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Hard Credit Check How To Protect Your Credit Score Must Read Best Instant Approval Credit Cards ‒ From No Credit To Excellent Credit Credit Cards For Bad Credit Secured Credit Cards Tangerine Money Back Credit Card KOHO Prepaid Mastercard Review Credit Card Quiz creditcardGenius Disclosure creditcardGenius receives a referral fee for some credit cards listed; however, our comprehensive and math-based algorithm solely dictates the results of our rating system. Our ratings and rankings are strictly independent of compensation. Click to read our detailed disclosure . Our disclosure Meet The Wealthsimple Credit Card – A New Cash Back Card Written by creditcardGenius Team   on Jun 12, 2025 Fact Checked Fact Checked Accuracy is important to us so this article has gone through a thorough 3-stage review process and fact-checked by our team. 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. Never miss an amazing deal again + get our bonus 250+ page eBook for FREE . Join 50,000 other Canadians who receive our weekly newsletter – learn more . 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. creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you. Did you find this article helpful? Yes No Editorial Disclaimer : The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 227 Canadian credit cards. Hot Credit Card Deals This Month Hot Credit Card Deals This Month: Get even more cash back with exclusive offers only available on the GeniusCash app Explore bigger GeniusCash offers that you won't find anywhere else. Connect your credit cards and unlock bonus cash on your spending that you won't get anywhere else. Explore customized recommendations to help you find the best products to level up your rewards. Be the first to know about new, limited-time GeniusCash offers so that you never miss a deal. Refer your friends and family to earn bonus levels and extra cash back. Up to 90,000 100,000 bonus points + 4 free lounge passes per year + $125 GeniusCash Earn up to 5x the points on purchases. 90,000 100,000 point welcome bonus worth up to $670. Includes a Mastercard Travel Pass membership with 4 free passes.. Annual fee of $150, which is waived for the first year. $125 GeniusCash on approval ‒ offer ends Dec 31, 2025. * Earn up to 165,000 bonus points + First year annual fee rebate + $20 GeniusCash Earn up 165,000 TD Rewards points as a welcome bonus. Earn 8 points per $1 spent on travel through Expedia For TD. Earn 6 points per $1 spent on groceries and restaurants. Annual $100 travel credit for use at Expedia For TD. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * 0% interest for 12 months with Canada's #1 balance transfer promotion + $20 GeniusCash Best balance transfer rate in Canada. You can get a 0% promotional balance transfer rate for 12 months to help you pay off pre-existing credit card debt. Permanent low interest rates of 12.99% on purchases and 17.99% on balance transfers (24.99% on cash advances). No annual fee. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * Bonus : Finally earn rewards on your biggest expense by paying for your rent and other bills with Chexy. Related Posts Meet The Wealthsimple Credit Card – A New Cash Back Card Wealthsimple Vs. Questrade – Where To Take Your Investment Dollars Comments Leave a comment Required fields are marked with *. Your email address will not be published. Post Comment Showing 9 comments Chris Amaddeo December 12, 2024 As of Dec 12, this card now offers: -2% unlimited cash back on all purchases, with no bonus categories to track -No FX fees when travelling or spending in another currency -Scheduled payments for your statement (with the flexibility to choose between the total or minimum balance) Reply Patrick December 6, 2024 If it had zero Foreign Transaction Fees I would jump at it. I am a generation client at WS now. Reply Bowen Chen December 12, 2024 Yesterday they announced exactly that. No spending cap on 2% cashback, no foreign transaction fees Reply Dale Anderson September 14, 2024 Very interesting card, if they really want to capture market share and get people talking about them, drop the RFX fee. People will grab it for that alone and US Costco Reply Josh August 8, 2024 I got the Wealthsimple Visa Infinite a few weeks ago, very pleased so far. Can only access it through the app, no desktop support yet. I can confirm the cashback is paid out each monthly statement period to your cash account and the $10 monthly fee is waved if you are a premium user or higher. 2% on everything on the first $3k spend each month and 1% after. Reply Sean August 16, 2024 Reading on reddit - it sounds like it's a 1% cash back card and then you get another 1% cash back when you pay the credit card bill early. Is that how it comes up with 2%? Reply Ming November 28, 2024 It is straight 2% Reply Kwadwo August 16, 2024 Hey Sean, For the Wealthsimple Credit card, you would receive 2% on all purchases. This is capped at a $3000 monthly spend,anything after that threshold would give you 1% cashback for the remainder of the month. Currently there isn't any cashback offered for paying the bill early, but Wealthsimple does mention this is still in the early stages and not the final product so lots can change before the full release. 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