Learn about your credit card interest rate

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.

The Wealthsimple Visa Infinite* Credit Card has the following interest rates:

  • Purchases: 20.99%
  • Cash advances and cash-like transactions: 22.99%

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

  • Purchases: 25.99%
  • Cash advances and cash-like transactions: 27.99%
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.

Understanding interest charges

Interest charges appear on your monthly statement, along with your minimum payment amount and payment due date. Learn how to view your credit card statement.

Purchase interest

You'll incur interest charges on your purchases if you don't pay your statement balance in full by the payment due date. To avoid purchase interest, ensure your full statement balance is paid on time.

Cash advances and cash-like transactions interest

Cash advances and cash-like transactions include ATM cash withdrawals and other transactions that resemble cash or can be converted into cash, such as wire transfers and money orders.

Interest is immediately charged from the date the transaction was made until the payment is made in full. There's no interest-free grace period for cash advances.

Note: ATM withdrawal limits are $500 per transaction and $1,000 per month.

Interest calculations

Interest is calculated daily on your unpaid balance and added to your balance once a month. The interest amount you see on your monthly statement is the total of the daily interest charges.

Interest will continue to be charged until your balance is paid in full. Any unpaid interest from your statement will be included in the balance on your next statement.

For full details, please review the Cardholder Agreement.

Minimum payments

To keep your account in good standing, you must pay the minimum payment by the due date shown on your statement. The minimum payment can change from month to month, depending on your balance and where you live.

If you're not a resident of Quebec:

Your minimum payment is $10 of your outstanding balance, plus interest charges, cash advance fees, and other fees on your statement.

If you're a resident of Quebec:

Your minimum payment is the greater of 5% or $10 of your outstanding balance on your statement.

Learn how to make a credit card payment.

Frequently asked questions

Can I do a balance transfer from another credit card?

Currently, we do not offer balance transfers.

Do you charge interest on interest?

No, we don't charge interest on previously accrued interest.

* Trademark of Visa Int., used under license.

Was this article helpful?

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.

Get started with the Wealthsimple credit card

Reach out for support

Our team is here to help - just get in touch.