While not a bank itself, Wealthsimple has become a full-service alternative to the major banks, with many of the same products, including credit cards.

The Wealthsimple Credit Card is just as the name implies – it keeps things simple. And for many Wealthsimple clients, getting the annual fee waived is very straightforward.

Earning cash back with the Wealthsimple Credit Card

Everything about this card is simple, and it starts with the rewards. You'll get cash back with this card, so there's no need to worry about redeeming points for the best value. And the earn rate is as simple as they come: 2% cash back on all purchaess.

Your rewards get applied as a statement credit every month. Think of it as getting a 2% rebate on all the purchases you made with the card.

Pros to the Wealthsimple Credit Card

There's more to like with this card than just the rewards.

1. No foreign exchange fees

Credit cards that don't charge the typical 2.5% fee on foreign transactions are rare in Canada, but the Wealthsimple Credit Card is one of them. For every $100 in purchases not made in Canadian dollars, you're saving yourself $2.50.

2. Get the annual fee waived

The annual fee itself is $240, which gets charged out as $20 per month This is in line with a typical Visa Infinite card, but this one can be waived in 1 of 2 ways.

First, the monthly fee goes away if you're a Wealthsimple Premium or Generation client (meaning you have at least $100,000 deposited with them).

If you set up direct deposits totalling $4,000 or more per month (think your payroll or government benefits), you also won't pay the monthly fee.

3. Metal card for Premium and Generation clients

Another special feature if you're a Premium or Generation client – you'll get a metal credit card. While it doesn't provide any real benefits, it does feel nice to hold and looks quite luxurious.

4. Visa Infinite benefits

All the usual Visa Infinite benefits are included. From the Visa Infinite Luxury Hotel collection, dining experiences and more, all the standard benefits are here.

Cons to the Wealthsimple Credit Card

There are 2 things to keep in mind with the Wealthsimple Credit Card.

1. Requires a Wealthsimple chequing account

You can't pay your Wealthsimple Credit Card credit card bill from just any bank account. It can only be paid from a Wealthsimple chequing account. In fact, you need to have this account before you can even apply for the credit card.

This chequing account does come with a prepaid card, and you can learn more about it here.

2. High income requirements

Like all other Visa Infinite cards, you'll need to meet strict annual income requirements of either $60,000 personal or $100,000 household to qualify.

Comparison to the Rogers Red World Elite Mastercard

There's another credit card that matches what the Wealthsimple Credit Card offers – the Rogers Red World Elite Mastercard. Here's how they compare.

For starters, the Rogers Red World Elite Mastercard has no annual fee at all. With the Wealthsimple Credit Card, you have to earn the fee waiver. And with the Rogers Red World Elite Mastercard, you can pay your bill from any bank account.

As for rewards, by default, the Wealthsimple Credit Card offers higher rewards. However, if you have a Rogers service, the rewards are boosted, so you're gaining quite a bit more.

It all comes down to whether or not you have some kind of service with Rogers and get the full deal with the Rogers Red World Elite Mastercard. If you do, it's better. If not, the Wealthsimple Credit Card is the best choice.

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FAQ

What does the Wealthsimple Credit Card offer for rewards?

The Wealthsimple Credit Card is a cash back credit card that offers 2% cash back on all purchaess. The cash back gets paid out every month as a bill credit.

What are the requirements to get the Wealthsimple Credit Card?

There are a couple of requirements for getting the Wealthsimple Credit Card. To even apply, you need to have a Wealthsimple chequing account, which is also the only account you can pay your bill from. The other requirement involves your income – $60,000 personal or $100,000 household.

What is the annual fee of the Wealthsimple Credit Card?

The Wealthsimple Credit Card has an annual fee of $240 that gets charged out as $20. It's waived for Wealthsimple Premium or Generation clients and when users set up monthly direct deposits of $4,000 into a Wealthsimple chequing account.