Overview

You can make one-time payments and set up recurring payments (auto-pay) from your Wealthsimple chequing account to your Wealthsimple Visa Infinite* or Visa Infinite Privilege* credit card in the app.

Whether you're making a one-time payment or creating an auto-pay schedule, you can choose the amount you pay from the following options:

• Statement balance: This option pays off only the amount on your last credit card statement.
• Total balance: This option pays off the current balance on your credit card statement, which includes any new transactions made after the statement was issued.
• Minimum payment: This option prevents you from being late, but we'll charge you interest on the remaining statement balance.
• Custom amount: Enter an amount of your choosing.

Make a one-time payment

One-time payments let you pay off your balance whenever you want and choose the exact amount you want to pay.

Follow these steps to make a one-time payment on your credit card balance:

1. Log in to the Wealthsimple app
2. Tap your credit card
3. Tap Make payment
4. Tap From to choose a chequing account as the payment method
5. Check that you're on the One-time tab
6. Tap Select beside the amount you want to pay: Total balance, Statement balance, Minimum payment, or Custom amount
7. Follow the prompts to submit your payment

Processing time

There's no processing time for one-time payments from chequing accounts. Your payment is instantly posted to your credit card.

Payment cutoff

The day your payment is processed determines which monthly statement it appears on. The daily cutoff for one-time payments is 11:00 PM EST.

• We apply one-time payments received before 11:00 PM EST on the same day.
• We apply payments received after 11:00 PM EST on the following business day.

For a payment to appear on your current statement, it must be applied on or before the statement's closing date. Payments processed after the closing date will appear on your next monthly statement.

Set up an auto-pay schedule

Auto-pay is a recurring payment schedule that automatically pays your credit card balance based on your chosen frequency and amount.

Follow these steps to set up recurring credit card balance payments with auto-pay:

1. Log in to the Wealthsimple app
2. Tap your credit card
3. Tap Make payment
4. Tap the Auto-pay tab
5. Tap From to choose a chequing account as the payment method
6. Tap Amount to choose a payment amount: Total balance, Statement balance, Minimum payment, Pay as you go, or Custom amount
7. Tap Schedule to choose your payment schedule
8. Tap Review to check that your schedule is correct
9. Tap Submit to finish

Payment schedule

If you set up auto-pay, you select how your payment(s) follow your chosen schedule:

• Monthly: Same calendar day each month.
• Twice a month: Same two days each month.
• Every two weeks: Every other week on a chosen weekday.
• Pay as you go: Make a payment automatically at the end of each day.
• Before due date: A set number of days before your due date.
• Pay on due date: The payment is made on the statement due date.

Your first payment is immediately processed if you set up auto-pay on your statement due date or the day your statement is generated.

View or cancel an auto-pay schedule

Follow these steps to view or cancel your auto-pay schedule:

1. Log in to the Wealthsimple app
2. Tap your credit card
3. Tap Make payment
4. Tap the Auto-pay tab
5. You'll see your active auto-pay schedule
6. Tap Cancel payment if you want to end the payment schedule

Frequently asked questions

For full details, please review the Cardholder Agreement.

* Trademark of Visa Int., used under license.