Wealthsimple has announced updates to the Wealthsimple Credit Card. And if your first thought is "wasn't this credit card just released a few months ago?", you're not alone (and you're right). After a private closed beta, it was only released to the public in June of 2025 – 3 months ago.
The Wealthsimple Credit Card now comes with travel insurance, which is normally included with a Visa Infinite card.
However, Wealthsimple is also doubling the monthly fee. But rest assured, the qualifications to get the fee waived haven't changed. If you have over $100,000 in Wealthsimple assets or a minimum of a minimum of $4,000 in monthly direct deposits, you can use the Wealthsimple Credit Card for free.
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.
New insurance coverages for the Wealthsimple Credit Card
Let's start with the good news – this card now includes some travel insurance. Here are the full details of what is included:
Wealthsimple Credit Card
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Emergency Medical Term | 14 days |
| Trip Cancellation | $1,000 |
| Trip Interruption | $1,000 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $750 |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Purchase protection, extended warranty, and mobile device insurance were already included prior to this update.
As of September 9, 2025, this card also offers travel insurance. It's a basic travel insurance package, missing some typical inclusions like flight delay and rental car insurance. But it's firmly in line with what other cash back cards typically offer for travel coverage.
However, if you're a resident of Quebec, you won't get access to these new coverages.
Monthly fee changes
With these new benefits comes a hefty fee increase, which current cardholders will start paying as of October 8, 2025.
The Wealthsimple Credit Card’s monthly cost is doubling from $10 to $20, making the annual fee $240. If you live in Quebec, you simply get charged an annual fee of $240.
That's a tough pill to swallow, and it puts the annual fee far above the typical Visa Infinite credit card fee of between $120 to $150.
However, the qualifications to get the monthly fee waived haven't changed. You need to meet one of the following:
- Be a Wealthsimple Premium or Generation client (requires at least $100,000 in Wealthsimple assets)
- Have a minimum of $4,000 in pre-authorized payroll deposited to a Wealthsimple chequing account in the previous 30 days
Seeing as you’re required to have a Wealthsimple chequing account to pay your credit card bill anyway, waiving your fee comes down to your current assets and pay cheque.
In order to qualify, the $4,000 must come from pre-authorized payroll transactions. This includes your regular pay, as well as vacation pay, bonus pay, commission, and overtime. However, it does not include pensions or benefits.
What the Wealthsimple Credit Card offers
If you're new to the Wealthsimple Credit Card, here is what else this card has to offer.
It's a cash back card, and Wealthsimple keeps it simple – you'll earn 2% cash back on all your purchases. The cash back you earn gets added to your Wealthsimple chequing account when your statement comes out.
There are two more major goodies.
The big one: no foreign exchange fees. The Wealthsimple Credit Card is a rare credit card that doesn't charge the typical 2.5% on any purchase made in foreign currency.
Plus, there's a nice little perk if you're a Wealthsimple Premium or Generation client – you'll get a metal credit card instead of a plastic one.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.