Data in the chart was last updated on June 9, 2025. The chart compares Wealthsimple’s credit card features for Premium clients (those who have $100,000+ with us) to those credit cards from Canadian financial institutions as listed under Schedule I of the Bank Act. For easier comparison, we have singled out institutions in Schedule I which we consider to be ‘Big Banks’. We define ‘Big Banks’ as being those big national banks that have walk-in branches that are easily accessible from coast to coast. All information provided is for illustration purposes only and actual fees and rates from individual financial institutions may vary.
The Wealthsimple Visa Infinite* Credit Card is issued under license by Wealthsimple Payments Inc.
* Trademark of Visa Int., used under license.
Cash Back. The 2% earn rate applies to net purchases during each statement period, excluding cash-like transactions, refunds, any applicable fees and adjustments. See Terms and Conditions for full details.
FX Fees. Foreign transaction (FX) fee is a surcharge typically charged on foreign currency transactions. Wealthsimple does not charge FX fees, but transactions are still subject to currency conversion from credit card networks, or fees from merchants or financial institutions involved in the transaction.
Annual fee. The Annual Fee is waived for Premium and Generation clients. For Core clients to qualify and continue having the Annual Fee (charged monthly) waived, you’ll need to direct deposit at least $4,000 per month into your Cash account within the last 30 days (effective from July 10, 2025 for existing credit card clients). See Cardholder Agreement for details.
Card Material. Premium and Generation clients automatically qualify for our metal card. Core clients can qualify for a metal card by bringing $100,000+ to Wealthsimple and becoming a Premium or Generation client.
Virtual Card Tap Limit. While Wealthsimple does not impose a tap limit on its virtual credit card, limits may be set by the merchant. If your transaction is declined, please insert your physical credit card.
Earned Interest on Cash Back. Wealthsimple chequing account rates start at 1.75% interest rate is available to Wealthsimple Core clients; 2.25% interest rate is available to Wealthsimple Premium clients; and 2.75% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information see https://wsim.co/rates.
Our chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds added to chequing account(s) (the "Funds") are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation ("CDIC"). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1 million in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the account.
The Wealthsimple prepaid Mastercard® is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. All terms applicable to the prepaid Mastercard® and all applicable fees and transaction limits with respect to the prepaid Mastercard® and the services may be found in the Wealthsimple prepaid Mastercard® Cardholder Agreement between you and KOHO Financial Inc.. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.