In this Wealthsimple Cash Card review, I’m going to go over the specific features the card offers. To be clear, the Wealthsimple Cash Card is only available to those who have a Wealthsimple Cash account. To access Wealthsimple Cash, you need a Wealthsimple account.
While it’s a bit of a pain that you need to go through a few steps to get a Wealthsimple Cash Card, it can be worth it. Not only does the card not have an annual fee, but it also doesn’t charge foreign transaction fees and has a high interest rate. Read my Wealthsimple Cash Card review now for the full details.
Wealthsimple Cash Card
- No annual fee
- Up to $3,000 welcome bouns
- 1% back in cash, stocks, or crypto on all purchases
- 4% interest on deposited funds
- No foreign transaction fees on purchases or ATM withdrawals
- CDIC insurance protection
Welcome bonus and earn rate
The Wealthsimple Cash Card welcome bonus is a bit ridiculous. Instead of getting a traditional welcome of $10 or $25, you’ll get up to $3,000 when you use a referral link (or referral code 9LIWIW). That said, the website says 99% of people will get less than $50, with the average being $10. On a positive note, both the person making the referral and the one accepting are eligible for this bonus. You need to fund an eligible Wealthsimple account to get the bonus. Note that Quebec residents get a straight $10 bonus only.
As for the earning rate, you’ll get 1% back in cash, stock, or cryptocurrency on all your purchases. If you decide to invest in stock or crypto, you can choose to have your rewards automatically reinvested for you. In addition, any funds you have deposited to the card earn you 4% interest.
Benefits and perks
Since the Wealthsimple Cash Card is a no fee, prepaid card, it comes with limited benefits. That said, the main perk you do get is the reason why many people get this card.
No foreign transaction fees
My Wealthsimple Cash Card review is positive because the card comes with no foreign transaction fees. Most credit cards in Canada charge a fee of 2.5% when you make a purchase in any currency that’s not Canadian dollars. However, with this card, that fee is waived. In addition, foreign ATM withdrawals also won’t cost you anything. That said, the ATM operator may charge you a one time fee. Simply put, this is one of the best no foreign transaction fee credit cards in Canada.
High interest rate on savings
The Wealthsimple Cash Card is only available to those with a Wealthsimple Cash account. This account was designed for savings and rewards you with high interest on all deposits. The base interest rate is 4% on all deposits. However, if you have $100,000 in assets with Wealthsimple, your rate goes up to 4.5%. If you have $500,000 in assets under management, you can enjoy an interest rate of 5% in your cash account.
Send and receive e‑transfers
Although sending and receiving e-transfers with a bank account is pretty standard, Wealthsimple Cash does have very high limits. You can send up to $5,000 per day or $10,000 per week to anyone. This can be a valuable perk for people who need to send a lot of money.
When your Wealthsimple cash back is paid out
Cash back is earned instantly, so it’ll be available in your account immediately. Note that you can choose to invest your rewards in cash, stock, or cryptocurrency.
Wealthsimple Cash Card eligibility
To get a Wealthsimple Cash Card, you need to meet the eligibility requirements of a Wealthsimple account, which are as follows:
- Must reside in Canada
- Must be a Canadian citizen or have a Canadian Visa
- Must be at least the age of majority in your province or territory
- Must have a Social Insurance Number (SIN)
Since this is a prepaid card, not a traditional credit card, there’s no credit score or income requirement to be approved. Since the Wealthsimple Cash Card is linked to your Wealthsimple account, you may need to verify your identity to have your account approved.
How the Wealthsimple Cash Card compares
Wealthsimple Cash Card Vs. EQ Bank Card
The EQ Bank Card is an optional prepaid card available to anyone with an EQ Bank account. Admittedly, the earning and interest rate are lower with EQ Bank, but EQ Bank gives you free ATM withdrawals in Canada (any fees are reimbursed). Foreign ATM access is the same for both cards since neither charges fees, but the ATM operator may charge a fee.
Some people prefer EQ Bank over Wealthsimple because they keep things simple. EQ Bank is an online bank that focuses on savings. The EQ Bank Card is just a tool you have access to. With Wealthsimple, they’re primary focus is on investing. If you were to get a cash account, you’d likely still get prompted to sign up for their investing services.
Wealthsimple Cash Card Vs. Scotiabank Passport Visa Infinite Card
The Scotiabank Passport Visa Infinite Card is a true credit card that allows you to build your credit history and earn points. The earning rate is 3 Scene+ points per $1 spent at Empire-owned supermarkets (Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà, etc), 2 points on other grocery stores, dining, transit (including taxis) and entertainment purchases, and 1 point on all other purchases.
This card also includes a generous welcome bonus, no foreign transaction fees, airport lounge access with six free annual passes, and travel insurance. That said, the card does have an annual fee of $150. If you value rewards and no foreign transaction fees, then this card is likely a better choice than the Wealthsimple Cash Card.
Overall, I have to say my Wealthsimple Cash Card review is positive. I don’t think people are going to start using it regularly to send their friends and family money, but it’s ideal for people in the following situations.
- You want to avoid foreign transaction fees – This card doesn’t charge foreign transaction fees on purchases or ATM withdrawals.
- You prefer a prepaid card – This is one of the best best prepaid credit cards in Canada and can help you manage your expenses.
- You already use Wealthsimple – Anyone who invests with Wealthsimple already could simply move some funds over to their cash account to start using this card.
Unless you only want to use prepaid cards, you’ll unlikely end up using this card for day-to-day purchases. However, using the Wealthsimple Cash Card strictly as a travel card can make a lot of sense since it’ll help you save money. When using referral code 9LIWIW, you could get up to $3,000 when you sign up.
Is Wealthsimple Cash safe?
All money deposited to Wealthsimple Cash accounts is held in a trust with up to three Canada Deposit Insurance Corporation (CDIC) member institutions. That means deposits up to $300,000 are insured if the bank becomes insolvent. Since the Wealthsimple Cash Card only allows you to deposit up to $10,000, all your funds would be guaranteed.
Remember, the Wealthsimple Cash Card is a prepaid Mastercard card. That means there’s no hit to your credit score when you apply. There’s also no personal information stored on the card, so it’s unlikely that your accounts will ever be compromised.
Don’t worry if you ever need to do a refund. Merchants can issue refunds directly back to your Wealthsimple Cash Card within 5-7 business days.
Your Wealthsimple Cash Card also comes with chip and PIN technology, allowing you to set your own custom PIN. Doing this will give you one extra layer of fraud protection.