Toronto-based fintech Wealthsimple is hiking the cost of its Visa Infinite credit card, doubling the annual fee from $120 to $240.
In an update to its terms and conditions today, Wealthsimple says starting October 8, 2025, cardholders will be charged $20 per month (instead of $10). In Quebec, the fee will instead be billed once a year.
Now, not everyone will be paying the fee. The charges are waived for customers with Premium ($100k in assets) or Generation status ($500k in assets), or for Core clients who deposit at least $4,000 a month into a Wealthsimple chequing account. Anyone who doesn’t meet those requirements will see the $20 charge appear on their statement.
What’s the big deal with the Wealthsimple Visa Infinite card? It currently offers 2% cash back on eligible purchases, while there are also zero foreign exchange fees, while the virtual card has an unlimited tap limit.
Other perks include purchase protection for 90 days, phone insurance up to $1,000, and extended warranty coverage that doubles the manufacturer’s repair period. Cardholders also get 24/7 concierge and customer support, access to Visa Infinite Dining events, perks at over 900 luxury hotels, and exclusive offers through the Wine Country program.
Update: while the price is going up for the annual fee, new benefits were also launched today. There’s now travel insurance benefits when you use the card to pay for your trip. Cardholders under 65 are covered for up to $1 million in emergency medical expenses if something happens while travelling outside their home province or country, for trips lasting up to 14 consecutive days.
Coverage includes hospital bills, emergency dental care, air evacuation, and even up to $5,000 for repatriation. The card also offers trip cancellation and interruption insurance, reimbursing up to $1,000 per person (maximum $3,000 per trip) if you have to cancel or cut your trip short due to reasons like illness, jury duty, natural disasters, or travel advisories.
These travel and medical benefits aren’t available to Quebec residents, unfortunately.
You can sign up here for Wealthsimple and get a free $25 bonus.
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That's one way to reduce the waitlist… haha.
Just need to have 4000$ deposited in cash account, its not hard to reach