The Wealthsimple credit card is a flat-rate cash-back Visa: it pays 2% on every purchase, Wealthsimple adds no foreign transaction fee, and the annual fee disappears for clients with large balances or a paycheque deposit. This review covers both versions (the Visa Infinite+ and the Visa Infinite Privilege), the metal card, the insurance and travel benefits, who qualifies, and the spending level at which the card beats a no-fee alternative. YieldMaple re-checked Wealthsimple’s credit card, Visa Infinite+, Visa Infinite Privilege and pricing pages on October 8, 2026; Wealthsimple’s legal pages were checked on September 23, 2026, and the American Express, Rogers Bank, Scotiabank and Neo card pages it is compared with on September 24, 2026.
Wealthsimple credit card at a glance
| Feature | Visa Infinite+ | Visa Infinite Privilege |
|---|---|---|
| Cash back | 2% on every purchase (better on this row) | 2% on every purchase (better on this row) |
| Annual fee | $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit | $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit |
| Foreign transaction fee | 0% from Wealthsimple (Visa's conversion rate applies) | 0% from Wealthsimple (Visa's conversion rate applies) |
| Card network | Visa | Visa |
| Income to qualify | a personal income of at least $80,000 or household income of at least $150,000 | a personal income of at least $150,000 or household income of at least $200,000 — or $50,000+ in annual spending, or $400,000+ in assets at Wealthsimple |
| Airport lounge access | Not included | complimentary access to more than 1,200 airport lounges worldwide (better on this row) |
| Travel medical insurance | up to $1,000,000 | up to $2,000,000 |
| Trip cancellation and interruption | up to $3,000 per trip | up to $5,000 per trip |
| Rental car collision and loss damage | Not included | rentals of up to 31 days, on vehicles with an MSRP up to $65,000 (better on this row) |
| Flight delay cover | Not listed | up to $1,000 |
| Purchase protection, phone insurance, extended warranty | Included | Included |
| Metal card | With $100,000+ in individual assets | With $100,000+ in individual assets |
| Purchase interest rate | 20.99% on purchases (22.99% on cash advances) | 20.99% on purchases (22.99% on cash advances) |
| Pay the balance from | Wealthsimple Chequing only | Wealthsimple Chequing only |
Sources: wealthsimple.com credit card page, Visa Infinite+ page, Visa Infinite Privilege page and pricing page, checked October 8, 2026. Insurance limits are Wealthsimple's published maximums; the insurance certificate in the app has the full terms.
Both cards earn 2% on every purchase and both cost $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. Wealthsimple charges a 0% foreign transaction fee on either card, although Visa’s own currency conversion rate still applies. Wealthsimple lists travel medical insurance of up to $1,000,000 on the Visa Infinite+ and up to $2,000,000 on the Visa Infinite Privilege, and trip cancellation and interruption cover of up to $3,000 per trip on the Visa Infinite+ and up to $5,000 per trip on the Visa Infinite Privilege. Only the Privilege card adds airport lounges and rental car collision and loss damage cover. Both come in metal once you hold $100,000 or more in individual assets with Wealthsimple, both charge 20.99% on purchases (22.99% on cash advances) on unpaid balances, and either card can only be paid from a Wealthsimple chequing account.
Is the Wealthsimple credit card a Visa or a Mastercard?
The Wealthsimple credit card is a Visa, not a Mastercard, and it comes in two versions issued by Wealthsimple Payments Inc.
Per Wealthsimple’s credit card page, the network is Visa — the Wealthsimple Visa Infinite+ and Visa Infinite Privilege, issued by Wealthsimple Payments Inc..
Those two Visa cards are the only credit cards on Wealthsimple’s card pages, so there is no Wealthsimple Mastercard credit card. Searches for a “Wealthsimple Mastercard” usually mean the old Wealthsimple Prepaid Mastercard, a prepaid card issued by KOHO Financial Inc., under licence from Mastercard. Its cash back has ended — the last day to earn 1% cash back was September 30, 2025, and the prepaid Mastercard has been a 0% cash back card since October 1, 2025, and Wealthsimple’s plan for it is simple: Wealthsimple is moving all prepaid Mastercards to Visa Platinum Prepaid cards in phases; if you haven't had a notice in the app or by email, you don't need to do anything yet.
That leaves four different cards that people call “the Wealthsimple card”:
- The Wealthsimple credit card (Visa Infinite+ or Visa Infinite Privilege): a credit card with a credit check, 2% on every purchase and a fee of $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. This page covers it.
- The Visa Platinum Prepaid card, often called the Wealthsimple debit card or cash card: a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account, with an annual fee of $0 — no annual fee and no published cash-back rate. See the Wealthsimple debit card review.
- The old Wealthsimple Prepaid Mastercard: the legacy prepaid card being switched to Visa.
- The prepaid business Visa: a separate card tied to Wealthsimple Business Chequing, which pays 1% cash back on every purchase.
Being a Visa matters in one place in particular: Wealthsimple’s help centre notes that Costco Canada’s warehouses take only Mastercard, so neither Wealthsimple credit card works at the till there. The Costco Mastercard review covers the co-branded card for warehouse shopping.
How does Wealthsimple credit card cash back work?
The Wealthsimple credit card pays 2% on every purchase on net purchases, with no categories and no cap, and you can redeem it any time to almost any Wealthsimple account.
- What earns cash back. Net purchases in each statement period, in any currency. Cash-like transactions, refunds, fees and adjustments don’t earn anything.
- Welcome boost. Per Wealthsimple’s Visa Infinite+ page on October 8, 2026, new clients get 5% cash back for the first 5 weeks (terms apply), then 2%. The offer’s terms in Wealthsimple’s help centre, read the same day, set the conditions: it takes an invitation from Wealthsimple by in-app message or email and never having held a Wealthsimple credit card, plus an application approved within 30 days of that invitation. The welcome rate then runs for 35 days and applies to the first $10,000 of net purchases; spending above that earns the card’s regular rate. Closing the card within 180 days of the end of the boosted period lets Wealthsimple take the extra cash back away again.
- Where the cash back goes. Left in Wealthsimple Chequing it earns 1.25% on Core, 1.75% on Premium and 2.25% on Generation; sent to an investment account such as a TFSA, you can invest it. Wealthsimple says you can redeem cash back as soon as a purchase settles.
- Boosted partner offers. Register for an offer in the app, shop through the in-app link and pay with the card, and you earn extra cash back on top of the base rate at partners such as Walmart, Chewy, Audible, Hotels.com, Gap, Aesop, Sonos, Patagonia and Dyson. The boost only counts through the app’s links.
Foreign purchases earn instead of cost. Wealthsimple says most Canadian cards add a 2.5% surcharge on purchases in foreign currencies. On $5,000 of spending abroad or on US websites in a year, that surcharge would be $125; the Wealthsimple card charges no foreign transaction fee on it and pays $100 in cash back instead. Visa’s conversion rate applies either way.
How much do you need to spend for the Wealthsimple credit card to pay off?
If you pay the full fee, you need $12,000 a year of card spending, about $1,000 a month, just to earn the fee back.
That is the break-even against using no card at all. The fairer test is against a no-fee cash-back card you could use instead, because the Wealthsimple card only earns you the gap between its rate and the other card’s rate. With the fee at $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit, the break-even spending looks like this:
- A no-fee card that averages a quarter of Wealthsimple’s rate (0.5% on your real spending): the Wealthsimple card pulls ahead above $16,000 a year.
- A no-fee card that averages half the rate (1%): break-even at $24,000 a year, about $2,000 a month.
- A no-fee card that averages three-quarters of the rate (1.5%): break-even at $48,000 a year.
“Averages” is the key word. A category card with a high rate on groceries and a low rate on everything else can average well under its headline rate once you add up what you actually buy, so check last year’s statements to estimate your own number.
Worked example. A household that puts $2,500 a month on one card spends $30,000 a year. The Wealthsimple card earns $600 in cash back. Paying the fee leaves $360, while a no-fee card averaging 1% would pay $300. The Wealthsimple card comes out ahead by $60 with the fee, and by $300 if the fee is waived.
The waiver changes the maths completely. The fee is $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. Wealthsimple’s pricing page breaks it down by plan as $20/month on Core (waivable with a $4,000+ monthly direct deposit); $0 on Premium and Generation, and the asset route lines up with Wealthsimple’s Premium level, which starts at $100,000. The paycheque route has a bonus: a direct deposit that size also qualifies your chequing account for the direct-deposit interest boost (an extra 0.5% with at least $2,000 direct-deposited within 30 days). Wealthsimple’s wording is “individual assets”, so if most of your money sits in a joint account, confirm in the app that it counts before relying on the waiver. With the fee waived, the card beats any no-fee card that averages less than its rate on your spending.
What benefits come with the Wealthsimple credit card?
Both Wealthsimple credit cards include purchase protection, phone insurance, an extended warranty and travel insurance; the Visa Infinite Privilege raises the travel limits and adds lounges and rental car cover.
On both cards (per Wealthsimple’s credit card page, October 8, 2026):
- Purchase protection: 90 days against loss, theft or damage.
- Phone insurance: a repair or replacement up to $1,000.
- Extended warranty: doubles the manufacturer's repair period.
- Fraud protection: Visa Zero Liability for unauthorized charges.
- Travel medical insurance: up to $1,000,000 on the Visa Infinite+ and up to $2,000,000 on the Visa Infinite Privilege.
- Trip cancellation and interruption: up to $3,000 per trip on the Visa Infinite+ and up to $5,000 per trip on the Visa Infinite Privilege.
- Delayed and lost baggage cover: included on both cards. Wealthsimple’s own pages give different limits for the Privilege card, so read the insurance certificate in the app before you rely on a figure.
- Visa Infinite perks: a 24/7 concierge, Visa Infinite Luxury Hotel Collection benefits at over 900 locations, Dining Series events, the Wine Country Program and free GigSky mobile data plans for travel.
Added on the Visa Infinite Privilege:
- Airport lounges: complimentary access to more than 1,200 airport lounges worldwide.
- Rental car collision and loss damage: rentals of up to 31 days, on vehicles with an MSRP up to $65,000. The Visa Infinite+ has none, so plan on the rental company’s waiver or another card that covers it.
- Flight delay cover: up to $1,000.
- Airport and dining extras: priority security, parking and exclusive offers at select airports, prime-time reservations at top restaurants, and bigger GigSky savings.
Wealthsimple notes that some coverage isn’t available in every province, so check the certificate for your province.
Wealthsimple Visa Infinite+ vs Visa Infinite Privilege: what’s the difference?
The two cards pay the same 2% on every purchase for the same fee; the Privilege card adds airport lounge access, rental car cover and higher travel insurance limits.
Wealthsimple matches you to one card or the other when you apply, based on a number of factors. Only applicants who meet the Privilege card’s thresholds can get it: a personal income of at least $150,000 or household income of at least $200,000 — or $50,000+ in annual spending, or $400,000+ in assets at Wealthsimple. It costs nothing extra, and if you already hold the Visa Infinite+, Wealthsimple says eligible Wealthsimple clients can upgrade in the app.
Wealthsimple bills its Privilege card as the only Visa Infinite Privilege card in Canada that pays cash back, based on its October 17, 2025 comparison with the cards of Canadian banks. If you want lounge access but prefer cash over points, that combination is the reason to care which card you’re matched to.
Does the Wealthsimple credit card include lounge access (and what about DragonPass)?
Only the Visa Infinite Privilege version includes airport lounge access, with complimentary access to more than 1,200 airport lounges worldwide; the Visa Infinite+ card has none.
Wealthsimple’s public pages don’t name the lounge program behind its Privilege card. The Privilege page’s FAQ, checked October 8, 2026, describes the benefit as "unlimited lounge access" but lists no visit or guest rules, so check the benefits guide in the app before you count on a free visit. For comparison, Scotiabank’s Passport cards deliver lounge access through the Visa Airport Companion Program, which Scotiabank says is powered by DragonPass.
DragonPass also shows up somewhere else at Wealthsimple: it is one of the partner rewards (alongside Uber One, Strava and Headspace) that clients choose from when they reach asset milestones above the $100,000 Premium level. That reward is separate from the credit card, which is why “Wealthsimple DragonPass” searches turn up two different things.
How do you get the Wealthsimple metal card?
The Wealthsimple metal card is automatic for clients with over $100,000 in individual assets at Wealthsimple; everyone else gets a plastic card with the same benefits.
Wealthsimple’s pricing page lays it out by plan: plastic on Core; metal on Premium and Generation ($100,000+ in individual assets). Both the Visa Infinite+ and the Visa Infinite Privilege can be metal, and the metal version earns the same 2% on every purchase with no extra fee. Wealthsimple describes it as metal made with roughly 65% recycled and sustainable materials.
The same $100,000 of individual assets also waives the card fee, so the metal card and the free card arrive together. As with the fee waiver, the wording is “individual assets”, so check in the app whether money in a joint account counts. If you’re working toward that level, the Wealthsimple Premium guide covers what else unlocks there.
What are the Wealthsimple credit card requirements?
You need Canadian residency, the age of majority, a Wealthsimple chequing account and a personal income of at least $80,000 or household income of at least $150,000 for the Visa Infinite+.
- Chequing first. The card requires an active Wealthsimple chequing account, and Chequing is open to Canadian residents with a valid Canadian phone number who meet their province's age requirement (18 in AB, MB, ON, PE, QC and SK; 19 in BC, NB, NL, NS, NT, NU and YT).
- Income for the Visa Infinite+. a personal income of at least $80,000 or household income of at least $150,000.
- The Privilege card. a personal income of at least $150,000 or household income of at least $200,000 — or $50,000+ in annual spending, or $400,000+ in assets at Wealthsimple.
- Credit check. Checking whether you’re pre-approved doesn’t affect your credit score, according to Wealthsimple; submitting the application triggers a full credit check.
- Limited supply. Wealthsimple says cards are issued in limited quantities, so meeting every rule doesn’t guarantee you a card. The card is available in every province, and eligible Quebec clients can join the waitlist and apply.
If you are new to credit or below the income bar, a secured or starter card is the practical first step; the guide to getting a credit card with no credit history in Canada walks through the options.
How to get the Wealthsimple credit card
- Open a Wealthsimple chequing account if you don’t already have one.
- In the Wealthsimple app, go to the credit card and check whether you’re pre-approved.
- Submit the application. Wealthsimple runs a full credit check and matches you to the Visa Infinite+ or the Visa Infinite Privilege.
- Add the virtual card to your phone wallet and set up auto-pay from Chequing. The virtual card has no Wealthsimple tap limit (a merchant can still set one); the physical card does have a tap limit.
- If you’re below the asset level for the waiver, switch a qualifying paycheque to Wealthsimple Chequing so the fee is waived.
How do you pay the Wealthsimple credit card?
You can only pay it from a Wealthsimple chequing account, either manually in the app or with auto-pay on a schedule you choose.
That makes Chequing the hub: your paycheque or a transfer from your bank lands there, the card payment leaves from there, and redeemed cash back can sit there earning interest. If your pay goes to another bank, move money into Chequing before the due date.
Pay the full statement balance every month. The card charges 20.99% on purchases (22.99% on cash advances), which dwarfs the cash back. If you miss the minimum payment two months in a row, the rates rise to 25.99% on purchases and 27.99% on cash advances from the third statement period after the second missed payment, and they stay there until you’re making minimum payments on time again. Cash advances and other cash-like transactions don’t earn cash back either.
Should you use the Wealthsimple debit card or the credit card?
Use the credit card for everyday spending if you qualify and pay in full; the prepaid “debit” card suits people who want no credit check and no borrowing.
| Feature | Credit card | Prepaid chequing card |
|---|---|---|
| Cash back | 2% on every purchase (better on this row) | none — Wealthsimple publishes no cash-back rate for the Visa Platinum Prepaid card, and the old prepaid Mastercard's cash-back program has ended |
| Annual fee | $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit | $0 — no annual fee (better on this row) |
| Credit check | Yes, a full credit check when you apply | none — it spends your own chequing balance |
| Foreign transaction fee | None from Wealthsimple (Visa's conversion rate applies) | 0% (Visa's conversion rate still applies) |
| Effect on your credit score | Builds or hurts your history like any credit card | None |
| Insurance and Visa Infinite perks | Included | Not included |
Sources: Wealthsimple credit card, pricing and chequing pages, checked October 8, 2026.
Wealthsimple’s “debit card” is a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account. It spends money already in your account, so there is no credit check, no interest and no effect on your credit score, and it costs nothing to hold ($0 — no annual fee). Its foreign transaction fee is 0% (Visa's conversion rate still applies). What it lacks is a published cash-back rate and the credit card’s insurance and Visa Infinite perks. You can use both: the credit card for spending, and the prepaid card for cash withdrawals, where Wealthsimple’s policy is no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. The full breakdown is in the Wealthsimple debit card review.
How does the Wealthsimple credit card compare with Amex, Rogers, Scotiabank Passport and Neo?
The Wealthsimple card wins on flat cash back with no FX fee; Amex Cobalt suits big food spenders, Rogers and Neo work at Costco, and Scotiabank Passport suits Scotiabank clients.
YieldMaple checked the American Express, Rogers Bank, Scotiabank and Neo card pages on September 24, 2026. This section quotes no competitor numbers on purpose: each issuer’s own page has the current figures.
Wealthsimple vs Amex Cobalt
Amex Cobalt earns American Express Membership Rewards points, with its best earn rates on restaurants, groceries and food delivery, and charges a monthly fee. If most of your spending is food and you redeem points well, Cobalt can return more per dollar in those categories. The Wealthsimple card’s case is simplicity: the same cash-back rate on every purchase instead of points that vary by category, no foreign transaction fee from Wealthsimple, and a fee you can get waived. If you spend abroad, check Cobalt’s foreign-currency terms on American Express’s site before comparing. You can also carry both, using Cobalt for food and the Wealthsimple Visa for everything else. The Amex Cobalt review has the details.
Wealthsimple vs Amex Platinum
The Amex Platinum is a premium travel charge card with a far higher annual fee, a larger airport lounge program and points rather than cash, and American Express adds a foreign currency conversion commission to Platinum purchases in other currencies. It makes sense for frequent flyers who use lounges constantly and value Amex’s travel perks. If you mainly want lounge access plus simple cash back, being matched to Wealthsimple’s Visa Infinite Privilege gets you lounges for the same fee as the Visa Infinite+, which can be nothing with the waiver. See the Amex Platinum review.
Wealthsimple vs Rogers Red World Elite Mastercard
Rogers Bank’s World Elite card has no annual fee, pays a higher cash-back rate on US-dollar purchases, and pays a higher regular rate if you have an eligible Rogers service. Its published minimum income matches the Wealthsimple Visa Infinite+‘s, per both issuers’ pages.
- Where Rogers wins: no annual fee with no conditions attached; with an eligible Rogers service, its regular rate matches Wealthsimple’s on Canadian-dollar spending, up to its annual cap; and it’s a Mastercard, so it works in Costco Canada’s warehouses, which take only Mastercard.
- Where Wealthsimple wins: Rogers adds a foreign currency markup to World Elite purchases, so its higher US-dollar cash-back rate only just exceeds that markup, and in euros, pesos or any other currency it pays its regular rate while still charging the markup. Rogers’ boosted rates also stop after an annual spending cap, while Wealthsimple’s rate has no cap.
Rogers also has a higher-tier World Legend card with no foreign currency markup. Pick Rogers if you have an eligible Rogers service, shop at Costco, or wouldn’t qualify for the Wealthsimple fee waiver; pick Wealthsimple if you spend in foreign currencies or your fee is waived.
Wealthsimple vs Scotiabank Passport Visa Infinite
Scotiabank’s Passport card also charges no foreign transaction fee and includes a set number of free airport lounge visits a year through the Visa Airport Companion Program. It earns Scene+ points rather than cash, and Scotiabank rebates all or part of its annual fee for clients with an eligible Scotiabank chequing package. Pick Passport if you already bank at Scotiabank, use Scene+, or want a few lounge visits without qualifying for a Privilege card; pick Wealthsimple if you’d rather have cash and your waiver comes from your investments or paycheque. More in the Scotiabank Passport Visa Infinite review.
Wealthsimple vs Neo credit cards
Neo’s credit cards are Mastercards, so they also work at Costco. Neo offers a secured version for building credit and lets you add an additional cardholder, which Wealthsimple’s card pages don’t mention. Neo’s top cash-back card concentrates its best rates on groceries, recurring payments and gas. If your spending sits mostly in those categories or you’re building credit, Neo can fit better; for flat cash back on everything, including foreign purchases, the Wealthsimple card is simpler. See the Neo Financial review.
Does Wealthsimple have a business or joint credit card?
No: as of October 2026, Wealthsimple’s credit cards are personal cards only, and its card pages don’t mention joint accounts or additional cardholders.
Wealthsimple’s business lineup covers business chequing (with a business prepaid card), business investing and group savings, but no business credit card. For company spending, compare the best business credit cards in Canada. For a shared personal card, issuers such as Neo let you add an additional cardholder; with Wealthsimple, plan on each partner applying separately until Wealthsimple says otherwise.
What to watch out for
- Limited supply. Meeting the requirements doesn’t guarantee a card while Wealthsimple issues them in limited quantities.
- No Costco. Costco Canada’s warehouses take only Mastercard, so neither Wealthsimple Visa works at the till there. For its prepaid Visa, Wealthsimple’s help centre suggests a workaround: buy a Costco Shop Card on Costco.ca with the card and use that in the warehouse.
- No rental car cover on the Visa Infinite+. Only the Privilege card includes collision and loss damage cover.
- One way to pay. The balance can only be paid from Wealthsimple Chequing.
- Old terms still online. The current fee terms took effect for existing cardholders on July 10, 2025, and Wealthsimple’s legal page still lists agreements for earlier versions of its Visa Infinite card. If you got the card early, confirm which terms apply to you.
- “No annual fees” in the headline. Wealthsimple’s card page leads with “no annual fees”, but that only holds once the fee is waived. Otherwise the card costs $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit.
Who should (and shouldn’t) get the Wealthsimple credit card
Get it if:
- You hold $100,000 or more in individual assets with Wealthsimple, or you can direct-deposit a qualifying paycheque, so the fee is waived.
- You spend in foreign currencies, travel, or shop on US websites.
- You want one card with no categories to track and cash you can invest.
- You’re matched to the Privilege card and want lounge access without a separate premium-card fee.
- You’d pay the fee but put well over $1,000 a month on the card, or over $2,000 a month if your alternative is a no-fee card averaging 1%.
Skip it if:
- You carry a balance. Interest wipes out the cash back many times over.
- You’d pay the fee and spend under $1,000 a month on the card.
- Most of your spending is restaurants and groceries and you redeem points well (Amex Cobalt), or you shop at Costco every week and want one card (Rogers or Neo, both Mastercards).
- You rent cars often and would only be matched to the Visa Infinite+.
- You’re new to credit or below the income bar; a no-fee starter card fits better (see the best no-fee credit cards in Canada).
- You want to pay the bill from another bank.
The verdict. For Wealthsimple Premium and Generation clients, and anyone happy to route a qualifying paycheque to Wealthsimple Chequing, the card is an easy yes: 2% on every purchase, no foreign transaction fee from Wealthsimple and no annual fee. For everyone else it’s a spending-level decision, so run the break-even above with your own numbers. This review is general education, not financial advice.