance included.
- No rewards on purchases.
Your rewards
How you earn rewards
This card does not earn rewards on purchases.
Details and eligibility
- Estimated Credit Score
- 300 - 559
- Personal Income
- N/A
- Household Income
- N/A
- Annual Fee
- $0.00
- Extra Card Fee
- $0
- Card type
- Prepaid
- Purchase
- N/A
- Cash Advance
- N/A
- Balance Transfer
- N/A
Genius Rating
Wealthsimple Prepaid Mastercard's 4.5 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Learn more about our rating methodology.
Awards
Each year for our annual credit card rankings our Genius Rating algorithm computes the best credit cards across 28 different categories. Here’s what this card has won this year:
Top cards if you have Poor Credit
Wealthsimple Prepaid Card review
Looking for a prepaid card that offers high interest on your balance? And one that charges no foreign exchange fees, all wrapped up in a package that has no annual or monthly fees?
If this sounds like fiction, it's not. The Wealthsimple Prepaid Mastercard offers it all as part of their spend-save account. Here are the details on what it offers.
3 benefits to the Wealthsimple Prepaid Mastercard
There is plenty to love with the Wealthsimple Prepaid Mastercard. Here are 3 things to like.
1. High savings interest rates
The Wealthsimple Prepaid Mastercard is essentially a savings account that comes with a prepaid card. And as such, you'll earn interest on every dollar in your account.
Wealthsimple interest rates range from 2 to 2.5%. That's among the best you can get anywhere for a savings account.
The range depends on your assets held at Wealthsimple. If you're a Wealthsimple Premium client ($100k+ holdings), you'll get 2.25% interest. For Generation clients ($500k+ holdings), you'll get 2.5% interest.
2. No foreign exchange fees
If saving on foreign exchange fees is your game, the Wealthsimple Prepaid Mastercard is a rare card that doesn't charge them.
Most credit and prepaid cards charge a 2.5% fee. Here, you can pocket that for yourself.
3. No other fees of any kind
There are really no other fees to speak of with the Wealthsimple Prepaid Mastercard.
No annual or monthly account fees? Check.
Free Interac e-Transfers? Check.
No ATM fees? Check. Although the ATM provider may still charge you, Wealthsimple will reimburse any ATM fees you pay, anywhere in the world.
You won't be charged anything for using your Wealthsimple Prepaid Mastercard.
Downsides to the Wealthsimple Prepaid Mastercard
Here are 2 things to consider with the Wealthsimple Prepaid Mastercard
1. No rewards on purchases
Many prepaid cards offer rewards on purchases. But the Wealthsimple Prepaid Mastercard does not offer any. It used to offer 1% cash back on purchases but that was discontinued.
2. No insurance
The Wealthsimple Prepaid Mastercard doesn't offer any travel insurance or perks. But this is also par for the course when it comes to no fee prepaid cards – they're all devoid of these features. If those are the kinds of things you want, you're better off with a traditional credit card.
Comparison to the EQ Bank Card
There's another bank out there with a similar spend-save hybrid account – the EQ Bank Card. Here's how they compare.
| Wealthsimple Prepaid Mastercard | EQ Bank Card | |
|---|---|---|
| Rewards | * None | * 0.5% cash back on all purchases |
| Interest Rate | 2.5% | 3.3% |
| Annual Fee | $0 | $0 |
| Special Features | * No foreign exchange fees * No charge ATM withdrawals | * No foreign exchange fees |
These are very similar accounts. EQ has a slight leg up on interest and getting some rewards on purchases.
They both offer no foreign exchange fees and charge no annual account fees. But Wealthsimple won't charge you to withdraw cash from any ATM.
Leave a review
For those of you with a Wealthsimple Prepaid Mastercard, what has your experience been like?
Leave a user review for others to see.
FAQ
What does the Wealthsimple Prepaid Mastercard offer for rewards?
The Wealthsimple Prepaid Mastercard does not offer any rewards on purchases.
What special features does the Wealthsimple Prepaid Mastercard include?
The Wealthsimple Prepaid Mastercard offers up to 2.5% interest on your account balance and charges no foreign exchange fees.
What is the annual fee of the Wealthsimple Prepaid Mastercard?
The Wealthsimple Prepaid Mastercard has no annual fee or income requirements.
Key benefits
User reviews
Reviewed by 7 Canadians
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wealthsimple has removed the cashback for this card making it much less appealing to use. They won't charge to to do transactions or use atms internationally so it's only useful if you trave a lot. Cannot make cash deposits to your Wealthsimple account also.
Pro's
-no foreign exchange fee's
Con's
-poor perks
-very poor customer service. no one at WealthSimple can answer any credit card questions as the business is very new to them.
-very slow to process Top-Up $'s so if you put money on the card it takes forever to be released to you (up to 2 weeks!) This makes it very difficult to use as a travel card.
Must-Have Card
1. No Foreign Exchange Fees
Enjoy transactions without additional foreign exchange fees.
2. 1% Flat Rate for a Prepaid Mastercard
Benefit from a consistent 1% flat rate on purchases with your prepaid Mastercard.
3. Linked to Multiple Wealthsimple Saving Accounts
Seamlessly connect and manage multiple Wealthsimple saving accounts.
4. Best Simple Brokerage and App Interface
Experience a user-friendly app interface with top-notch brokerage features.
The Only Downside
1. Limited to Canadian Residents
Currently, this card is available only to Canadian residents. If you move abroad or retire outside of Canada, you won’t be able to use it. Hopefully, this policy will change in the future.
Awesome card and the only thing is that I'm confused if it's a real bank or just a cash app like usa
I recently got this card because I opened a Wealthsimple Cash account for the interest rate. Learning that the card had a $0 annual fee and 0% foreign transaction fee was the winner for me! I don't travel much but sometimes I do make purchases in USD currency. I tested it out with a couple of purchases and am impressed! I'll continue to use this card if I have to make a USD purchase, since it saved me more money in fees compared to my other credit cards that charged 2.5%. I also earn 1% on everything I buy, and while my pre-loaded money is sitting in my cash account, it's earning 4.5% on every dollar. Amazing. The cash account also comes with free e-transfer.
