Overview
You can make one-time and recurring payments from any Cash account to your Wealthsimple Visa Infinite* credit card in the mobile app:
- One-time payments let you pay off your balance when you want and how much 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:
- Log in to the Wealthsimple mobile app
- Tap your credit card
- Tap Make payment
- Tap From to choose a Cash account as the payment method
- Check that you're on the One-time tab
- 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. - Follow the prompts to submit your payment
Processing time
There's no processing time for one-time payments from Cash 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:
- Log in to the Wealthsimple mobile app
- Tap your credit card
- Tap Make payment
- Tap the Auto-pay tab
- Tap From to choose a Cash account as the payment method
- Tap Amount to choose a payment amount: Statement balance, Total balance, Minimum payment, or Custom amount.
- Tap Date to choose your payment schedule: Pay early or Pay on due date
- Tap Review to check that your schedule is correct
- Tap Submit to finish
Processing time
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.
View or cancel an auto-pay schedule
Follow these steps to view or cancel your auto-pay schedule:
- Log in to the Wealthsimple mobile app
- Tap your credit card
- Tap Make payment
- Tap the Auto-pay tab
- You'll see your active auto-pay schedule
- 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.
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 we don't receive your minimum payment by the payment due date two or more times in any 12-month period, your annual interest rates will increase as follows:
- Purchases: 25.99% (from 20.99%)
- Cash advances and cash-like transactions: 27.99% (from 22.99%)
The increased annual interest rates will apply in the third statement period following the missed payment that caused the rates to increase. The increased annual interest rates will continue to apply until we receive your minimum payments by the payment due date for 12 consecutive months.
Can I make a late payment?
Yes. However, making a late payment will lead to interest charges.
* 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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