What are the benefits of the Wealthsimple Visa Infinite credit card?
We’re offering a Visa Infinite card with an unlimited cashback reward rate of 2%. This applies to all purchases you make, excluding
- cash-like transactions,
- refunds,
- fees, and
- adjustments.
Additionally, the card offers:
- no foreign exchange fees,
- flexible cash back deposited to your Wealthsimple Cash account, and
- access to all Visa Infinite benefits and offers.
Are there any fees associated with the Wealthsimple Visa Infinite credit card?
The fee is $10/month, with the potential of having the fee waived if specific criteria are met.
As we develop the card during its Beta phase, there may be different offers that we are testing. Clients are only eligible for the offer they have been invited to and we are not able to invite you to another offer at this time.
What is my credit card tap limit?
Tap limits for your credit card are as follows:
- For physical cards: Tap payments can be used for purchases up to CA$250.
- For mobile wallets: Tap is available for transactions up to CA$1,000.
Can anyone be approved for this credit card?
No. In order to be considered for approval you must be invited to join the Beta, apply for the card, and:
- Reside in Canada (with the exception of Quebec) and be the age of majority in the province or territory you live in;
- Have a personal income of $60,000, or a household income of $100,000; and
- Be an existing Wealthsimple client.
What is the application process like?
If you have received an email invitation to apply, you’ll see the option to apply for a credit card. To apply:
- Sign in to the Wealthsimple mobile app
- Scroll and tap Add an account
- Choose Open a new account
- Select Credit Card from the account options
To continue, you’ll need to enter or confirm some basic information for us to confirm that you are eligible. Once we confirm your eligibility, you will need to agree to the terms of the card and may be asked to complete identity verification. Then, we’ll perform a final hard credit check before we issue the card.
Once approved, you will see the Wealthsimple Visa Infinite card added to your list of Wealthsimple accounts in the app.
Will applying for the Wealthsimple Visa Infinite 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, 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.
When will I get my cash back?
We’ll credit cash back rewards to your Wealthsimple Cash account within 7 days of your statement date. You will see a counter of your earned rewards throughout your statement period prior to the payout. Your app will send a push notification once the reward has been credited to your Cash account.
Will I receive a physical card?
Yes. Your physical card will arrive in 2-3 weeks. Ensure your address is up to date when you apply. Once it arrives you’ll be able to activate it in the Wealthsimple App.
How do I add a virtual card to my phone?
- iPhone users can use the Add to Apple Wallet button in the Wealthsimple app, or visit the Apple Pay site for instructions.
- AndroidTM users, visit the Google WalletTM site for instructions.
How can I use my Wealthsimple Visa Infinite card without a physical card?
- Use it in stores. You can add the card to your digital wallet on your phone and you can tap the terminal to pay for purchases up to $1,000 (CAD). Other tap limits may be applied by individual merchants and those outside of Canada.
- Use it online. All of your card information is available in the Wealthsimple app:
- Tap Wealthsimple Visa Infinite from account list
- Tap the card image to reveal its details
Does the credit card work outside of Canada?
Yes. The card should be accepted anywhere in the world that Visa is accepted. To adhere to local regulations and requirements, Wealthsimple may limit certain transactions in specific countries.
Can I add an additional cardholder?
Not at this time.
Can my friends or family apply for this card?
Not yet. We are limiting testing to a select group of clients to ensure that we can complete proper and thorough testing of all features and functionalities, as well as make enhancements based on the feedback we receive to provide a more polished product and experience.
How can I pay the balance of my Wealthsimple Visa Infinite card?
Right now, the only way to pay your balance is through your Wealthsimple Cash account. If you don’t have a Cash account, you’ll need to open one before applying for the card.
Can I manage my credit card on the Wealthsimple website?
Not yet. We’re starting off with a mobile app-only version of the card.
What insurances does the Wealthsimple Visa Infinite card offer?
The card offers the following insurances:
- Mobile Device Insurance: Protects against lost, stolen, mechanical breakdown, or accidental damage.
- Purchase Security: Covers new personal items against loss, damage, or theft, for 90 days from the date of purchase.
- Extended Warranty: Doubles the period of repair services provided by the Original Manufacturers Warranty.
For the insurance, protection, and/or warranty to apply, items must be purchased with the Wealthsimple Visa Infinite card. Terms and conditions apply, and you can find them in the detailed Certificate of Insurance.
Where can I share my feedback on the product experience?
Please fill out the survey at any time. We will also contact some clients to gain further feedback through in-person interviews.
How do I contact credit card support?
Reach us 24/7:
Toll-free (Canada and US): 1-855-585-2672
Collect calls (international): 1-647-955-2672
* 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.
Italicized terms are defined in the Cardholder Agreement.
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