Wealthsimple Credit Card Review: Visa Infinite+

1. Wealthsimple Credit Card Review: Our Verdict

The short version. The Wealthsimple Visa Infinite+ is a simple card: 2% back on everything, no categories to track and a monthly fee that disappears for many Wealthsimple clients. Its value depends almost entirely on whether you pay the $20 monthly fee.

If your fee is waived. With $100,000 or more in individual assets at Wealthsimple, or $4,000 or more a month in direct deposits, you pay $0 and keep the full 2%. On $24,000 of yearly spending, that is $480 in cash back ($24,000 x 2%) with no fee to subtract.

If you pay the fee. At $240 a year, the first $12,000 of spending only covers the fee ($240 ÷ 2% = $12,000). On the same $24,000, you keep $240 ($480 – $240). Below $1,000 a month in spending, the card costs more than it returns.

Why no score. WealthScale scores brokers, robo-advisors, crypto platforms, tax software and chequing accounts with published rubrics. We do not yet score credit cards, so this review gives a verdict without a number rather than invent one. For the same reason, we do not compare the card with other banks’ cards on this page: we compare only the two Wealthsimple cards, whose terms we checked on October 22, 2026. Our rating methodology page lists what we score today.

The main limits. The cards are available in limited quantities, Wealthsimple matches you to one of the two, and you must pay the balance from a Wealthsimple chequing account. Insurance amounts for Visa Infinite+ travel coverage are not stated, so travellers who rely on card insurance should read the certificate before a trip.

2. Wealthsimple Cash Back Card: 2% on Everything

One flat rate. Both Wealthsimple cards pay 2% cash back on all net purchases. There are no bonus categories to track. Groceries, gas, travel and online shopping all earn the same 2%.

What does not earn cash back. Cash-like transactions, refunds and fees are excluded. Cash back is paid on net purchases, so a refund reduces the purchases that earn it. Cash advances are cash-like, so they do not earn cash back, and they carry interest at 22.99%.

Where the cash back goes. You can redeem cash back to almost any Wealthsimple account. Sent to chequing, it earns interest at your tier’s chequing rate: 1.25% on Core, 1.75% on Premium and 2.25% on Generation. If you send it to a TFSA or RRSP, it counts as a contribution and uses your contribution room, so check your room before you redirect it.

What the interest adds. Interest on cash back is small. $480 of cash back left in Core chequing for a year earns $6.00 ($480 x 1.25%); on Generation it earns $10.80 ($480 x 2.25%). The real value is the 2% itself. For cash you want to grow, our high-interest savings accounts page compares rates.

The welcome offer. Wealthsimple advertises a 5% welcome offer that includes 5% cash back on card purchases for new clients. Its pages describe the length and spending cap of the card part differently, so we leave it out of every calculation on this page. Read the offer terms in the app before you count on it.

3. The Wealthsimple Credit Card Fee and How to Get It Waived

The fee. The Wealthsimple credit card costs $20 a month, or $240 a year. Quebec residents are charged the fee annually instead of monthly. The fee is $0 for Premium and Generation clients.

Waiver one: $100,000 in individual assets. The card page words the asset test as $100,000 or more in individual assets. Wealthsimple’s membership tiers can also be reached through combined household assets. If you reach Premium only by pooling with a household member, please confirm in the app that your card fee is waived, because the card terms refer to your individual assets.

Waiver two: $4,000 a month in direct deposits. Since July 10, 2025, the fee is waived when $4,000 or more a month arrives in your Wealthsimple account by direct deposit. That is $48,000 a year ($4,000 x 12). A pay deposit of this size also meets the $2,000 direct-deposit test that lifts Core chequing interest from 1.25% to 1.75%. The Privilege card page also mentions switching a qualifying paycheque, a term it does not define.

What the waiver is worth. A waived fee saves $240 a year. For someone spending $1,500 a month, that turns $120 of net cash back into $360. For many Core clients whose pay is under $4,000 a month and whose assets are under $100,000, the fee will apply.

Watch for changes in status. Tier status falls only if both net deposits and total assets fall and stay below the threshold. If you change jobs and your direct deposits stop, or you withdraw a large amount, check whether the card fee returns. Our Core vs Premium vs Generation guide explains how status is measured.

4. Break-Even Math: When the Wealthsimple Credit Card Fee Pays for Itself

The formula. Break-even spending is the yearly fee divided by the cash back rate. At $240 a year and 2%, that is $12,000 a year ($240 ÷ 0.02), or $1,000 a month ($12,000 ÷ 12). Every dollar of spending above that line adds 2 cents of net cash back.

Below the line. At $500 a month ($6,000 a year), you earn $120 in cash back and pay $240 in fees, a net loss of $120. At $750 a month, the loss is $60. A card with a fee can still be worth holding below break-even for its insurance or travel perks, but on cash back alone it is a cost.

Above the line. At $2,000 a month, you net $240 after the fee. At $3,000 a month, you net $480. If the fee is waived, you keep the full 2% from the first dollar.

Enter your own monthly spending in the cash back calculator below. It shows your yearly cash back, the fee and the monthly spending needed to cover it, using the Wealthsimple card’s 2% rate and $20 monthly fee by default.

Use net spending. Cash back is paid on net purchases, so refunds and returns reduce the spending that counts toward break-even. Cash-like transactions and fees do not count at all. Measure your spending after returns, not your gross card charges, when you compare it with the $12,000 line.

Do not spend to reach break-even. Spending an extra $1,000 to earn $20 of cash back costs $980. The break-even line tells you whether the card fits your normal spending, not a target to hit.

5. Wealthsimple Visa Infinite+ vs Visa Infinite Privilege

Two cards, one application. Wealthsimple offers the Visa Infinite+ and the Visa Infinite Privilege. You do not pick: Wealthsimple matches each client to one of the two. Both pay 2% cash back on all net purchases. The Privilege card has higher entry requirements and more travel insurance and perks.

What the Privilege card adds. The Privilege card states insurance amounts that the Infinite+ does not: travel medical up to $2,000,000, trip cancellation or interruption up to $5,000 per trip, rental car cover for up to 31 days on vehicles up to $65,000 MSRP, and flight delay cover up to $1,000. It also gives access to 1,200+ airport lounges. Its insurance is underwritten by Chubb, and some coverage is not available in every province.

What the Infinite+ states that the Privilege page does not. The Infinite+ lists phone insurance up to $1,000 and an extended warranty that doubles the manufacturer’s period. Its purchase protection runs 90 days. Travel medical, cancellation and baggage cover are included, but the amounts are not stated.

Same price, same cash back. Both cards show the same 2% rate and the same $20 monthly fee, and both are $0 for Premium and Generation clients. If Wealthsimple matches you to the Privilege card, you get more insurance for the same price.

6. Eligibility and Income Requirements

Basic requirements. To apply for the Visa Infinite+, you must be a Canadian resident who has reached the age of majority in your province, hold an active Wealthsimple chequing account and pass a full credit check. You also need to meet the income test.

Personal or household income. You qualify for the Visa Infinite+ with $80,000 in personal income or $150,000 in household income. That opens the card to someone earning less than $80,000 whose household passes $150,000 together.

Four routes to the Privilege card. The Visa Infinite Privilege accepts $150,000 personal income, $200,000 household income, $50,000 in yearly card spending, or $400,000 in assets at Wealthsimple. The asset route lets a retiree with modest income but large savings qualify. Spending $50,000 a year is about $4,166.67 a month ($50,000 ÷ 12).

Limited quantities. Wealthsimple says the cards are available only in limited quantities. Meeting the requirements does not guarantee a card right away.

Quebec. Wealthsimple’s card page gives two different answers on whether Quebec residents can apply now or join a waitlist, so we do not state one. Quebec residents who do get the card pay the fee annually. Please check availability in the app.

7. Wealthsimple Visa Infinite Insurance Coverage

Two levels of cover. Insurance is the biggest difference between the two cards. The Visa Infinite Privilege publishes dollar limits for its travel coverage. The Visa Infinite+ lists travel medical, trip cancellation and baggage coverage without stating amounts, and adds device and purchase cover.

Travel medical. The Privilege card’s travel medical cover of up to $2,000,000 is the headline benefit for travellers. On the Infinite+, travel medical is listed but its limit, trip length and age rules are not stated in the published card details, so do not rely on it for a long trip until you have read the certificate.

Purchase and device cover. The Infinite+ covers purchases for 90 days, insures mobile phones up to $1,000 and doubles the manufacturer’s warranty period. The Privilege card covers purchases up to $1,000 per occurrence. Card insurance of this kind usually requires you to pay for the item with the card, so keep your receipts and card statements.

Provincial limits. Wealthsimple notes that some Privilege coverage is not available in all provinces. Read the insurance certificate for your province before you book a trip or decline a rental company’s coverage.

How to use card insurance well. Charge the whole trip or rental to the card, keep confirmation emails, and call the insurer before you incur large medical costs abroad when you can. A claim is easiest when every receipt matches a card charge.

8. Travel Perks: Airport Lounges and Concierge

Lounge access on the Privilege card. The Visa Infinite Privilege gives access to 1,200+ airport lounges. Wealthsimple does not name the lounge network or state a visit limit on the Privilege card page. Its general card page mentions lounge passes without saying which card or period they apply to, so we do not state a number of visits.

Concierge. Wealthsimple lists a 24/7 concierge among its general travel perks, without saying which card it applies to. Ask Wealthsimple which perks come with the card you are matched to.

Not tier perks. Lounge access and the concierge are card benefits, not Wealthsimple membership perks. Reaching Premium or Generation does not add lounge access by itself; the card you are matched to decides it.

What it means for travellers. For someone who travels several times a year, the Privilege card’s combination of 2% cash back, travel medical up to $2,000,000 and lounge access is strong for a $20 monthly fee, and better still if the fee is waived. For an occasional traveller on the Infinite+, the 2% cash back and the listed travel medical, cancellation and baggage cover are the main travel value, although their amounts are not stated.

9. Interest Rates and Paying Your Balance

The rates. Wealthsimple charges 20.99% a year on purchases and 22.99% on cash advances. After two missed payments, penalty rates of 25.99% and 27.99% apply.

Why carrying a balance erases the cash back. The purchase rate of 20.99% is about 10.5 times the 2% cash back rate (20.99 ÷ 2 = 10.495). Carrying $2,000 for one month costs about $34.98 in interest ($2,000 x 20.99% ÷ 12). That wipes out the cash back on about $1,749 of spending ($34.98 ÷ 0.02 = $1,749). The card only makes sense if you pay the full balance every month.

How you pay. You can pay the card only from a Wealthsimple chequing account. Autopay is available. Set autopay for the full statement balance, and keep enough in chequing before each due date. If your pay goes to another bank, you will need to move money into Wealthsimple chequing first.

Missed payments. Two missed payments trigger the penalty rates. A missed payment can also be reported to the credit bureaus and lower your credit score, which affects future borrowing, including a mortgage. Autopay from a funded chequing account is the simplest protection.

Cash advances. Cash advances do not earn cash back and carry 22.99% interest. If you need cash, use your Wealthsimple chequing card at an ATM instead: Wealthsimple charges no ATM fee and reimburses eligible ATM operator fees.

10. Who Issues the Wealthsimple Credit Card

Wealthsimple Payments Inc. The credit cards are issued by Wealthsimple Payments Inc., which also issues the Visa Platinum Prepaid card used with Wealthsimple Chequing and a business prepaid Visa. Wealthsimple Payments Inc. is registered with FINTRAC as a money services business and is a payment service provider supervised by the Bank of Canada under the Retail Payment Activities Act. It is not a CDIC member.

Why the card needs Wealthsimple Chequing. You must hold an active Wealthsimple chequing account to apply, and the balance is paid only from it. Chequing has a $0 monthly fee, pays 1.25% on Core, 1.75% on Premium and 2.25% on Generation, and is covered by CDIC up to $1,000,000 through trust deposits at partner banks. Wealthsimple Chequing scores 4.4 / 5 in our chequing ranking, second of 20 accounts. Our Wealthsimple Chequing review covers it in full, and our best chequing accounts page ranks it against the banks.

The metal card. Clients with $100,000 or more in individual assets at Wealthsimple get a metal card automatically. It is the same asset level that waives the fee.

Credit card versus prepaid card. Wealthsimple’s chequing account also comes with a Visa Platinum Prepaid card that has no fee. The credit card adds 2% cash back, insurance and a credit line, but charges $20 a month unless waived. Note that the prepaid card does not work in Costco Canada warehouses, which accept Mastercard only, and the same network rule applies to any Visa card there.

Security. Wealthsimple reimburses passkey users for all direct losses from unauthorized activity on their Wealthsimple account. Use a passkey and turn on card alerts in the app. Our Is Wealthsimple safe? guide explains each entity’s regulation and deposit protection.

11. Wealthsimple Credit Card Pros and Cons

How to read this list. Each point comes from Wealthsimple’s published card terms as checked on October 22, 2026. Several cons, such as the fee and the chequing requirement, disappear for clients who already bank with Wealthsimple and meet a waiver.

The balance. For a Wealthsimple client whose fee is waived, the card is close to a pure 2% rebate on everything. For a Core client who pays the fee and spends under $1,000 a month, it loses money on cash back alone.

12. Who the Wealthsimple Credit Card Suits and Who Should Look Elsewhere

Clients with $100,000 or more at Wealthsimple. The fee is waived, so the full 2% is yours from the first dollar. This is the group that gets the most from the card.

People paid $4,000 or more a month by direct deposit. Moving your pay to Wealthsimple chequing waives the card fee and also lifts Core chequing interest from 1.25% to 1.75% through the direct-deposit boost.

Frequent travellers matched to the Privilege card. Travel medical up to $2,000,000, trip cancellation or interruption up to $5,000 per trip and access to 1,200+ airport lounges add travel value on top of the 2% cash back.

People who want simplicity. One rate on everything means no categories to track.

Look elsewhere if you pay the fee and spend little. Below $1,000 a month, the $240 fee outweighs the cash back. The Wealthsimple Chequing prepaid card has no fee, though it comes without the 2% cash back or insurance. Our no-fee chequing accounts ranking lists other options.

Look elsewhere if you carry a balance. At 20.99%, interest costs far more than any cash back. Paying down the balance comes first. Our compound interest calculator shows how interest builds over time.

Look elsewhere if you need a card now. With limited quantities and a matched card, you may wait. If you need specific insurance for an upcoming trip, confirm the coverage on the card you are offered before you rely on it.

What You Need and What You Get With the Wealthsimple Credit Card

How to Apply for the Wealthsimple Credit Card

1. Open Wealthsimple Chequing. An active chequing account is required, and it is the only account you can pay the card from.
2. Check the income test. Confirm you meet $80,000 personal or $150,000 household income for the Visa Infinite+, or one of the Privilege routes.
3. Apply in the app. Wealthsimple runs a full credit check and matches you to the Visa Infinite+ or the Visa Infinite Privilege. Cards are available in limited quantities.
4. Set up the fee waiver. Move your pay by direct deposit if it is $4,000 or more a month, or check whether your individual assets reach $100,000.
5. Turn on autopay. Set autopay for the full statement balance from chequing so you never pay 20.99% interest.
6. Choose where cash back goes. Send it to chequing to earn your tier’s rate, or to an investing account such as a Wealthsimple TFSA if you have room.
7. Read your insurance certificate. Before your first trip, check the coverage limits and provincial conditions for the card you received.

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Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
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