The Wealthsimple credit card pays 2% cash back on everything, with no categories, no cap and no foreign transaction fee. There are two versions, the Visa Infinite + and the Visa Infinite Privilege, and both cost $240 a year unless you have $100,000 at Wealthsimple or get $4,000 a month in direct deposits there. Here’s what you get, what to watch for, and what it’s worth for your spending.
The Wealthsimple cards at a glance
| Visa Infinite + | Visa Infinite Privilege | |
|---|---|---|
| Annual fee | $240, billed $20 a month, waivable | $240, billed $20 a month, waivable |
| Cash back | 2% on everything, no cap | 2% on everything, no cap |
| Foreign transaction fee | None | None |
| Income or other requirement | $80,000 personal or $150,000 household income | $150,000 personal or $200,000 household income, or $50,000 a year in card spending, or $400,000 in assets with Wealthsimple |
| Purchase interest | 20.99% | 20.99% |
| Travel medical | Up to $1 million | Up to $2 million |
| Trip cancellation and interruption | $3,000 per trip | $5,000 per trip |
| Rental car insurance | No | Yes, up to 31 days |
| Airport lounges | No | 6 free visits a year, 1,200+ lounges |
You don’t pick the card. You apply once, and Wealthsimple matches you to the one you qualify for. Both cards come in plastic, and clients with $100,000 or more at Wealthsimple can get a metal card.
How the annual fee works
The fee is $240 a year, charged as $20 a month. Your first month is waived automatically. After that, Wealthsimple waives the fee for any month you meet one of these rules:
- $100,000 or more in net deposits or assets at Wealthsimple in your own name. Joint accounts count. Business and corporate accounts don’t.
- $4,000 or more in direct deposits to your Wealthsimple chequing account, in the previous calendar month or the current month up to your statement date. Only payroll-type deposits count, like a salary, pension or government benefit. A joint account holder’s deposits don’t count toward yours.
If you start qualifying after you’ve paid, Wealthsimple refunds the fee for the remaining months. In Quebec, the fee is charged once a year when the card is issued instead of monthly, and Wealthsimple’s current Quebec offer cuts the first year to $220.
Calculator: what is the card worth to you?
Wealthsimple credit card calculatorEnter what you spend in a month. See what the 2% cash back and no foreign fee are worth in a year, with or without the fee.
Your monthly spending
Value a year
Cash back
at 2%
Foreign fees saved
vs a 2.5% fee card
Your year in numbers
| A year |
|---|
How the 2% cash back works
Every purchase earns 2%, whether it’s groceries, rent paid by card or a flight. There are no categories to track and no yearly cap. Cash-like transactions, refunds and fees don’t earn cash back.
- You can redeem as soon as a purchase settles. There’s no minimum.
- Cash back can go into your Wealthsimple chequing, TFSA, RRSP or non-registered account. It can’t go anywhere else.
- Unredeemed cash back is forfeited if you close the card.
- Wealthsimple’s terms say the 2% rate may change.
New clients get 5% cash back on everything for the first 5 weeks. We couldn’t find a cap for this offer in Wealthsimple’s published terms, so check the details in the app before you count on it. The app also lists boosted cash back at partner stores, which changes often.
No foreign transaction fee
Most Canadian credit cards add 2.5% to anything you buy in another currency. Wealthsimple adds nothing, so a $1,000 US purchase costs you about $25 less in fees. You still pay Visa’s exchange rate. See our guide to foreign transaction fees or work out your own savings with the foreign transaction fee calculator. Wealthsimple is on our no foreign transaction fee shortlist, next to four other cards with no fee.
Insurance and travel perks
| Visa Infinite + | Visa Infinite Privilege | |
|---|---|---|
| Travel emergency medical | Up to $1,000,000 | Up to $2,000,000 |
| Trip cancellation and interruption | $1,000 per person, $3,000 per trip | $1,500 per person, $5,000 per trip |
| Delayed or lost baggage | $1,000 per trip | $1,250 per trip |
| Flight delay | Up to $1,000 per person | Up to $1,000 per person |
| Airport lounges | No | 6 free visits a year through Visa Airport Companion (1,200+ lounges) |
| Rental car collision and loss | No | Up to 31 days, vehicles up to $65,000 |
| Purchase protection | $1,000 per claim, 90 days | $1,000 per claim, 90 days |
| Phone insurance | Up to $1,000 | Up to $1,000 |
| Extended warranty | Doubles the maker’s warranty | Doubles the maker’s warranty |
Both cards include Visa Infinite perks: a 24/7 concierge, the Visa Infinite Luxury Hotel Collection (900+ hotels), the Dining Series and the Wine Country Program. The Privilege adds a $100 credit per stay at those hotels, priority security and parking at select airports, and prime-time OpenTable reservations in select cities.
Lounge access (Privilege only): you enroll in the Visa Airport Companion program, which covers more than 1,200 lounges, and get 6 free visits every 12 months. Each person uses one visit, so a couple uses 2 per trip (children under 2 get in free). The visits renew on your enrollment anniversary, and unused visits are lost if you cancel the card. Enrolling can take up to 5 business days after you get the card.
Fees and interest rates
| Both cards | |
|---|---|
| Purchases | 20.99% |
| Cash advances | 22.99% |
| After 2 missed minimum payments in a row | 25.99% on purchases, 27.99% on cash advances |
| Foreign transaction fee | None |
Like any card, the 2% is wiped out quickly if you carry a balance. At 20.99%, $1,000 left unpaid costs about $17 a month in interest. Our credit card interest calculator shows the cost for your balance.
What you need to apply
- Be a Canadian resident who has reached the age of majority. The card is available in every province, including Quebec.
- Have an active Wealthsimple chequing account. You can only pay your card from it, though you can set up automatic payments.
- Meet the income or asset rule for the card you’re matched to. Wealthsimple does a full credit check after you apply.
Wealthsimple says cards are available in limited quantities. The card is issued by Wealthsimple Payments Inc.
Who should get it
| You are… | Good fit? | Why |
|---|---|---|
| Holding $100,000+ at Wealthsimple | Yes | No fee, 2% on everything and a metal card |
| Getting your pay deposited to Wealthsimple ($4,000+ a month) | Yes | The fee is waived each month you qualify |
| Spending often in US dollars or abroad | Yes | No 2.5% foreign fee |
| Spending under $1,000 a month and paying the fee | No | The cash back won’t cover $240 |
| Banking elsewhere and not wanting to move | No | You must pay the card from a Wealthsimple chequing account |
| Carrying a balance | No | Interest costs far more than the cash back |
If the fee won’t be waived, compare our best no-fee credit cards, or see the no-fee Brim and Home Trust cards for other ways to avoid foreign fees.
Frequently asked questions
Is the Wealthsimple credit card free?
Only if you qualify for the fee waiver. The fee is $240 a year, charged at $20 a month, and is waived with $100,000 or more at Wealthsimple or $4,000 or more a month in direct deposits to your Wealthsimple chequing account. The first month is free.
How much cash back does the Wealthsimple credit card give?
2% on everything, with no categories and no cap. New clients get 5% for the first 5 weeks.
Does the Wealthsimple credit card have foreign transaction fees?
No. Both Wealthsimple cards charge no foreign transaction fee. Visa’s exchange rate still applies.
What’s the difference between the Wealthsimple Visa Infinite + and Visa Infinite Privilege?
Both earn 2% cash back with the same fee. The Privilege has higher travel insurance limits, rental car insurance and 6 free airport lounge visits a year, and needs a higher income, spending or asset level.
Does the Wealthsimple credit card include lounge access?
Only the Visa Infinite Privilege. It gives you 6 free visits every 12 months to more than 1,200 lounges through the Visa Airport Companion program. Each guest uses one visit. The Visa Infinite + has no lounge access.
Do I need a Wealthsimple account to get the credit card?
Yes. You need an active Wealthsimple chequing account, and you can only pay your card balance from it.
What happens to my cash back if I close my Wealthsimple card?
Unredeemed cash back is forfeited when the card is closed or cancelled, so redeem it first.
What income do I need for the Wealthsimple credit card?
$80,000 personal or $150,000 household income for the Visa Infinite +. The Privilege needs $150,000 personal or $200,000 household income, or $50,000 a year in card spending, or $400,000 in assets with Wealthsimple.
Is the Wealthsimple credit card available in Quebec?
Yes. In Quebec the $240 fee is charged once a year when the card is issued, and Wealthsimple’s current Quebec offer reduces the first year to $220.
Related reading
- All credit card reviews: reviews and best-card shortlists
- Foreign transaction fee calculator: what the 2.5% fee costs you
- Annual fee calculator: is a fee worth paying
- Cash back calculator: compare any two cards
- Tangerine credit card review: no-fee 2% in categories you choose
How we checked: Fees, earn rates, income requirements, insurance, perks and the 5% new-client offer come from Wealthsimple’s credit card pages. The fee waiver rules, Quebec fee, cash back rules and forfeiture on closing come from Wealthsimple’s Additional Credit Card Terms and Conditions (updated August 2026). Insurance limits and lounge access come from Wealthsimple’s Help Centre articles on premium benefits and the Visa Airport Companion program. The calculator counts 2% on all spending, compares foreign purchases with a 2.5% fee, and leaves out the 5% offer, partner boosts and insurance. This review is general information, not financial advice. Sources: Wealthsimple credit card; Wealthsimple Visa Infinite +; Wealthsimple Visa Infinite Privilege; Additional Credit Card Terms and Conditions (PDF); Wealthsimple premium card benefits; Visa Airport Companion enrolment. Last checked October 2026.