Wealthsimple is testing a new no-fee Visa Infinite card. Currently in an invite-only beta-testing phase, the new Wealthsimple Visa reportedly earns a flat 1% cash back on all purchases. Plus, cardholders can choose custom perks.
While Wealthsimple hasn't yet announced a public rollout, the card is already getting attention from Canadians who want a card that comes with travel and lifestyle perks without qualification hurdles or high annual fees.
In addition, Wealthsimple has also officially announced a prepaid business Visa card – also a beta card that isn't yet available to all clients.
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What we know about the new Wealthsimple credit card
Unlike Wealthsimple's previous card launches, there is no waitlist for this card. If you're a Wealtsimple client, you'll have to check your account to see if you received an invite.
It offers standard Visa Infinite perks like 24/7 concierge service and the Visa Infinite Dining Series.
But the main attraction is this new beta card's customizable benefits package. Cardholders can select 3 benefits from a menu of these 8 options:
- No foreign transaction fees
- Auto rental collision and loss damage insurance
- Delayed and lost baggage insurance
- Flight delay insurance
- Mobile device insurance
- Out-of-province or country emergency medical insurance
- Trip cancellation and trip interruption insurance
- Discounted airport lounge passes at more than 1,200 lounges worldwide.
While there are other no-fee cards that offer some of these benefits, this new card offers unique combinations of perks. And rather than forcing cardholders into a one-size-fits-all package, Wealthsimple lets you choose the benefits that fit your lifestyle.
If you have an overseas trip planned, you could choose to eliminate foreign transaction fees, get emergency medical insurance, and snag some discount airport lounge passes. Or if you prefer a road trip, you might choose rental car coverage, trip interruption insurance, and mobile device coverage.
But choose carefully: Your selected benefits are locked in for 12 months.
Alternatives to the new Wealthsimple Visa Infinite
This card isn't an option for most Canadians right now – so let's dig into some alternatives.
No foreign exchange fees is one of the biggest draws to Wealtsimple's new Visa card. The only personal cards that currently charge no annual fees and fully waive the standard 2.5% foreign transaction fee are Wealthsimple's own Wealthsimple Prepaid Mastercard and the EQ Bank Card, both of which are prepaid cards rather than typical credit cards.
Tip: The Wealthsimple Prepaid Mastercard no longer earns cash back, but you can still get 0.5% cash back with a EQ Bank Card, so it's worth a look if you'll be shopping abroad.
Flight delay insurance is another rarity for no-annual-fee credit cards. But Albertans can find it with the ATB Gold My Rewards Travel Mastercard – along with car rental and baggage delay insurance.
Mobile device insurance is available with several no-fee cards, such as:
- MBNA Rewards Platinum Plus Mastercard (1.54% average earn rate)
- Tangerine Money-Back World Mastercard (1.14% average earn rate)
- BMO eclipse Visa Infinite Card (1.59% average earn rate)
The Tangerine Money-Back World Mastercard doesn't let you choose your benefits, but you can customize your rewards by selecting which categories get you bonus cash back.
Finally, it's rare that this card is a no-fee Visa Infinite card. But if you're looking to get these luxury perks without the usual pricetag, check out the no-annual-fee More Rewards RBC Visa Infinite. Even though More Rewards is known for being a West Coast rewards program, your points are actually worth the most when spent on travel – and this can be booked from anywhere in Canada.
Wealthsimple's current card lineup
Previously, Wealthsimple's card lineup consisted of a prepaid card, and 2% cash back Visa Infinite card, and a 2% cash back Visa Infinite Privilege card. Now, the original Visa Infinite is only available to those who were approved before April 28, 2026. In its place, Wealtsimple offers a 2% Visa Infinite+ card, alongside this beta-only 1% Visa Infinite card.
Infinite+ is a new tier, introduced with GigSky data plan benefits. Scotiabank was the first to offer this tier.
This new 1% cash back Visa Infinite card is an intriguing no-fee option, but the other cards offer more rewards and perks. If you meet their steep income requirements and you qualify to waive the high fees, those cards will get you more value. How to waive the fees:
- Eligible direct deposits (such as payroll) of at least $4,000 every 30 days
- Become a Premium client ($100,000+ in net deposits or assets)
- Become a Generation ($500,000+ in net deposits or assets)
If you don't qualify to waive the fees, the new card is worth watching. Here's how the lineup compares:
| Card | Annual fee | Rewards | Added perks | Income requirements |
|---|---|---|---|---|
| New Wealthsimple Visa | $0 | 1% cash back | Choose 3 perks from a list of 8 | * $60,000 personal * $100,000 household |
| Wealthsimple Visa Infinite | $240 (or $0 if waived) | 2% cash back | * No foreign transaction fees * 9 types of insurance * Visa Infinite benefits | * $80,000 personal * $150,000 household |
| Wealthsimple Visa Infinite Privilege | $120 (or $0 if waived) | 2% cash back plus premium travel benefits | * No foreign transaction fees * 10 types of insurance * Visa Infinite Privilege benefits | * $150,000 personal * $200,000 household |
| Wealthsimple Prepaid Mastercard | $0 | None | None | None |
If you meet the income requirements for a Visa Infinite or Infinite Privilege card, but you can't waive your fee, check out Canada's best Visa cards instead. You'll likely find a better match.
More updates on new credit cards coming to Canada
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FAQ
Is the new Wealthsimple Visa available to everyone?
Not yet. The card is currently being tested through a limited beta program, so it's not available nationwide. Wealthsimple has not announced a public launch date, but we do expect more details as testing expands and more users gain access.
Does the new Wealthsimple Visa have an annual fee?
No. The card has no annual fee, yet still offers 1% cash back and other perks, including the option to choose 3 perks out of a list of 8. This gives the card a unique position in Canada's credit card market.
How much cash back will I earn with the new Wealthsimple Visa?
Cardholders will earn a flat 1% cash back on all purchases, meaning you'll earn a dollar back for every hundred dollars you spend. There are no spending categories to track, so it's a very simple option for Canadians who want some benefits with no annual fee.
What benefits can cardholders choose?
Cardholders can select three benefits from a list of eight available options. They are no foreign exchange fees, rental car insurance, delayed and lost baggage insurance, trip cancellation and interruption insurance, mobile device protection, emergency medical insurance, and discounted airport lounge passes.
Who is this new Wealthsimple Visa most suited for?
This card appears to be suited for Canadians who don't qualify for Wealthsimple's Premium or Generation status, but want a cash back card with no annual fee and their choice of travel and lifestyle perks, including a wide range of insurance options.
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