Make a credit card payment

In this article:

Overview

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.

You can make one-time and recurring payments from any chequing account to your Wealthsimple Visa Infinte* Credit Card in the mobile app:

  • One-time payments let you pay off your balance when you want and how much as you want.
  • Recurring payments are set up with Auto-pay. You can choose an amount to automatically pay on the 15th of every month, or on your payment due date.

Make a one-time payment

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

  1. Log in to the Wealthsimple mobile 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, or Minimum payment
    Tip: If you want to pay a different amount, tap 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.

Set up an auto-pay schedule

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

  1. Log in to the Wealthsimple mobile 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: Statement balance, Total balance, Minimum payment, or Custom amount.
  7. Tap Date to choose your payment schedule: Pay early or Pay on due date
  8. Tap Review to check that your schedule is correct
  9. Tap Submit to finish

Payment schedule

Your payments will follow your chosen schedule:

  • Pay early: The payment is made on the 15th of every month.
  • Pay on due date: The payment is made on the payment due date.
Note: 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 mobile 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.

What's the interest grace period for credit card payments?

We give you a 21-day interest-free grace period on new purchases as long as you pay off your credit card balance in full on time.

Note: There's no interest grace period for cash advances and cash-like transactions.

What happens if I overpay my credit card balance?

The balance will remain on your card as a negative balance and won't generate interest. We'll apply the remaining payment amount to any unbilled and future charges.

What happens if I miss a payment?

If a minimum payment is not received by the due date for two consecutive months, interest rates will increase to the following:

  • Purchases: 25.99% (from 20.99%)
  • Cash advances and cash-like transactions: 27.99% (from 22.99%)
Note: The higher rates will take effect in the third statement period following the second missed payment that triggered the increase. These rates will remain in place until we receive your minimum payments by the payment due date.

Can I make a late payment?

Yes. However, making a late payment will lead to interest charges.

* Trademark of Visa Int., used under license.

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