As I see it, It's a cash back card, with some hidden t&C's. Why all the hype ?
I received an email today basically saying they can't issue as many cards as the needed to clear the waitlist, and that it's gonna take a while longer. You would think it's people lining up for some amazing and revolutionary new product, but no - it's the credit card.
I'm sure Canada doesn't have a competitive market for cards, but surely the wealth simple card is not worth all this hype right ? What am I missing ? Why are people hyping this product so much ?
How can I pay my credit card balance?
At this time, you can only pay your Wealthsimple credit card balance from a Wealthsimple chequing account.
You can set up auto-pay to make payments to your card on the schedule that works best for you.
Is the Visa Infinite Privilege cash back card really the only one in Canada?
That’s right. Although other financial institutions in Canada offer Visa Infinite Privilege cards, Wealthsimple’s is the only one that offers cash back on your spending — and that’s 2% back on everything!
Data collected as of October 17, 2025. As compared to all Visa Infinite Privilege cash back credit cards from Canadian financial institutions as listed under Schedule I under the Bank Act.
Tell me more about the credit card fees?
To be eligible for zero monthly fees, you'll need to either have $100,000 with us or set up a monthly direct deposit of $4,000 or more to your Wealthsimple chequing account (switching your paycheque is usually the easiest way to do it).
First you'll need to have an open Wealthsimple chequing account, then copy your account details including our institution number (703), transit (or branch) number (00001), and your personal account number.
After that, go to your employers payroll platform and update your direct deposit account information. You can find more details here.
The annual interest rate for purchases is 20.99%, and for cash advances or cash-like transactions, it's 22.99%. This rate comes into effect on the day the account is opened (whether or not a card is activated).
Your annual interest rates will increase to 25.99% on purchases and 27.99% on cash advances and cash-like transactions if we do not receive your minimum payment by the payment due date for 2 consecutive months. The increased annual interest rates will apply in the third statement period following the second missed payment that caused the rates to increase. The increased rates will continue to apply until we receive your minimum payments by the payment due date.
Videos
Wealthsimple update on credit card waitlist
Wealthsimple Visa Infinite is going public in a few weeks
Just got this in my email:
First things first: thanks for signing up for our brand new credit card. We launched in June, and since then nearly 250,000 Canadians have joined the waitlist. We figured it was going to be popular — 2% cash back on everything! Kind of a good deal! — but so far it’s been more than twice as popular as we expected.
The most important news for us to share is that it’s going to take a while to get to everyone. We planned to issue 100,000 cards this year, and we’re on track to do that. But that still means some people will not get their cards as soon as we’d like, and we apologize for that.
We know it’s frustrating to wait for anything, especially when you don’t know how long you’ll be waiting or what’s happening behind the scenes. We hope this email will give you a clearer sense of how the process will work, what comes next, and the reasoning behind it.
For now, we are prioritizing three groups from the waitlist: clients who have been with us the longest,* Generation clients, and Premium clients with qualifying paycheque deposits with us** (a sign they’ve made Wealthsimple their primary banking relationship). Plus, we will be setting aside some cards for new clients who are ready to consolidate their assets with us, since attracting new clients is also important for our business.
As for what comes next? If you are in one of the groups mentioned above — or if you join one this year — you can expect your application by December 31. For everyone else, please know that we’re working hard to make more cards available. Meanwhile, thanks again for your patience and stay tuned for updates.
All the best, The Wealthsimple Team
Just got an email from Wealthsimple that I will be getting a replacement credit card soon as it is about to go public. Also, if you have $100k assets in WS, you can get a metal card.
I tried to post a screenshot but it's not allowed in this sub apparently.