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Wealthsimple Cash Card Review

Last Updated: Sep 20, 2022  |  Published: Apr 29, 2022


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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 credit cards eligible in Canada. 

Wealthsimple Cash Card Visa

Overview

Updated: Apr 26, 2022

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:

  • 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.

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

User Interface

Updated: Apr 28, 2022

  • CASH app

  • TRADE App


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.

Features

Updated: Apr 28, 2022

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


Deposit & Withdrawals

Updated: Apr 29, 2022

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

Updated: Apr 23, 2022

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

Updated: Apr 23, 2022

Is Wealthsimple Trustworthy?

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 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

Updated: Apr 23, 2022

We found 9 crypto credit 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 Visa Card

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

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

The Bottom Line

Updated: Apr 28, 2022

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
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


Wealthsimple Cash Card Visa

Wealthsimple Cash Card

Get $10 Free For Signing Up

Wealthsimple Trade

Wealthsimple Crypto

Get $25 free when you deposit $150

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.