The Wealthsimple Visa Infinite* Card is Wealthsimple’s first foray into the credit card space, and like most things Wealthsimple touches, it’s designed with simplicity in mind.
Currently in beta and available by invite only, the card offers a rare unlimited 2% cash back on all purchases and skips the usual 2.5% foreign transaction fee — making it a standout on paper.
But with no welcome bonus and a surprising lack of travel insurance, this card walks a fine line between promising and premature.
Let’s break down what this card actually offers, and whether it deserves a spot in your wallet.
What we love: Unlimited 2% cash back with no caps, no foreign transaction fees`
What we’d change: No travel insurance, no welcome bonus, and limited to Wealthsimple chequing account for bill payments.
No Welcome Bonus (For Now)
Unlike most cash back credit cards on the market, the Wealthsimple Visa Infinite* Card currently doesn’t offer any welcome bonus, not even a temporary boost or statement credit.
Of course, it’s still in beta mode and only available by invitation to existing Wealthsimple clients, so it’s possible a welcome offer may be introduced later when the card is released to the public.
Still, it’s hard to ignore the missed opportunity here. Most competing cash back cards sweeten the deal for new users.
For example:
The CIBC Dividend® Visa Infinite* Card offers 10% cash back on your first $2,000 in purchases† , plus a first-year annual fee rebate.
The TD Cash Back Visa Infinite* Card frequently comes with 10% back on the first $3,500 in eligible categories†, also paired with a first-year fee waiver.
These upfront rewards can easily amount to $200–350 of value in your first few months, and that’s before factoring in the other benefits. By comparison, Wealthsimple’s card charges you $10/month from day one, with no immediate return.
Whether this changes in the future remains to be seen, but for now, this card doesn’t bring anything extra to the table for new applicants.
Unlimited 2% Cash Back on Everything
The Wealthsimple Visa Infinite* Card keeps things refreshingly simple: you earn 2% cash back on all purchases†, without any caps or categories to track.
This “set-it-and-forget-it” model is rare in Canada. Most cash back credit cards offer elevated earn rates only up to a certain spending threshold, after which the earn rate drops…
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