A new Visa Infinite Privilege credit card is coming to Canadians, courtesy of Wealthsimple. The basics of the card are identical to the Wealthsimple Credit Card, but it will include Visa Infinite Privilege benefits and some increased insurance coverage.
You won't be able to apply for this card directly. Instead, when you apply for a Wealthsimple credit card, your income will determine which card you get – the Visa Infinite or Infinite Privilege Card.
This card is not available yet, but it will be in a couple of weeks. Hat tip to Reddit users Waffles_r_ and Kasacoho for sharing what they heard. Wealthsimple has not yet updated its credit card landing page, but the Help Centre now includes information about both cards.
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 new Wealthsimple Visa Infinite Privilege will offer
The Wealthsimple Visa Infinite Privilege has the same basic features that the Wealthsimple Credit Card offers.
- 2% cash back on all purchases
- No foreign exchange fees
The monthly fee is also going to be the same – $20 per month (equating to $240 per year), making it by far the cheapest Visa Infinite Privilege card in the Canadian market.
And, just like the Visa Infinite, you can get the monthly fee waived by one of the following:
- Be a Premium or Generation client (meaning you have more than $100,000 in Wealthsimple assets)
- Have monthly payroll deposits totalling more than $4,000
This will be the only VIP card in Canada that allows you to waive the full annual fee.
So what else are you getting? This card has a few benefit upgrades.
First, there are extra benefits simply because this is a Visa Infinite Privilege card. And the biggest one is airport lounge access. You'll get a Visa Airport Companion membership and six free passes.
This card will also have more insurance coverage than the Visa Infinite. The full details have not yet been released, but here are the basics.
- Rental car insurance
- Increased coverage amounts for trip cancellation, lost/stolen baggage, and travel medical insurance.
How to apply for the new Wealthsimple Visa Infinite Privilege
How do you get this new card? Since the monthly fee is the same, you don't apply for it directly.
You'll simply apply for a Wealthsimple credit card, and your eligibility will determine whether you get the Visa Infinite or Visa Infinite Privilege version.
Eligibility comes down to your income. For the Visa Infinite card, you need either a personal income of $60,000 or a household income of $100,000 to qualify. The VIP version kicks those up a few notches – you’ll need a personal income of $150,000 or a household income of $200,000.
To get either card, you also need to reside in Canada and have a Wealthsimple chequing account. But if you don’t already have a chequing account, you can open one during the card application process.
What to do if you already have a Wealthsimple Credit Card and want the upgrade
Already have (or put yourself on the waitlist) for the Wealthsimple Credit Card and want the upgraded version?
There's nothing you need to do. Over the next few months, Wealthsimple will start upgrading existing cardholders. You'll get a notification if you're eligible for an upgrade.
If you don't get upgraded automatically, we suggest reaching out to Wealthsimple to request an upgrade.
The latest credit card news
Want to stay up to date on the latest credit card news from Wealthsimple and other Canadian credit cards and rewards programs? Subscribe to the creditcardGenius newsletter.
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.
GC: 
$100 GeniusCash + Earn up to 15,000 Welcome Bonus Membership Rewards® Points.*
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.