Wealthsimple Cash Card Review

The Wealthsimple Cash Card offers Canadians 1% unlimited cash back paid in either crypto, stocks or cash.

Updated: Oct 16, 2023

Wealthsimple Cash Card Review

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


Payout Frequency

7-9 Days

Card Type

Prepaid Visa

Foreign Transaction Fee


Interest Rate

None (Prepaid Visa)

Credit Check


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:

  • Choose your rewards (crypto, stocks, cash) 
  • No annual fees, no foreign transaction fees, free ATM withdrawals
  • Cash balances are CDIC insured up to $100,000. Other crypto rewards cards don't offer this
  • Access to the full Wealthsimple ecosystem: crypto, stocks, robo-advisors, P2P payments and more

Where It Falls Short:

  • Only 1% cash back, higher rewards are available in the industry  
  • Wealthsimple Crypto is one of the most expensive platforms in Canada for buying crypto
  • Slower payouts than other cards (7-9 days)
  • Rewards don't automatically purchase crypto. It deposits cash into your crypto account

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.

Things To Know

  • 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

Key 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

Fees & Limits


Annual Fee


CAD Deposit Fees


Foreign Transaction Fees


Inactivity Fee


Daily Spend Limit


ATM Withdrawal Fee


Max ATM Withdrawal


ATM Daily Limit


Bitcoin Withdrawal Fee

Dynamic (mining fees)



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.

Shakepay Visa

  • 1% unlimited Bitcoin cash back
  • Fast payouts in 24-48 hours
  • Free BTC and ETH withdrawals

Netcoins Pay

  • 1% unlimited Bitcoin cash back
  • Has a physical + virtual card
  • $60 free when you trade $100

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

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 Visa

Wealthsimple Cash Card

  • Earn 1% back in stocks or crypto
  • No annual fees or foreign transaction fees
  • Get $10 free for signing up


Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.

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