Wealthsimple Credit Card: Features and Comparison
Wealthsimple offers a single credit card program with two possible versions: Visa Infinite and Visa Infinite Privilege.
You do not choose your tier. Wealthsimple reviews your income, assets, spending profile and credit history, then assigns one of the two cards after you clear the waitlist and meet its eligibility criteria.
The main differences involve travel insurance limits, lounge access and the higher eligibility thresholds attached to the Privilege version.
The card requires a Wealthsimple chequing account for payments, and many clients can have the $240 annual fee waived by holding at least $100,000 with Wealthsimple or setting up qualifying direct deposits of $4,000 per month.
Table of content
How the Wealthsimple Credit Cards Work
Overview
Wealthsimple’s credit card program is unique in Canada because applicants do not choose their card tier.
Instead, they are assigned either the Visa Infinite or Visa Infinite Privilege version after Wealthsimple reviews their financial profile and clears them from the waitlist.
This makes the card more similar to an invite-based premium product than a traditional bank application.
Both versions offer unlimited 2% cash back and no foreign transaction fees, which places them among the best flat-rate cards in the country.
The real differences lie in the travel insurance, lounge access, and eligibility thresholds connected to the Privilege version.
Earning cash back
The flat 2% structure provides predictable, consistent value across every category.
There is no need to manage multiple cards or track bonus categories.
For heavy international spenders, the no FX fee feature significantly boosts effective returns.
Wealthsimple rewards experience
There are no redemption portals, point valuations, or minimum thresholds.
Every dollar earned reduces your balance automatically.
This simplicity benefits users who prefer automation and clean statements.
Annual fee and waiver
The $240 fee applies to both Infinite and Privilege, but many users avoid it by meeting asset or direct deposit requirements.
For those who qualify ($100k in assets or $4k in monthly direct deposits), the card essentially becomes a no-fee 2% cash back product, which is extremely competitive.
Insurance and travel coverage
Visa Infinite offers basic travel coverage and excludes rental car insurance, making it less suitable for travellers who rely on their card for protection.
The Privilege version upgrades nearly every protection category and adds lounge access, but is limited to users who meet higher income or asset thresholds.
Not sure if it’s for you?
If you qualify for Visa Infinite
Choose the Rogers Red World Elite Mastercard if you want strong cash back with no annual fee and do not mind paying foreign transaction fees.
If you may qualify for Visa Infinite Privilege
Consider the Scotiabank Passport Visa Infinite if you want strong travel insurance, included lounge visits, and no FX fees, with predictable approval criteria.
Who the Wealthsimple card suits best
The Wealthsimple credit card is ideal for existing Wealthsimple clients who value simple 2% cash back, automated rewards, and a clean app-driven experience.
Users who want guaranteed travel perks or flexible points programs may find better value with traditional premium Visa or Amex cards.
Wealthsimple Card Tier Breakdown
Wealthsimple offers two versions of its credit card program, each with identical 2% cash back but different insurance coverage, perks and eligibility expectations. Here is how the Visa Infinite and Visa Infinite Privilege tiers compare.
| Feature | Visa Infinite | Visa Infinite Privilege |
|---|---|---|
| Annual fee | $240, billed at $20 per month (Quebec residents are billed $240 annually). | $240 (same fee, but assigned only if eligible) |
| Rewards | 2% unlimited cash back | 2% unlimited cash back |
| FX fees | None (Visa FX rate applies) | None (Visa FX rate applies) |
| Emergency medical | Up to $1,000,000, not available in Quebec | Up to $2,000,000, not available in Quebec |
| Trip cancellation and interruption | Up to $1,000 per person, $3,000 per trip | Up to $1,500 per person, $5,000 per trip |
| Delayed and lost baggage | Up to $1,000 per trip | Up to $1,250 per trip |
| Car rental coverage | Not included | Included, up to $65,000 MSRP, 31 days |
| Lounge access | No | Six visits per year via Visa Airport Companion |
| Metal card | Metal for Premium and Generation clients | Metal card |
| Eligibility Expectations | $60k personal, $100k household, $250k assets, or $15k spend | $150k personal, $200k household, $400k assets, or $50k spend |
Pros & Cons
Pros
- ✅ 2% cash back on all purchases
- ✅ No foreign transaction fees
- ✅ Metal card available for eligible clients
- ✅ Simple flat-rate rewards with automatic monthly credit
- ✅ Fee waived with $100k in assets or $4k in monthly direct deposits
- ✅ Visa Infinite or Infinite Privilege benefits included
Cons
- ❌ $240 annual fee unless waived
- ❌ Requires Wealthsimple chequing account
- ❌ No welcome bonus
- ❌ Limited travel insurance on Visa Infinite
- ❌ Not guaranteed due to waitlist
- ❌ Payments restricted to Wealthsimple accounts
Insurance Coverage
The Visa Infinite version provides basic travel protection, while Privilege significantly enhances coverage and adds lounge access.
| Insurance Type | Visa Infinite | Visa Infinite Privilege |
|---|---|---|
| Out-of-province or country travel medical | $1,000,000, under 65, not available in Quebec | $2,000,000, under 65, not available in Quebec |
| Trip cancellation | $1,000 per person, $3,000 per trip, not available in Quebec | $1,500 per person, $5,000 per trip, not available in Quebec |
| Trip interruption | Included, $3,000 per trip, not available in Quebec | Included, $5,000 per trip, not available in Quebec |
| Delayed and lost baggage | Up to $1,000 per trip, not available in Quebec | Up to $1,250 per trip, not available in Quebec |
| Purchase security | 90 days, $1,000 per claim, $10,000 total | 90 days, $1,000 per claim, $10,000 total |
| Extended warranty | Adds up to 1 extra year | Adds up to 1 extra year |
| Mobile device insurance | Up to $1,000, $50 deductible | Up to $1,000, $50 deductible |
| Car rental collision damage | Not included | Up to $65,000 MSRP, max 31 days |
| Airport lounge access | None | 6 visits per year |
Rewards & Earnings
How you earn rewards
Both the Wealthsimple Visa Infinite and Visa Infinite Privilege earn 2% cash back on every eligible purchase, with no caps, bonus categories, or rotating offers to track.
Cash back is earned on net eligible purchases only; cash advances, balance transfers, cash-like transactions, fees, and returned purchases do not qualify.
Cash back accumulates in the Wealthsimple app and can be redeemed at any time into a linked Wealthsimple account, such as chequing, and then used to pay down your card or invest.
Both cards also charge no additional foreign transaction fee, helping you avoid the typical 2.5% surcharge on international or US-dollar purchases, though Visa’s currency conversion rate still applies.
How much your rewards are worth
Because both versions earn at the same flat 2% rate, the value of your rewards is identical regardless of whether you are assigned the Visa Infinite or Visa Infinite Privilege card.
Cash back is tracked on each transaction and summarized monthly in the app, so you can see exactly how much you have earned and decide when to redeem it.
Calculating your annual rewards
Here’s how typical annual spending translates into cash-back earnings:
Example annual spending:
- $12,000 general spending (2%) = $240
- $6,000 dining + everyday purchases (2%) = $120
- $3,000 travel + international (2%) = $60
- $3,000 foreign purchases (0% FX fee savings ≈ 2.5%) = $75 saved + $60 cash back
Total annual value:
- Cash back: $240 + $120 + $60 = $420
- FX savings: $75
- Combined total: $495
After annual fee:
- Net rewards (paying fee): $495 − $240 = $255 net value
- Net rewards (with fee waived): $495 total value
Details and Eligibility
| Credit Score Required: | Soft check to join the waitlist, followed by a full credit check if you apply |
| Personal Income Requirement: | $60,000 per year |
| Household Income Requirement: | $100,000 per year |
| Alternative Eligibility: | $250,000+ in Wealthsimple assets or $15,000+ in annual card spend |
| Account Requirement: | Wealthsimple chequing account required |
| Canadian Residency: | Required |
| Minimum Age: | Provincial age of majority |
| Purchase: | 20.99% |
| Cash Advance: | 22.99% |
| Additional Notes: | Penalty rates may apply after missed payments |
| Annual Fee: | $240 ($20 monthly; Quebec billed annually) |
| Fee Waiver Requirement (Assets): | $100,000+ in WS assets |
| Fee Waiver Requirement (Deposits): | $4,000+ monthly direct deposits |
| Foreign Transaction Fees: | 0% (Visa exchange rate applies) |
| Linked Chequing Fee: | None |
| Personal Income Expectation: | $150,000 per year |
| Household Income Expectation: | $200,000 per year |
| Asset Requirement: | $400,000 minimum |
| Alternative Eligibility Path: | $50,000 annual card spend |
| Assignment Note: | Tier cannot be chosen; assigned based on profile |
Wealthsimple Credit Cards Frequently Asked Questions
-
How do I join the waitlist for the Wealthsimple credit card?
Visit the Wealthsimple website or app and select “Account options” then “Join waitlist”. Existing Wealthsimple clients usually receive priority access.
-
Do I choose between Visa Infinite and Visa Infinite Privilege?
No, you apply once, and Wealthsimple assigns you either the Visa Infinite or Visa Infinite Privilege version based on your income, assets, spending profile, and internal availability. Assignment is not guaranteed and depends on your eligibility and waitlist position.
-
What are the requirements to get the monthly fee waived?
Premium or Generation clients with $100,000 or more in Wealthsimple assets receive the fee waiver automatically. Core clients can qualify by depositing $4,000 or more per month into their Wealthsimple chequing account.
-
Can I pay my credit card bill from another bank account?
No. All payments must be made from your linked Wealthsimple chequing account. The card is designed to operate inside the Wealthsimple ecosystem.
-
How does the 2 percent cash back compare to other Canadian credit cards?
It is one of the highest flat-rate earn structures in Canada. Most cards offer a 1 percent base rate, with higher rates only on select categories. Wealthsimple provides 2 percent on all eligible purchases with no caps.
-
What Visa Infinite and Visa Infinite Privilege benefits are included?
Both versions include standard Visa Infinite benefits such as concierge services, luxury hotel collection access, and dining experiences.
If you are assigned the Visa Infinite Privilege version, you also receive additional premium perks including airport lounge access, elevated hotel benefits, and enhanced travel protections.
-
Is the card available to Quebec residents?
Yes, the card is available to eligible Quebec residents, but there are important differences you should know about.
Fee billing
Quebec residents who do not qualify for a fee waiver are charged the full $240 annual fee when the card is issued, and that amount appears on their first statement.
If you later become eligible for the fee waiver, Wealthsimple will refund $20 for each remaining month in your current card year.
Premium or Generation clients may have the annual fee waived from the start, as long as they meet Wealthsimple’s asset thresholds.
Insurance limitations
Quebec residents do not receive the emergency medical, trip cancellation, trip interruption or delayed and lost baggage travel insurance available in other provinces.
Only the purchase security, extended warranty and mobile phone insurance benefits apply in Quebec.
You should factor this reduced coverage into your comparison if you want your credit card to act as your main travel insurance.
-
How do I qualify for the metal card?
Wealthsimple provides the metal card to Premium and Generation clients. Visa Infinite Privilege cards are issued in metal by default.
-
What happens if I do not meet the fee waiver requirements?
You will pay the standard $20 monthly fee, for a total of $240 per year. Consider whether your spending and cash back justify the cost.
-
Are there foreign transaction fees on international purchases?
No. Both card versions charge 0 percent foreign transaction fees, making them strong options for travel and international online shopping.
Final Thoughts
The Wealthsimple credit card delivers strong everyday value through simple 2% cash back, zero FX fees and a clean app experience.
Its overall fit depends on your personal profile, since Wealthsimple assigns your tier based on income, assets and account activity.
For users who already bank or invest with Wealthsimple and can qualify for the fee waiver, the card becomes a competitive choice for straightforward, automated rewards.
Those who want guaranteed premium travel perks or more control over the card tier they receive may prefer a traditional Visa Infinite or World Elite product.
The card works best when the assigned tier matches your needs and when you benefit from keeping your spending within the Wealthsimple ecosystem.
Mathieu Laliberte-Robert
Mathieu is a finance and digital marketing professional with experience across banking, investment services, and financial product marketing. He previously worked with organizations such as National Bank, Manulife Securities, and Accenture. He is part of the leadership team at Hardbacon, where he contributes to editorial strategy and financial content aimed at helping Canadians make informed decisions.
Insights and Useful Articles
Hardbacon makes managing your money easier by combining comprehensive financial tools, unbiased comparisons and personalized insights.
Wealthsimple Prepaid Mastercard: My Experience with Wealthsimple Chequing account
Wealthsimple is a Canadian fintech known for its investment app. Today, it offers many other products. I’ve had a Wealthsimple account for several years and applied for the Wealthsimple prepaid Mastercard in August 2025. How does it compare with the…
KOHO Mastercard Versus Wealthsimple Cash: Which Prepaid Card Is Right for You?
KOHO and Wealthsimple are some of the first names that come to mind when you think of prepaid cards in Canada. These two companies are often compared despite the fact that they are not similar. On the one hand, KOHO…
The 8 Best Black Credit Cards in Canada
Black credit cards are the ultimate status symbol. Often rare and exclusive, they’re designed for the rich and are considered prestigious. Plus, they come with some great perks including special discounts and premium benefits not available with a standard card.…
The 8 Easiest Credit Cards to Get in Canada
Qualifying for a new credit card can be tough. What are the easiest credit cards to get in Canada? Whether you have insufficient credit history or a poor credit score, it can be difficult to determine exactly which cards you…
The CIBC Costco Credit Card: Benefits and Alternatives
The CIBC Costco credit card comes with great rewards and can reduce your bill if you shop at Costco often. But if you shop at several different locations, take the time to compare it to other store credit cards. Quick…
The 25 Best Canadian Coupon Sites and Apps in Canada
Whether you need to or just like to save, there are countless canadian coupon sites and apps that offer the same thing: savings, points, coupons, or some combination of the three. In times like these, saving money is at the…
The 5 Best Websites to Sell Gift Cards in Canada
Gee, thanks for the gift card. I mean, a gift card is a nice gift to receive but it may not always be the right one. There are many reasons why someone may wish to sell gift cards in Canada.…
How Much Does it Cost to Support a Future Figure Skating Athlete?
With only 1 in 5 young people in Quebec considered active, the cost of recreational sports is one of the main factors holding them back. Having the support of their parents, on the other hand, acts as a propellant for…
Where did My Money Go: The Financial Reality of Raising a Hockey Player in Canada
In collaboration with Royal Bank Of Canada In Canada, hockey isn’t just a sport – it’s a way of life. From backyard rinks to bustling arenas, the echoes of skates slicing through the ice are a familiar soundtrack across the…
Canadian Inflation: Adjusting to the New Reality of High Prices
For some years now, the majority of Canadians have been struggling to feed their families decently. While high prices seem here to stay, what can you do to prevent them from wreaking havoc on your life? The cost of living…
The 5 Easiest Banks to Get a Loan From in Canada
If you have ever found yourself in need of a personal loan, you probably found that different banks have different criteria for being approved. When you are in a financial pinch, you want to know exactly which institution will approve…
KOHO vs EQ Bank: Which One Takes the Crown?
It’s time to compare two of Canada’s leading neobanks – KOHO vs EQ Bank. Loyalty is an excellent quality to have, except when it comes to your cash. Sticking to one of the Big Five without exploring other options is…
The 10 Best Banks for Students in Canada
The best bank for students in Canada shouldn’t just give you a free account with unlimited transactions, it should reward you too. Why? Because people rarely change banks, even when there are better deals out there. That makes you a…
KOHO vs Neo Financial: Who Wins the Battle for Your Buck?
Both KOHO and Neo are Canadian fintech startups that offer out-of-the-box digital banking services. These two platforms are becoming increasingly popular among millennials and younger Canadians because they provide an alternative to traditional banking with low or no fees, a…
The 6 Best Online Banks in Canada for 2024
Online banks are digital institutions that do not rely on physical branches. With lower operating costs than their brick-and-mortar counterparts, online banks are able to pass the savings on to us in the form of lower fees and higher interest…
Your Financial Journey Starts Here
Sign up for our newsletter and take control of your money, your way. Access exclusive tips, tools and personalized insights delivered straight to your inbox.
Thank you for subscribing to Hardbacon’s newsletter!
