The Wealthsimple Visa Infinite Privilege Credit Card is one of a few Visa Infinite Privilege cards in Canada. And it has lots going for it compared to the others. It's the only cash back VIP credit card in Canada and has the lowest annual fee, which is also quite easy to get waived.

Earning cash back with the Wealthsimple Visa Infinite Privilege Credit Card

The rewards for the Wealthsimple Visa Infinite Privilege Credit Card are as straightforward as it gets for a credit card.

This card gives you cash back on purchases, and you can cash out your rewards whenever you like. You can deposit your cash back into most Wealthsimple accounts, including your chequing, savings, and TFSA accounts.

As for the earn rate? You'll earn 2% cash back on all purchases. As simple as it gets.

Pros to the Wealthsimple Visa Infinite Privilege Credit Card

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

1. Low annual fee for a Visa Infinite Privilege card

The annual fee for this card is $240, which gets charged out as 20 per month. And while it is high compared to most credit cards, it's by far the lowest annual fee of any Visa Infinite Privilege card in Canada.

2. Get the annual fee waived

It's also possible to get the annual fee waived. If you're a Wealthsimple Premium or Generation client, meaning you have at least $100,000 deposited with Wealthsimple, you qualify to get the annual fee waived.

The other way you can get it waived is by setting up direct deposits of at least $4,000 per month.

This is the only VIP card in Canada that lets you waive the entire annual fee.

3. No foreign exchange fees

For the international traveller, this card will save you foreign exchange fees.

Most credit cards charge you a 2.5% fee on any purchase not made in Canadian dollars. This credit card doesn't charge this fee.

For every $1,000 you spend in foreign currency you'll save $25.

4. Metal card for Premium and Generation clients

This card offers an extra special perk for Premium and Generation clients: You'll get a metal credit card rather than a regular plastic card.

While it doesn't add any extra benefits, it does feel more premium in your hands.

5. Visa Infinite Privilege benefits

Finally, there are the Visa Infinite Privilege benefits. Thie biggest is the Visa Airport Companion membership for airport lounge access. And not only do you get access, but this card includes 6 free passes.

You'll also get benefits in Montreal-Trudeau, Ottawa, and Toronto-Billy Bishop airports. The benefits vary by airport, but include extras like parking discounts and priority security lanes.

Cons to the Wealthsimple Visa Infinite Privilege Credit Card

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

1. Requires a Wealthsimple chequing account

At this time, you can't pay your Wealthsimple credit card from any bank account. It can only be paid from a Wealthsimple chequing account, so you need to set one up to apply for the card.

This account can be otherwise useful, though. It offers high interest rates and comes with a prepaid card.

2. High income requirements

This is true of any Visa Infinite Privilege card, but you'll need to meet some high income requirements to qualify for the card. You'll need either a personal income of $150,000 or a household income of $200,000 to qualify for the card.

Comparison to the Wealthsimple Visa Infinite + Credit Card

Welathsimple offers 2 credit cards, the other one being the Wealthsimple Visa Infinite + Credit Card.

The main difference between them is the benefits. One has Visa Infinite Privilege perks while the other just offers Visa Infinite perks. The VIP card offers lounge access and airport benefits the regular card does not.

The core features are the same: cash back rewards, annual fee and waivers, no foreign exchange fees.

The only other difference is in the insurance, where the VIP card offers a few more coverages.

Which card you get is based on the income you report.

Here is the rundown on the main features.

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FAQ

What are the rewards offered with the Wealthsimple Visa Infinite Privilege Credit Card?

The Wealthsimple Visa Infinite Privilege Credit Card is a cash back credit card that offers 2% cash back on all purchases. You can cash out your rewards whenever you like into a Wealthsimple account of your choosing. This flat cash back card has a high return rate and flexible redemption.

What are the requirements to get the Wealthsimple Visa Infinite Privilege Credit Card?

The Wealthsimple Visa Infinite Privilege Credit Card has a pair of requirements. First, you're required to have a Wealthsimple chequing account, as it's the only way to pay your bill. You also need to meet high income requirements of either $150,000 personal or $200,000 household.

What is the annual fee of the Wealthsimple Visa Infinite Privilege Credit Card.

The Wealthsimple Visa Infinite Privilege Credit Card has an annual fee of $240 that gets charged out as $20. If you're a Wealthsimple Premium or Generation client, or when you set up monthly direct deposits of $4,000 into a Wealthsimple chequing account, the fee gets waived.