Wealthsimple Credit Card Review: Is It Worth It?
I’m Mark, and I test out Canadian financial products to help you make better financial decisions to live happy, healthy, and wealthy lives.
This is my Wealthsimple credit card review, where I break down the real pros and cons of their brand-new card. I’ve been using Wealthsimple for years, and this card caught my attention the moment it launched!
Pros of the Wealthsimple Credit Card
âś… 2% Unlimited Cash Back
The best feature of the Wealthsimple credit card is the flat 2% cashback on every purchase, with no categories or limits. Whether you’re grabbing groceries or booking flights, you get 2% back, always.
âś… No Foreign Transaction Fees
Unlike most credit cards in Canada that charge 1-3% on foreign purchases, this one has zero foreign exchange fees. If you travel or shop in USD, this alone could save you hundreds.
âś… Automatically Invest Your Cashback
You can set your cashback to go straight into your Wealthsimple TFSA or savings account, so you’re building wealth every time you spend. Super easy. Super passive.
âś… Travel & Device Insurance
With the Wealthsimple credit card, you also get:
- Up to $1M in travel medical insurance
- Trip cancellation and baggage protection
- Mobile device coverage against theft or damage
That’s rare for a cash back card – especially one this simple.
âś… No Mobile Tap Limit
Tap as much as you want – even for high-ticket items. The card works with Apple Pay, Google Pay, and feels premium in your hand too.
âś… Automatic Payments = Better Credit
Not mentioned often, but super useful: you can set up auto-pay so you never miss a payment. That means no late fees – and a better credit score over time.
Cons of the Wealthsimple Credit Card
❌ $20/Month Unless You’re Wealthsimple Premium
The Wealthsimple credit card has a $20 monthly fee (aka $240/year) unless you have $100,000+ invested with them. If you’re a light spender or just getting started, that fee can eat into your rewards quickly.
❌ Fee Info is Hard to Find
One thing I didn’t love while researching for this Wealthsimple credit card review – they kind of hide the fee. It’s not front and center, which feels off-brand for a company built on simplicity.
Who Should Use the Wealthsimple Credit Card?
This card can be amazing… but it depends on your situation.
It’s great for you if:
- You already use Wealthsimple and have over $100K invested
- You spend $3,000+ per month and want strong cashback
- You travel frequently or shop internationally
- You want your cashback to grow in a TFSA or savings account
It’s not ideal if:
- You’re a student or low spender
- You want a no-fee credit card
- You don’t plan to use the card enough to offset the $20/month
Final Verdict
If you qualify to waive the fee (or spend enough to make it back in cashback), the Wealthsimple credit card is honestly one of the better cards in Canada. The 2% flat cashback, no FX fees, and investment automation features make it perfect for modern, hands-off savers. But if you’re not in the Wealthsimple ecosystem, or you’re just looking for a basic no-fee card, it might not be the best fit.
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FAQs Wealthsimple Credit Card
Is the Wealthsimple credit card worth it?
Yes, if you maximize the perks. The Wealthsimple credit card offers 2% unlimited cashback with no category restrictions, no foreign transaction fees, and premium insurance coverage. If you’re already investing with Wealthsimple and can waive the $20/month fee (by holding $100K+), it’s a no-brainer. Even if you aren’t, frequent travelers or high spenders might still find it worth the cost.
Does the Wealthsimple credit card really have no foreign transaction fees?
Yup, and that’s a huge win for travelers. Most credit cards charge 1-3% on foreign purchases, but the Wealthsimple credit card cuts that to zero. Whether you’re sipping mojitos in Mexico or shopping online from the US, you’ll save big on currency conversion fees.
How does the automatic savings feature work with the Wealthsimple credit card?
This is a hidden gem. The Wealthsimple credit card lets you automatically transfer your cashback into a TFSA or savings account, helping you build wealth in the background. Combine that with auto-payments (another feature!) and you’re not just saving money, you’re also improving your credit score by never missing a payment.
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