Wealthsimple has over 2 million clients and is a popular fintech company with various products and services. Their ecosystem includes trading stocks, crypto, taxes, P2P payments, robo-advisors and more.
- Over 2 million clients
- Over 1,200 employees according to LinkedIn
- Founded in 2014
- Offices in Toronto, Brooklyn and London
- Owned by Power Financial Corp, a publicly traded company on the TSE
- $15 billion assets under management
How Does The Card Work?
The Wealthsimple Card is a free Prepaid Visa that will give you 1% cash back on all purchases you make. It does not effect your credit score because it's a prepaid card and you are using your own money. There are also no credit checks or minimum income requirements to apply. Here's how to get started:
1. Sign Up For An Account
- Download Wealthsimple Cash. If you already have a Wealthsimple account you can login. If not, it will take about 10 minutes to sign up. It's like opening a bank account so have your ID and be ready to fill out your info.
2. Activate Your Card
- Click the Cash Card icon and apply and activate your card.
3. Top Up Your Account
- Connect a bank account or debit card to add funds. You can instantly deposit $250-$1,000. Higher amounts can take a few business days.
4. Choose Your Rewards
- Select crypto or stock rewards. You can change it back and forth as many times as you like.
5. Spend and Earn
- Start using your card for everyday purchases. Rewards will be automatically deposited into your account within 7-9 days.
1. Using The Card
- 1% back on all purchases
- Tap up to $250
- No foreign transaction fees (only pay the fee that VISA charges)
- Free ATM withdrawals
- Get a physical and virtual card
- Freeze the card from within the app
- Choose your reward type
- Send money to friends for free
2. CDIC Insured
Cash balances in your Wealthsimple Cash and Save accounts are CDIC insured up to $100,000. No other crypto credit card
3. Visa Zero Liability Policy
The Card comes with Visa Zero Liability protection which says you're protected against loss, theft, or unauthorized use of the card.
4. Other Wealthsimple Products
Is Wealthsimple Safe?
Overall, Wealthsimple is considered a very safe platform. Here's a list of security features and reasons why:
- Cash accounts are CDIC insured up to $100,000
- Visa Zero Liability Policy protects against theft, loss, or unauthorized use of your card
- Owned by a publicly traded company (means regular financial audits and transparency)
- They are backed by $380 million in funding
- Registered and licensed in Canada by FINTRAC and more
- Never had any hacks
- Their crypto is held in cold storage under a $200 million insurance policy with Gemini Trust
Is The WS Card Insured?
Yes, cash balances in your Wealthsimple Cash and Save accounts are CDIC insured
up to $100,000. Your card also has a Visa Zero Liability Policy which protects against loss, theft, or unauthorized use.
Overall, you'll find some unique features compared to other crypto rewards cards in Canada.
The Wealthsimple Cash Card gives you 1% cash back, lets you choose stocks, crypto or cash rewards, and pays you every 7-9 days. There's also no annual fees, foreign transaction fees, or ATM withdrawal fees. However, if you simply want to earn the highest cash back possible, there are better cards for that.
Reasons to get the Card:
- Ability to choose your rewards
- No foreign transaction fees or ATM withdrawal fees
- It's the safest company and best track record (founded in 2014, CDIC insured, publicly traded and more)
- Access to stocks, crypto and lots of features
Reasons to get something else:
- Wealthsimple Trade is one of the most expensive platforms for buying crypto (high spreads + trading fees)
- Higher cash back rewards and perks available. Eg: Crypto.com Cards offers up to 5% cash back
- If you want to build your credit score, find a regular rewards credit card