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.

This card gives you cash back on purchases, and you can redeem 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. (Quebec residents pay the whole $240 once per year.) 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. So, 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. The biggest is the Visa Airport Companion membership for airport lounge access. Beyond simple access to any of the 1,200+ locations, this card includes 6 free passes each year.

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

6. Travel and dining perks

The Wealthsimple Visa Infinite Privilege Credit Card also comes with the Visa Infinite Luxury Hotel collection. And as if access to more than 900 hotels with premium upgrades wasn't enough, you also get a $100 credit each for each stay.

Then, there's OpenTable x Visa. This is an exclusive benefit that helps you score primetime reservations at some of the top restaurants across Canada.

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 just any bank account. You can only do so 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: either a personal income of $150,000 or a household income of $200,000.

Alternatively, you can meet the eligibility criteria if you have at least a $50,000 annual spend or hold a minimum of $400,000 worth of assets with Wealthsimple.

Comparison to the Wealthsimple Visa Infinite + Credit Card

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

The main difference between them is the benefits. One has Visa Infinite Privilege perks – like airport lounge access and other travel benefits – while the other offers the standard Visa Infinite perks.

However, the core characteristics are the same: cash back rewards, annual fees and waiver options, and 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's a side-by-side comparison of the main features.

* Travel-related insurance benefits for both cards do not apply to Quebec residents. Wealthsimple Visa Infinite Privilege Credit Card cardholders, however, still receive auto rental collision/loss damage coverage.

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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 2 main requirements. First, you need a Wealthsimple chequing account, as it's the only way to pay your bill. Second, your annual income must be at least $150,000 personal or $200,000 household. Alternatively, you can have a minimum $50,000 annual spend or $400,000 of assets with Wealthsimple.

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 per month. (Quebec residents pay the fee in full once each year.) 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.

How do I get the Wealthsimple Visa Infinite Privilege Credit Card?

To qualify for the Wealthsimple Visa Infinite Privilege Credit Card, you'll first need a Wealthsimple chequing account. Then, you can apply by clicking the "Apply now" button at the top of this page or by using the Wealthsimple website. Whether you receive Wealthsimple Visa Infinite Privilege Credit Card or the Wealthsimple Visa Infinite + Credit Card depends on your reported income.

Is the Wealthsimple Visa Infinite Privilege Credit Card worth it?

If you like straightforward cash back rewards, are a frequent traveller, and appreciate Visa Infinite Privilege benefits, the Wealthsimple Visa Infinite Privilege Credit Card is worth it. The $240 is a bit steep, but it's still the lowest VIP card fee in Canada. And with multiple options for waiving it, you can essentially have a no-fee VIP card.

What are the differences between the Wealthsimple Visa Infinite and Visa Infinite Privilege credit cards?

The main differences between the Wealthsimple Visa Infinite + Credit Card and the Wealthsimple Visa Infinite Privilege Credit Card are the benefits. The VIP version offers the full Visa Infinite Privilege benefits suite, plus premium perks like airport lounge and luxury hotel access. The VIP card also tacks on rental collision/loss damage insurance to its coverage list.