In this article:
Overview
You can join the waitlist to apply for a Wealthsimple credit card. Depending on your eligibility, you will be offered either the Wealthsimple Visa Infinite* or the Wealthsimple Visa Infinite Privilege* credit card.
Continue below to learn how to join the credit card waitlist, eligibility requirements, fees, and frequently asked questions.
Cashback and benefits
The Visa Infinite* and Visa Infinite Privilege* credit cards offer a 2% unlimited cash back rate. This applies to all purchases you make, excluding:
- cash-like transactions,
- refunds,
- fees, and
- adjustments.
The credit cards 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 premium insurance coverage for travel protection, purchase protection, and mobile phone insurance
Get the details of the protection, travel, and lifestyle benefits offered through the Visa Infinite and Visa Infinite Privilege credit cards. For general information, please view the full terms and conditions.
Eligibility requirements
Your eligibility for either the Wealthsimple Visa Infinite credit card or the Visa Infinite Privilege credit card is based on many factors, including but not limited to your income and credit score.
You must meet the following requirements:
- Reside in Canada and be the age of majority in the province or territory you live in.
- 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.
To be eligible for the Wealthsimple Visa Infinite credit card, you must meet at least one of the following:
- Personal income of at least $60,000, or
- Household income of at least $100,000, or
- Total savings and investments of at least $250,000, or
- Annual credit card spend of at least $15,000
To be eligible for the Wealthsimple Visa Infinite Privilege credit card, you must meet at least one of the following:
- Personal income of at least $150,000, or
- Household income of at least $200,000, or
- Total savings and investments of at least $400,000, or
- Annual credit card spend of at least $50,000
How to join the waitlist
To join the credit card waitlist:
- Log in to the Wealthsimple app
- Scroll and tap Add an account
- Choose Open a new account
- Select Credit Card from the account options
- Tap Join the waitlist
- Check the box and tap Next to agree to the soft credit check
- Once you’re on the waitlist, we'll send you a notification when you can apply for a card
- Open the credit card waitlist signup link
- Select Join the waitlist
- Log in to your Wealthsimple profile
- Follow the prompts to join the waitlist
Tap limit
You'll have the following tap limits for your credit card:
- Physical cards: You can tap up to CA$250 per transaction.
- Digital wallets: No tap limit. You can tap for any transaction amount.
Fees
You aren't charged an annual fee if you're either:
- A Premium or Generation client, or,
- You direct deposit at least $4,000 to your chequing account every 30 days. Eligible direct deposits include payroll, CPP, Old Age Security, and Employment Insurance.
If you don't meet either condition, you'll pay a fee of $20 each month ($240 annually for Quebec residents), which we'll charge to your monthly statement. Quebec residents who aren't eligible for the fee waiver are charged the annual fee when their card is issued, which will be applied to their first statement. If you become eligible later, we'll issue you a refund for the number of months remaining in your current card year ($20 per month). For more details on the fee waiver offer, view the full terms and conditions.
Full details of interest rates are outlined in the Cardholder Agreement.
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. We'll also report your credit card activity to the credit bureau.
What types of income count towards the eligibility requirement?
Most types of income are considered eligible for the credit card application. During the application, we'll prompt you to enter your income before taxes, which includes any alternative income sources like rent, freelance work, or pensions.
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. For an estimate, you can use this currency conversion fee calculator (set the Bank fee (%) to 0). This rate may vary between the time of authorization and settlement.
When will I get my physical card?
Your virtual card is available instantly in the Wealthsimple mobile app. You'll receive your physical card in 7 business days.
To track the status of your physical card:
- Log in to the Wealthsimple app
- Select your credit card account
- Tap the blue banner labelled Your physical card is on the way
- Review the current status of your card
Why do I need a Wealthsimple chequing account?
Currently, you can only pay your credit card balance from a Wealthsimple chequing account.
I didn't get the correct amount of cash back. What should I do?
First, we recommend checking if the purchase has settled. Settled transaction amounts can change, causing your final cash back amount to adjust accordingly. Your final cashback amount may vary from what was initially displayed in your activity history.
Next, we recommend checking if a refund was recently processed. We'll reverse the cash back amount you received from the original purchase.
If you still believe you didn't get the right amount, please contact our support team.
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?
You’re eligible for a metal card if you’re a Premium or Generation client at the time you’re approved for either 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.
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.
Why didn't I get the limit I requested?
If you’re a resident of Quebec, we’re required to ask what you would like your ideal credit limit to be. However, we determine your limit by many factors in our approval process. The limit we provide you may differ from what you requested.
Can I request a credit card limit increase?
Credit limit increases aren't yet widely available as we continue to develop and roll out the card. We hope to extend this ability to more clients in the future.
Can I add another cardholder?
No, you can't add another cardholder at this time.
Can I apply specifically for the Visa Infinite Privilege card?
No. We’ll determine your eligibility for the Visa Infinite or Visa Infinite Privilege card based on our criteria, which includes meeting our minimum personal or household income requirements.
Why am I being asked to set a PIN?
After we approve your new credit card, we'll prompt you to set a 4-digit PIN. Your PIN helps protect you from fraud and unauthorized purchases.
* 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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