Toronto’s Wealthsimple has launched its first credit card, in the form of a Visa Infinite, and it’s being offered to select customers as part of a beta test, according to an email obtained by iPhone in Canada.
Visa Infinite card is available to Canadian residents (excluding Quebec) who are of the age of majority, have a personal income of $60,000 or a household income of $100,000, and have an active Wealthsimple Cash account.
The card offers up to 2% cashback on the first $3,000 spent per statement period and 1% on subsequent purchases, excluding cash-like transactions, refunds, fees, and adjustments. It has a $120 annual fee, charged monthly at $10, but waived for Premium and Generation clients. Foreign transactions incur a 2.5% fee (the Wealthsimple Cash Mastercard has 0% FX fees).
At launch, only digital cards are provided (Apple Pay and Google Wallet supported), but physical cards will be sent later in 2024. So until then, you won’t be able to use this Wealthsimple Visa at an ATM.
The card is only managed through the Wealthsimple app at launch, while payments can only be made for now from a Wealthsimple Cash account.
As for other perks, the Wealthsimple Visa includes mobile device insurance that protects against loss, theft, mechanical breakdown, or accidental damage, which is not bad (especially if you smash your iPhone 15 Pro Max).
There’s also purchase security which covers new personal items against loss, damage, or theft for 90 days from the date of purchase, while an extended warranty doubles the repair period provided by the original manufacturer’s warranty.
To apply, users must access the Wealthsimple app (you go to Add An Account and a credit card option will appear), complete the application process, and undergo a soft credit check. More invitations will continue to roll out this year, says the email.
In other news, Wealthsimple recently launched a $100 bonus on direct deposits and now also reimburses Canadian ATM withdrawal fees.
Click here to sign up for Wealthsimple Cash and get a $25 free bonus on top.
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This is a very weak offering for a card with an annual fee.
Free for people with $100k portfolio. I think the fee is to ward off people that do not fall into that group.
When I first saw this I thought it was just an alternative to Mastercard for Cash account.
A debt credit card isn’t really an appealing thing.
Not much perks. They should at least make it no FX fees.
No Quebec? Crap.
Are you surprised?
Wealthsimple gets a lot of ads recently, but let me tell you, at the end of the day it's still a discount broker and you get what you pay.
Waiting for the last 3 days for someone to call me back (as committed) to finalize a simple transfer….maybe they don't want my money.