Wealthsimple has a new product they're slowly working out: the Wealthsimple Credit Card. In its current iteration, it's going to be a premium Visa Infinite cash back credit card.
It's not available to everyone at this time. Only select Wealthsimple customers have access to it – if they choose to get it. And it's likely far from a finished product. Wealthsimple seems to be in beta testing.
With a hat tip to reddit user SHUT_DOWN_EVERYTHING for sharing the invite details, here's what’s been reported (though not officially confirmed) so far.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 42,500 other Canadians who receive our weekly newsletter – learn more.
What the Wealthsimple Credit card offers
Here’s what we’ve heard so far about what the new Wealthsimple Credit Card will offer:
- 2% cash back on all purchases, up to $3,000 spent per month (1% afterwards)
- $10 monthly fee
- Visa Infinite benefits
- Credit card insurance
It’s reported that Wealthsimple Premium and Generation clients won't pay a monthly fee.
Your cash back will be deposited into your Wealthsimple cash account. We don’t know how often, but we’d guess no less than once per month.
It’s an interesting card, being introduced at a time when flat-rate credit cards have been on the decline. If only it was a Mastercard that you could use at Costco…
Read more: View the reddit thread
Comparable credit cards
Based on what we know, there are a couple of credit cards that offer similar cash back rewards. Here are the key details about them.
| Credit card | Earn rates | Special features | Annual fee, income requirements | Learn more |
|---|---|---|---|---|
| Rogers Mastercard | * 2% cash back on USD purchases * 1% cash back on all other purchases * 2% cash back on all purchases if you have a Rogers service | * 50% bonus cash back when redeemed towards Rogers bills * 5 free Roam Like Home days | * $0 * None | Learn more |
| Rogers Red World Elite Mastercard | * 3% cash back on USD purchases * 1.5% cash back on all other purchases * 2% cash back on all purchases if you have a Rogers service | * 50% bonus cash back when redeemed towards Rogers bills * 5 free Roam Like Home days * 6 types of insurance * World Elite Mastercard benefits | * $0 * $80K personal or $150K household | Learn more |
| SimplyCash Preferred Card from American Express | * 3% cash back on USD purchases * 1.5% cash back on all other purchases * 2% cash back on all purchases if you have a Rogers service | * Amex benefits * 10 types of insurance | * $119.88 * None | Learn more |
| RBC Cash Back Preferred World Elite Mastercard | * 1.5% cash back on the first $25,000 spent annually * 1% cash back after $25,000 spent annually | * World Mastercard benefits * 3 types of insurance | * $99 * $80K personal or $150K household | Learn more |
The Rogers cards, in particular, will stand out to many:
- You can earn 2% back everywhere for no annual fee
- You must have a Rogers service of some kind (internet, wireless, TV)
- You can earn 3% cash back on your purchases if you redeem your cash back towards your Rogers services
Otherwise, the Rogers Red World Elite Mastercard is still an excellent no fee cash back card, earning you 1.5% back with no limits and for no annual fee.
The other card that stands out is the SimplyCash Preferred Card from American Express:
- You get 2% cash back everywhere – and more on gas and groceries
- It has the same annual fee
- It's an Amex, which can be a turn off for some people
The TL;DR is the Wealthsimple Credit Card is competitive, but there are other cards to consider if it’s of interest to you.
Your thoughts on the new Wealthsimple Credit Card?
Wealthsimple certainly has an interesting new product and we're curious to learn what the final product will look like.
What are your thoughts on Wealthsimple's new credit card? Let us know in the comments below.
creditcardGenius is the only tool that compares 126+ features of 218 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 218 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.