Overview

At Wealthsimple, your Wealthsimple Visa Infinite* credit card becomes delinquent if you don't make your minimum payment. When it becomes significantly overdue, your credit card account is:

• No longer in good standing
• May be subject to interest rate changes
• At risk of further collection actions

Making consistent, on-time payments helps keep your credit card in good standing and avoid interest, delinquencies, and other financial consequences. Contact Wealthsimple as soon as possible if you anticipate financial trouble.

Late payment vs. delinquent account

A late payment doesn't mean that your account is delinquent. Compare the difference between a late payment and a delinquent account below:

• Late payment: You've missed the payment due date, but your account isn't considered delinquent yet. Typically, a late payment is a short-term oversight, such as paying a few days past the payment due date.
• Delinquent account: This implies a prolonged period without payment. Once your account is delinquent, we may report the status to the credit bureaus, and in some cases, to third-party collection agencies.

How to resolve a delinquent account

To resolve a delinquent account, please pay the outstanding amount owed on your credit card.

If you can't pay the full outstanding balance or need assistance managing your payments, please contact the Resolutions team:

• Email: resolutions@wealthsimple.com
• Phone: +1-888-890-3410 between 9 am and 5 pm EST Monday to Friday.

Avoiding delinquency

Follow these guidelines to avoid credit card delinquency:

• Make timely payments: Even if you can only pay the minimum amount due, ensure we receive it by the payment due date.
• Set up auto pay: Automated payments and reminders help prevent missed deadlines. Learn how to set up auto pay.
• Contact our support team: If you're facing financial difficulties, reach out to our support team as soon as possible.

Consequences of holding a delinquent account

Holding a delinquent account has many consequences, including:

Restricted access to spending

We may reduce your credit limit or freeze your credit card account, preventing further purchases or charges until your past-due amount is paid. In severe circumstances, we may permanently revoke your access to spending, and we may permanently close your credit card account.

Increased interest rate

Your late payments can increase your interest rate.

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% (from 20.99%)
• Cash advances and cash-like transactions: 27.99% (from 22.99%)

Reduced credit score

Your credit score can drop once we report your account as delinquent to the credit bureaus. Keeping a good credit score can help you access other financial products when you need them, like mortgages and loans.

Damage to credit history

Depending on your province of residence, delinquencies stay on your credit report for up to seven years. This reduces your ability to qualify for loans or other credit products at favourable rates.

Possible collections activity, right of offset, or legal action

Persistent delinquency can lead to more intensive collection efforts, including being contacted by third-party debt collection agencies or facing legal proceedings. We may also exercise our Right of Offset, meaning we can withdraw funds from your other Wealthsimple accounts to cover the past-due amount on your credit card.

Frequently asked questions

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