Wealthsimple has updated the insurance coverage available for its credit cards. Both Wealthsimple credit cards now include Flight Delay insurance.
And it's a high coverage amount, too – $1,000 on both cards, which is better than the typical $500 in coverage.
The Wealthsimple credit cards are still only available to clients with an active Wealthsimple chequing account. And even though they’ve been out for quite some time, you may still have to wait to get one. But the waitlist hasn’t stopped Wealthsimple from upgrading the cards.
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Insurance packages with Wealthsimple Visa cards
The insurance packages for both the Wealthsimple Visa Infinite and the Wealthsimple Visa Infinite Privilege are quite good.
Here are the packages for both of them, now with flight delay included.
Wealthsimple Visa Infinite
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Emergency Medical Term | 14 days |
| Emergency Medical Maximum Coverage | $1,000,000 |
| Trip Cancellation | $1,000 |
| Trip Interruption | $1,000 |
| Flight Delay | $1,000 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $750 |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Wealthsimple Visa Infinite Privilege
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Emergency Medical Term | 14 days |
| Emergency Medical Maximum Coverage | $2,000,000 |
| Trip Cancellation | $1,500 |
| Trip Interruption | $1,500 |
| Flight Delay | $1,000 |
| Baggage Delay | $1,000 |
| Lost or Stolen Baggage | $1,000 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Are there better packages out there? There are – check out Canada’s best credit cards for insurance for some examples.
But Wealthsimple’s cards are still competitive. The one major insurance missing from the Visa Infinite version is car rental insurance.
What Wealthsimple credit cards offer
Wealthsimple credit cards are, well, simple. First, the cards are basically the same as one another. The only differences lie in the insurance, as outlined above, and some perks, which we’ll cover.
These are cash back cards that get you 2% cash back on all purchases. In fact, the Wealthsimple Visa Infinite Privilege is the only cash back Visa Infinite Privilege card in Canada.
They have the same annual fee of $240. And it can be waived by doing one of the following:
- Maintain deposits of $100,000 in Wealthsimple
- Direct deposit your payroll of at least $4,000 per month
The VIP card has a couple of extra benefits (simply because it's a Visa Infinite Privilege card). This includes a Visa Airport Companion membership and 6 free passes, plus airport benefits in Ottawa, Montreal, and Toronto-Billy Bishop.
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