Wealthsimple Visa Infinite Privilege Card: Cardholder Insights
- Welcome Offer
- 3% Cashback
- Rewards
- 2% Cashback
- Annual Fee
- $240
- Purchase Interest Rate
- 20.99%
- Cash Advance Rate
- 22.99%
Our verdict
The Wealthsimple Visa Infinite Privilege Card offers unlimited 2% cashback and travel perks, but its high annual fee and eligibility requirements mean it won’t suit everyone.
We connected with a Wealthsimple Visa Infinite Privilege cardholder to get a better sense of what it’s like to use the card beyond its advertised features. They particularly liked the card’s unlimited 2% cashback on eligible purchases, without having to keep track of spending categories or monthly caps. They also found the Wealthsimple app straightforward to use and valued the card’s travel benefits, including airport lounge access, travel insurance and no foreign transaction fees.
The card does have some drawbacks, though. The $240 annual fee is steep if you don’t qualify to have it waived, and its high income requirements mean it won’t be available to every applicant.
Taking the cardholder’s experience, my research and my knowledge of the Canadian credit card market into account, I’d recommend this Wealthsimple credit card for eligible cardholders who can make good use of its 2% cashback and travel benefits. It may offer more value for people who already use Wealthsimple and can have the annual fee waived. If you don’t meet the eligibility requirements or won’t get enough use of the travel perks and cashback to offset the fee, another premium cashback or travel card may be a better fit.
Wealthsimple Visa Infinite Privilege card pros
- Straightforward cashback structure. The cardholder we spoke to likes that they earn 2% cashback on eligible purchases with no spending limits or category restrictions, so they don’t have to track different earning rates or worry about hitting a cashback limit. The only transactions excluded from earning cashback are cash-like transactions, gift card purchases, refunds and any fees or adjustments.
- Welcome bonus. New cardholders can earn a welcome boost of 3% cashback on their first $10,000 in eligible purchases during the first 30 days.
- Useful mobile app. The cardholder finds the Wealthsimple app simple to navigate and appreciates how easy it is to manage the card. The app comes with plenty of features, including reviewing transactions and cashback earnings, locking or unlocking the card, checking the PIN, updating security settings and redeeming earned cashback.
- Flexible payment options. You can also make one-time payments on the app or set up automatic payments for the minimum payment or full balance.
- Interest on cashback. You can redeem your cashback into a Wealthsimple chequing account and earn interest on it, with the current rate reaching up to 2.25%.
- Travel features. The cardholder appreciates the travel benefits that come with this Wealthsimple credit card, including 6 complimentary annual lounge visits to over 1,200 lounges around the world and airport perks like priority security and parking. The Wealthsimple Visa Infinite Privilege card also includes coverage for flight delays, delayed or lost baggage, trip cancellation or interruption, and out-of-province and out-of-country emergency medical insurance.
- No foreign transaction fees. Another travel perk the cardholder likes is that this Wealthsimple credit card doesn’t charge a foreign transaction fee on purchases made in another currency.
- Broad insurance package. In addition to its travel insurance, the Wealthsimple Visa Infinite Privilege card also provides auto rental collision and loss damage insurance, purchase security insurance, extended warranty coverage and mobile device insurance.
- Metal card. Eligible cardholders with at least $100,000 in individual assets with Wealthsimple can receive the card in metal rather than plastic for an elevated feel.
Cons
- Annual fee. This Wealthsimple credit card comes with a high annual fee of $240, charged as $20 a month outside Quebec. The fee can be waived, but you need to have at least $100,000 in individual assets with Wealthsimple or make qualifying direct deposits of at least $4,000 per month into a Wealthsimple chequing account.
- Application verification wasn’t seamless. The cardholder ran into technical difficulties when completing the driver’s licence verification process through Persona. They said customer service was helpful, but getting through the identity check took some effort.
- Uncertainty about long-term perks. The cardholder is wary about relying on the card’s current benefits because Wealthsimple has changed or discontinued perks on its products in the past.
- High eligibility requirements. You need either $150,000 in personal income, $200,000 in household income, at least $50,000 in annual spending or $400,000 in assets with Wealthsimple to qualify. You also need good credit. Have bad credit? Learn about credit cards for bad credit.
Alternatives
Purchase Interest Rate
21.99%
Annual Fee
$0
Balance Transfer Rate
0.99% for the first 9 months
Wealthsimple Visa Infinite Privilege card interest rates
The Wealthsimple Visa Infinite Privilege card has the following interest rates:
- Annual purchase interest rate: 20.99%
- Cash advance interest rate: 22.99%
What are the eligibility requirements for the Wealthsimple Visa Infinite Privilege card?
To be eligible for the Wealthsimple Visa Infinite Privilege card, you must:
- Be a Canadian resident
- Be the age of majority in your province or territory (18 or 19)
- Have an active Wealthsimple chequing account
- Meet at least one of the following criteria: have a personal income of at least $150,000, a household income of at least $200,000, annual credit card spending of at least $50,000 or at least $400,000 in assets with Wealthsimple
What are the required documents?
The cardholder we sat down with was already a Wealthsimple customer, so they didn’t have to email or upload any documents when applying for the Wealthsimple Visa Infinite Privilege Card.
If you’re not already a Wealthsimple customer, you may need to provide:
- Government-issued photo ID, such as a Canadian driver’s licence or passport
- Your Social Insurance Number (SIN)
- Personal information, including your full name, date of birth, address and employment information
If Wealthsimple can’t verify your identity automatically with a soft credit check, it may ask you to submit a photo of your government-issued ID and a selfie on the Wealthsimple app.
What’s the application process like?
You can apply for the Wealthsimple Visa Infinite Privilege Card on Wealthsimple’s website or mobile app. Follow these steps to apply online:
- Find the Wealthsimple Visa Infinite Privilege card and select Apply now.
- Review the eligibility requirements, enter your email address and select Get pre-approved.
- Create a password, enter your phone number and verify it using the code sent by text.
- Enter your legal name, date of birth and gender.
- Confirm that you live in Canada, are a Canadian citizen, are not a U.S. person and have no other tax residency or citizenship.
- Enter your Social Insurance Number.
- Enter your address.
- Provide employment details, including employer name, industry and job title.
- Complete the required regulatory declarations.
- Enter your personal annual income and household income.
- Review your information and submit the application. By submitting it, you allow Wealthsimple to perform a soft credit check.
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