What Is The Cash Card?
The Wealthsimple Cash Card offers Canadians 1% unlimited cash back that gets deposited into their crypto, stock or cash account. This review covers every detail you need to know and how it compares to the other crypto reward cards eligible in Canada.
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.
Cash Card At A Glance
Cash Back Rate | Unlimited 1% back in crypto, stocks or cash |
Annual Fee | Free |
Payout Frequency | 7-9 Days |
Card Type | Prepaid Visa |
Foreign Transaction Fee | Free |
Interest Rate | None (Prepaid Visa) |
Credit Check | None |
Sign Up Promotion | Get $10 free for signing up |
Other Notes | Cash balances are CDIC insured, Access in WS Trade or WS Cash App. |
Pros & Cons
Where It Shines:
Where It Falls Short:
About Wealthsimple
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.
Some Stats:
- 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
Features
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
- Wealthsimple Crypto review
- Wealthsimple Trade
- Wealthsimple Tax
- Wealthsimple Invest
Deposit & Withdrawals
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Direct Bank Transfer | Free | Instant up to $250 then 1-5 business days | $1.5 million |
Debit Card | Free | Instant (Up to $1000) | $1.5 million |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Direct Bank Transfer | Free | 1-7 Business Days | No Limits |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | Dynamic | 0.0005 BTC |
Ethereum | Dynamic | 0.005 ETH |
Fees & Limits | Cell |
Annual Fee | Free |
CAD Deposit Fees | Free |
Foreign Transaction Fees | Free |
Inactivity Fee | None |
Daily Spend Limit | $5,000 |
ATM Withdrawal Fee | Free |
Max ATM Withdrawal | $500 |
ATM Daily Limit | $1,000 |
Bitcoin Withdrawal Fee | Dynamic (mining fees) |
Other | N/A |
Security
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.
WS Card Alternatives
Canada does not have many crypto reward cards to choose from. The Binance Card, Coinbase Card, Ledger Card, and many others have not made it up North. However, here are the best options if you're a Canadian looking to earn Bitcoin or crypto rewards.
Crypto.com Visa
If you want the highest cash back and don't mind earning CRO, Crypto.com Visas are the best crypto credit cards for Canadians.
- Up to 5% rewards (but you need to stake CRO to get higher rewards)
- Other perks like free Spotify, Netflix, Airbnb rebates and more
- Fast payouts within ~36 hours
We found 9 crypto reward cards eligible in Canada that we are tracking. You can compare all of them below:
Name | Cash Back Rate | Cash Back Form | Annual Fee | Payout Frequency | Website |
|---|---|---|---|---|---|
1% | BTC | Free | 24-48hrs | ||
50 Sats | BTC | Free | Once a month | ||
 Netcoins Pay(#1 overall) | 1% | BTC | Free | Once a month | |
5% | CRO | Stake $500k for 6mos | 36 hours | ||
3% | CRO | Stake $50k for 6mos | 36 hours | ||
2% | CRO | Stake $5k for 6mos | 36 hours | ||
1% | CRO | Stake $500 for 6mos | 36 hours | ||
0% | CRO | Free | 36 hours | ||
1% | Crypto, stocks or cash | Free | 7-9 days |
The Bottom Line
If you're looking for ways to earn free Bitcoin and crypto in Canada, the Wealthsimple Card is one the easiest choices.
The Wealthsimple Cash Card earns you 1% back in your choice of stocks, crypto or cash. There are zero 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 through Shakepay or Crypto.com.
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
Wealthsimple Cash Card
- Earn 1% back in stocks or crypto
- No annual fees or foreign transaction fees
- Get $10 free for signing up
Wealthsimple Cash Card
Wealthsimple Crypto
