Toronto fintech Wealthsimple has quietly rolled out a new beta feature that allows its credit card users to spend their accumulated cash back directly on physical products within the app.
The merchant rewards redemption storefront is currently available to a limited group of testers, moving the platform away from its traditional cash model toward a more gamified rewards system.
Among the items currently listed in the beta store are Apple AirPods 4, which are showing for a redemption value of $224 (savings of $25 off; they’re $220 on Amazon.ca right now). Other partnerships include Canadian luggage brand Monos, with some users reporting that the redemption prices for suitcases are actually lower through Wealthsimple than on the manufacturer’s own website ($249 redemption instead of $300 retail).
However, early users have pointed out a significant catch: the system currently requires you to have the full amount of cash back saved up to redeem an item. Unlike most retail rewards programs, there is currently no points plus cash option to pay the remaining balance if your rewards pool is short, which is too bad.
Some products that have lower redemptions include the Wealthsimple branded keychain for $10 and their Magnetic phone wallet for $15.
While some on Reddit appreciated the discounted deals on premium brands, others argue that it’s more efficient to simply deposit the cash back into an investment account to earn interest. .
The launch comes as Wealthsimple continues to aggressively expand its credit card reach. The company recently launched a referral contest where users can earn entries to win FIFA World Cup 2026 tickets by referring friends who are approved for the Wealthsimple Visa card.
If you have the Wealthsimple credit card, you can check for the feature by navigating to the Cashback section under your card tab. If you don’t see the Shop with your cash back section yet, you likely haven’t been added to the beta rollout.
Earlier this year, Wealthsimple said it would end its credit card waitlist this year, as the company has struggled to keep up with demand for its Visa cards.
Click here to sign up for Wealthsimple and get a free $25 bonus with your first deposit.
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Not a very interesting selection, I will stick with earning some pennies from cash back.