The Wealthsimple Cash Card is a prepaid Mastercard linked to a hybrid chequing and savings account, offering no monthly fees and no foreign transaction fees, but its 1% cashback feature was removed in October 2025. The Wealthsimple Visa Infinite credit card, launched subsequently, offers a flat 2% cashback on all purchases but requires a credit check and has specific income or asset thresholds for eligibility. For Canadians, understanding the distinction between these two products is crucial as the company has shifted its rewards strategy from a prepaid to a credit-based model. This review explains the features, eligibility, fees, and current structure of both cards to provide clarity for users handling this change.
The Evolution from Prepaid Cashback to Credit Card Rewards
The Wealthsimple Cash Card originally gained popularity as a prepaid Mastercard offering 1% unlimited cashback on all purchases with no annual fee. This feature was a significant draw for over three million Canadians using Wealthsimple services, contributing to its status as a prominent fintech product. In October 2025, Wealthsimple discontinued the 1% cashback benefit on the prepaid Cash Card, a move that represented a major shift in its product strategy. The company subsequently introduced the Wealthsimple Visa Infinite credit card, which carries a flat 2% cashback rate on all purchases, redirecting its rewards offering to a credit product. This change reflects a broader business evolution, as Wealthsimple reached profitability in 2024 and was valued at approximately $10 billion in late 2025. The prepaid card now functions primarily as a spending tool linked to the Wealthsimple Cash account, while the credit card serves as the primary vehicle for earning rewards. The strategic shift likely stemmed from the high cost of funding universal cashback on a prepaid product compared to the interchange revenue generated by a traditional credit card.
Understanding the Wealthsimple Cash Card Features
The Wealthsimple Cash Card is a prepaid Mastercard, not a credit or debit card, which means you can only spend funds already deposited into your linked Wealthsimple chequing account. A key feature is that no credit check is required to obtain this card, making it accessible to newcomers, students, or individuals rebuilding their credit. The card offers no foreign transaction fees, though a currency conversion rate is still applied by the payment network during international purchases. Users receive worldwide ATM fee reimbursement, meaning any fees charged by an ATM operator will be refunded by Wealthsimple. The physical card has a tap limit for contactless payments, while the virtual card accessed through the app has no tap limit but requires phone authentication for each transaction. The card itself does not earn cashback or other spending rewards as of October 2025. The prepaid card is directly tied to the Wealthsimple Cash account, which functions as a hybrid savings and chequing account where the balance earns interest.
Details of the Wealthsimple Visa Infinite Credit Card
The Wealthsimple Visa Infinite credit card is a separate product that functions as a traditional credit card, requiring a credit application and check. It offers a flat 2% cashback rate on all net purchases, which does not apply to cash-like transactions, refunds, or fees. The card has an annual interest rate of 20.99% for purchases and 22.99% for cash advances or cash-like transactions, effective from the account opening date. If the minimum payment is missed for two consecutive months, these rates increase to 25.99% for purchases and 27.99% for cash advances in the third statement period following the second missed payment. The card also features boosted cashback offers with partner brands when shopping is initiated through specific links in the Wealthsimple app. There are two tiers of this credit card: the Visa Infinite+ and the Visa Infinite Privilege, each with distinct eligibility requirements based on income, assets, or spending. The card is issued under license by Wealthsimple Payments Inc., and cash back earned can be redeemed at any point to almost any Wealthsimple account.
Eligibility Requirements and Application Process
To apply for either Wealthsimple card product, you must be a Canadian resident and be of the age of majority in your province or territory. For the prepaid Cash Card, you need an active Wealthsimple chequing account, and no credit check or income verification is conducted. For the Visa Infinite credit card, you must also have an active Wealthsimple chequing account, and Wealthsimple performs a full credit check upon application. The specific income or asset thresholds determine which tier of credit card you may qualify for. The card is available in limited quantities, meaning meeting the requirements does not guarantee approval. The application process for the credit card involves submitting personal and financial details through the Wealthsimple platform. For the prepaid card, it is typically issued upon opening a Wealthsimple Cash account. The eligibility criteria for the two credit card tiers are distinct and based on several factors. For the Wealthsimple Visa Infinite+ card, you need a personal income of at least $80,000 or a household income of at least $150,000. For the Wealthsimple Visa Infinite Privilege card, you need a personal income of at least $150,000 or a household income of at least $200,000. Alternatively, qualification for the Privilege card is possible with a minimum annual spend of $50,000 on the card or by holding at least $400,000 in assets with Wealthsimple. All applicants must have an active Wealthsimple chequing account and be a Canadian resident of the age of majority. Wealthsimple matches applicants to either the Visa Infinite+ or Visa Infinite Privilege card based on these factors during the approval process. The Visa Infinite Privilege card offers additional travel perks like access to over 1,200 airport lounges, car rental insurance, and increased travel protection.
Fees, Interest Rates, and How to Avoid Charges
The Wealthsimple Cash prepaid card and its linked chequing account have no monthly account fees, no minimum balance fees, and no foreign transaction fees. There is a $20 flat fee for sending wire transfers within Canada. The Wealthsimple Visa Infinite credit card has a $20 monthly fee for clients with under $100,000 in individual assets with Wealthsimple, though clients in Quebec are charged this fee annually. This monthly fee can be waived by setting up a direct deposit of $4,000 or more per month to your Wealthsimple chequing account, effective from July 10, 2025, for existing credit card clients. The credit card's purchase interest rate is 20.99% annually, and the cash advance rate is 22.99%. Clients with over $100,000 in individual assets with Wealthsimple automatically receive a metal card and are exempt from the monthly fee. The structure aims to incentivize both higher asset holdings and the use of Wealthsimple as a primary banking channel. The increased annual interest rates of 25.99% on purchases and 27.99% on cash advances apply after two consecutive missed minimum payments and continue until minimum payments are received on time.
Account Features and Protections
The Wealthsimple Cash account is a hybrid savings and chequing account that offers interest on balances, with rates varying based on the total assets held across all Wealthsimple products. Households can combine their assets to calculate a 'Household net worth' for the purpose of determining interest tiers. Funds in the Wealthsimple Cash account are held in trust with several federally regulated Canadian financial institutions that are Canada Deposit Insurance Corporation members. This structure provides CDIC insurance coverage for eligible deposits up to a combined total of $1 million CAD. The account supports features like mobile cheque deposit, free chequebook issuance when setting up direct deposit, and the ability to order bank drafts through the app. The platform is online-only, with customer service available through the app, online channels, and telephone. You can open up to eight individual and eight joint Wealthsimple Cash accounts to organize your money, and the account uses institution number 703 and transit number 00001 for direct deposit setup.
Comparison of Card Features and Common Misconceptions
The Wealthsimple Cash Card is a prepaid Mastercard that offers no cashback as of October 2025. It does not require a credit check and has no monthly fee. This card provides worldwide ATM fee reimbursement and does not impact a user's credit score. It earns interest via the linked Cash account but offers limited insurance and travel perks.
The Wealthsimple Visa Infinite is a credit card that offers a flat 2 percent cashback on net purchases. It requires a credit check and has a waivable monthly fee of twenty dollars. The card provides Visa Infinite benefits, including insurance and travel perks. It also offers boosted cashback offers through app partners but does not earn interest on balances.
A key difference is that the prepaid card spends money you have already deposited, while the credit card is a way of borrowing money. The prepaid card has no foreign transaction fees, a feature shared with the credit card. The credit card's use and payment history will affect the cardholder's credit score, unlike the prepaid card. The credit card also has specific income or asset requirements for qualification.
The twenty dollar monthly fee on the credit card can be waived by setting up a direct deposit of four thousand dollars or more monthly. This fee is also waived for clients with over one hundred thousand dollars in individual assets with Wealthsimple. The credit card offers higher cashback rewards compared to the prepaid card. The prepaid card remains a fee free spending tool with ATM access and interest earning potential.
A common misconception is that the Wealthsimple Cash Card still offers 1% cashback, a fact widely circulated in older online reviews but discontinued in October 2025. Another point of confusion is the difference between the prepaid card and the credit card, particularly regarding their effect on credit scores. The prepaid card does not involve borrowing and thus does not affect credit, while the credit card requires responsible use to maintain or build a score. Some users may also misunderstand the foreign transaction fee policy, where Wealthsimple charges no fee, but the payment network's currency conversion rate still applies. The eligibility for the metal card is also sometimes misconstrued as being related to the prepaid card, when it is specifically for the credit card and tied to asset thresholds. It is also important to note that the 2% cashback on the credit card is earned on net purchases and can be redeemed to almost any Wealthsimple account.
Strategic Considerations for Canadian Users
The removal of cashback from the prepaid card alters its value proposition, making it primarily a tool for fee-free spending and ATM access rather than a rewards earner. For travellers, the zero foreign transaction fee and ATM reimbursement remain compelling features of the prepaid card. The shift to the credit card for rewards means users must weigh the benefits of 2% cashback against the need for a credit check, potential monthly fees, and higher interest rates if balances are carried. The requirement for a $4,000 monthly direct deposit to waive the credit card fee may align well with individuals using Wealthsimple as their primary bank. The ability to combine household assets to reach higher interest tiers on the Cash account can be a strategic advantage for couples or families. Ultimately, the choice between products depends on individual financial habits, creditworthiness, and whether one prioritizes rewards or fee avoidance. The prepaid card may suit those seeking simplicity and accessibility without credit checks, while the credit card targets those with higher incomes or assets seeking premium rewards and travel benefits.
Wealthsimple's Broader Ecosystem and Business Context
Wealthsimple began as a robo-advisor in 2014 and has expanded to include a self-directed online brokerage, cryptocurrency trading, and payment-for-order flow transactions. The company serves more than three million Canadians and had assets under administration exceeding $100 billion as of late 2025. The introduction of Wealthsimple Cash and its card products was designed to bring new customers into its ecosystem, where they might later use its more profitable investment and trading platforms. The Wealthsimple Cash account's interest rate ranges from 1.25% to 2.25% depending on the client's total assets under management with Wealthsimple, incentivizing customers to consolidate their finances. The platform's research with Angus Reid found that two-thirds of Canadians report being often stressed about money, a figure that rises to 76% for adults under 35, highlighting the importance of clear and valuable financial products. The company's move to replace the prepaid card's cashback with unlimited ATM reimbursement in late 2025 was part of this broader strategic realignment towards sustainable profitability.
Frequently asked questions
Does the Wealthsimple Cash Card still give 1% cashback?
No, the Wealthsimple Cash Card no longer offers 1% cashback. This feature was removed in October 2025. The prepaid card now functions without any cashback rewards. The cashback benefit has been shifted to the Wealthsimple Visa Infinite credit card, which offers a flat 2% cashback on all net purchases.
What is the difference between the Wealthsimple Cash Card and the Visa credit card?
The Wealthsimple Cash Card is a prepaid Mastercard that spends money you have already deposited. It requires no credit check and has no monthly fee. The Wealthsimple Visa Infinite is a credit card that borrows money and requires a credit check. The credit card offers two percent cashback and may have a twenty dollar monthly fee unless waived. The prepaid card does not affect your credit score, while the credit card does based on payment history.
How can I avoid the monthly fee on the Wealthsimple credit card?
You can avoid the twenty dollar monthly fee by setting up a monthly direct deposit of four thousand dollars or more to your Wealthsimple chequing account. Clients with over one hundred thousand dollars in individual assets with Wealthsimple automatically have the fee waived. For clients in Quebec, this fee is charged annually instead of monthly. The fee waiver is effective from July tenth, 2025 for existing credit card clients.
Is the Wealthsimple Cash account CDIC insured?
Funds in the Wealthsimple Cash account are held in trust with several federally regulated Canadian financial institutions that are CDIC members. Wealthsimple Cash itself is not a CDIC member. This structure provides eligible deposits with CDIC insurance coverage. The combined coverage is up to one million Canadian dollars in the event a partner institution fails.
What are the income requirements for the Wealthsimple Visa Infinite card?
For the Wealthsimple Visa Infinite Plus card you need a personal income of at least eighty thousand dollars or a household income of at least one hundred fifty thousand dollars. For the Visa Infinite Privilege card you need a personal income of at least one hundred fifty thousand dollars or a household income of at least two hundred thousand dollars. You can also qualify for the Privilege card with a minimum annual spend of fifty thousand dollars. Another qualification method is holding at least four hundred thousand dollars in assets with Wealthsimple.
Are there foreign transaction fees with Wealthsimple cards?
Neither the Wealthsimple Cash prepaid card nor the Visa Infinite credit card charges a foreign transaction fee. However, the payment network applies a standard currency conversion rate to transactions in another currency. This means there is no fee from Wealthsimple itself. The zero foreign exchange fee applies to both card products.
Sources and further reading
- The credit card with 2% cash back wealthsimple.com
- Wealthsimple Cash Card Review 2026: After Cashback ... neobanc.com
- Wealthsimple Cash Review 2026 milliondollarjourney.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.