Wealthsimple Credit Card: Worth It?

Yes, the Wealthsimple credit card is worth it, on two conditions.

Disclosure: This article contains a referral link. If you sign up through it, we both receive a bonus, at no cost to you. I have the card myself and was not paid to write this. Full affiliate disclosure here.

Quick answer: Yes, the Wealthsimple credit card is worth it on two conditions: you pay the balance in full every month, and you either get the $240 annual fee waived or you spend enough that 2% cash back beats a no-fee card. Meet both and it is one of the strongest cashback cards in Canada. If you carry a balance, no rewards card is worth it.

Yes, the Wealthsimple credit card is worth it, on two conditions.

First, you pay your balance in full every month, without exception. Second, you either qualify to have the $240 annual fee waived, or you spend enough that 2% cash back beats what a no-fee card would pay you. Meet both conditions and this is one of the strongest cashback cards in Canada. Fall short on either one, and the answer flips to no, sometimes at real cost. The rest of this article is about being honest with yourself on which side of that line you stand.

I have had the card for about three months. Here is what you are actually looking at.

What the Card Offers

Wealthsimple currently issues three versions:

• Visa Infinite (1% cash back). No fee. Invite-only beta as of June 2026, so most people cannot get it yet.
• Visa Infinite+ (2% cash back). $240 a year, charged as $20 a month.
• Visa Infinite Privilege (2% cash back). Same fee, and adds airport lounge access and higher insurance limits. Visa's Infinite Privilege tier normally requires $150,000 personal or $200,000 household income, though Wealthsimple can also qualify you on spending or assets.

The 2% cards share the features that matter: 2% back on every purchase, with no categories to track and no foreign transaction fees. No quarterly bonus calendar, no "5% on gas stations in months ending in R." You buy groceries, you get 2%. You buy anything else, you get 2%.

You need a Wealthsimple chequing account to hold the card, and the cashback redeems to almost any Wealthsimple account. That last detail is quietly the best feature: your rewards can land next to your TFSA instead of dissolving into a statement credit you never notice. If Wealthsimple is new to you, my five-year review of the whole platform covers where the card fits.

The Fee Math

The $240 fee is waived in two cases: you hold Premium or Generation status (which starts at $100,000 in combined Wealthsimple assets), or you are a Core client who direct deposits at least $4,000 a month into your chequing account.

If you qualify for the waiver, stop calculating. You are holding a no-fee card that pays 2% on everything, which beats essentially every no-fee card in Canada. Most of them pay 0.5% to 1% outside their bonus categories.

If you would be paying the fee, run one number. Against a typical no-fee 1% card, the extra 1% has to cover $240 a year. That takes $24,000 of annual spending, or about $2,000 a month through the card. A family routing groceries, gas, insurance, and the phone bill through one card can hit that. A single man with rent paid by e-transfer often will not. Check your last three months of statements before you apply, and use the real number rather than the optimistic one.

What Three Months Looks Like

Mine is the Visa Infinite Privilege version. The honest report is that there is not much to report, which is the point. The 2% accumulates without my attention. Nothing to activate, no categories to remember at the checkout.

The feature I would tell a friend about is where the cashback lives. It sits in the same app as your TFSA, and moving it there takes a few taps. Most rewards vanish as a statement credit that you never really notice, swallowed by next month's spending. This cashback can go straight into your TFSA instead, where the same dollars are still yours in twenty years. It is a small choice, easy to skip, and worth making on purpose.

Who Should Skip This Card

If you are carrying a balance on any credit card right now, skip this one, and every other rewards card too.

The math is lopsided. Most Canadian cards charge about 21% interest. Carry a $3,000 balance for a year and you pay roughly $630 in interest. To earn $630 back at 2%, you would have to spend $31,500. No cashback program survives contact with a revolving balance. The card companies know this, which is why they are so eager to offer rewards in the first place.

There is no shame in that being your situation. But the next move is a debt payoff plan, and the discipline of paying in full every month needs to be boring and automatic before a rewards card earns you anything. A 2% card in the hands of a man who overspends because "it earns points" is a wealth transfer in the wrong direction.

One Concrete Step

If you pass both conditions, apply, then set up automatic payment of the full balance the same day the card arrives. Before you spend a dollar on it. Then set a quarterly reminder to sweep the cashback into your TFSA, where 2% of your grocery bill quietly becomes long-term money.

If you do not pass both conditions, do the more valuable thing: spend the next three months making pay-in-full your unbreakable habit, or getting the balance to zero. The card will still be here.

You can apply for the Wealthsimple credit card here. We both receive a bonus if you use that link, and it costs you nothing.

Two percent back is a good deal. It is still a rounding error next to the question of where your money goes in the first place, and that question is the one worth sitting with.