Apply for the Wealthsimple Visa Infinite credit card

In this article:

Overview

Learn how to join the waitlist for the Wealthsimple Visa Infinite* Credit Card, including eligibility requirements, fees, and frequently asked questions.

Note: We’re releasing limited quantities of cards over the coming months. Once you join the waitlist in the app, we’ll send you a notification when cards are available, and you can apply. Make sure you have push notifications turned on in your settings to get the notification.

Cashback and benefits

We're offering a credit card with a 2% unlimited cash back rate. This applies to all purchases you make, excluding:

The credit card also offers the following benefits:

  • No foreign transaction fees or other junk fees
  • Flexible cash back deposited into your Wealthsimple chequing account monthly
  • Pay with your Apple and Google mobile wallets
  • Instantly pay down your balance with your Wealthsimple chequing account
  • Access to all Visa Infinite benefits and offers

View the full terms and conditions

Eligibility requirements

You must meet the following requirements to be eligible for the credit card:

  1. Reside in Canada and be the age of majority in the province or territory you live in.
  2. Have a personal income of $60,000 or a household income of $100,000.
  3. Have an active Wealthsimple chequing account. We'll prompt you to open a chequing account during the credit card application process if you don't have one.

How to join the waitlist

Note: We’re releasing limited quantities of cards over the coming months. Once you join the waitlist in the app, we’ll send you a notification when cards are available, and you can apply. Make sure you have push notifications turned on in your settings to get the notification.

To join the credit card waitlist

  1. Sign in to the Wealthsimple mobile app
  2. Scroll and tap Add an account
  3. Choose Open a new account
  4. Select Credit Card from the account options
  5. Tap Join the waitlist
  6. Check the box and tap Next to agree to the soft credit check
  7. Once you’re on the waitlist, we'll send you a notification when you can apply for a card
Tip: A soft credit check doesn't affect your credit score.

Tap limit

You'll have the following tap limits for your credit card:

  • Physical cards: You can tap up to CA$250 per transaction.
  • Mobile wallets: No tap limit. You can tap for any transaction amount. 
Note: These limits may vary depending on the merchant, as some may not accept tap payments above a certain amount. If your transaction is declined, please try inserting your card.

Frequently asked questions

Will applying for the credit card impact my credit score?

It may. We'll run a soft credit check first to see if you pass the initial qualification (this won't affect your score). If you pass the initial qualification and choose to continue, we'll perform a hard credit check, which could impact your credit score. Also, we are currently building the capability to regularly report your credit card activity to the credit bureau. Once built, we will retroactively report all of the activity on your card.

Are there any fees associated with the credit card?

You aren't charged a monthly fee if you are either:

  • A Premium or Generation client, or,
  • You direct deposit at least $4,000 to your chequing account every 30 days.

If you don't meet either condition, you will pay a fee of $10 each month, which we'll charge to your account statement.

Full details of interest rates are outlined in the Cardholder Agreement.

Does the credit card charge FX fees?

Foreign transaction (FX) fee is a surcharge typically charged on foreign currency transactions. Wealthsimple doesn't 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.

When will I get my credit card?

Your virtual card is available instantly in the Wealthsimple mobile app. You'll receive your physical card in 5 to 7 business days. Holidays and postal service disruptions may delay your delivery.

To track the status of your physical card:

  1. Sign in to the Wealthsimple mobile app
  2. Select your credit card account
  3. Tap the blue banner labelled Your physical card is on the way
  4. Review the current status of your card

What's considered a cash-like transaction?

While some merchants provide us with a code that is labelled under cash-like transactions, if your purchase doesn't fall under these defined categories, please reach out to our support team with a copy of your receipt, and we'll credit your correct cash back.

Am I eligible for a metal card?

Note: We're automatically issuing the new metal cards to Premium and Generation clients who currently have a plastic card. Stay tuned for a shipping confirmation email soon. 

You’re eligible for a metal card if you’re a Premium or Generation client at the time you’re approved for the credit card. If you become a Premium or Generation client after you’re approved and receive a plastic card, please contact our support team to upgrade your metal card. 

Can I reapply after getting declined?

Yes. You can reapply after 30 days.

Note: You will have to go through the application process again, which may trigger a hard credit check and could affect your credit score.

How will my credit card limit be determined?

Our policy for defining credit limits considers a variety of factors to estimate the risk level and the credit needs of each client.

Note: If you'd like to request a credit limit decrease, please contact our Client Support team.

Can I request a credit card limit increase?

At this time, you can apply for a credit card limit increase if you're a Generation client. If you're eligible, please contact our Client Support team to request an increase.

Can I add another cardholder?

No, you can't add another cardholder at this time.

* Trademark of Visa Int., used under license.
iPhone and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries and regions. Android and Google Wallet are trademarks of Google LLC.

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