I was invited to the Wealthsimple credit card beta in April 2025, and the first things I put on it were an Amazon order and a small booking in Indonesia. Both came back at exactly 2%: $5.76 on $288.12, and $0.25 on a $12.40 charge that started as 150,000 rupiah, with no foreign transaction fee added.
That is the whole pitch, and it is a good one: 2% on everything, at home and abroad, with no categories to track. Wealthsimple now sells it as the Visa Infinite+, with a Privilege version above it. The catch is the fee, which is only free if your money or your paycheque already lives at Wealthsimple.
Welcome offer
New clients get 5% cash back on everything for 5 weeks, then drop to the standard 2%. Wealthsimple's promotions page describes the same offer as 5% for the first month, and neither page prints a cap, so check the terms in the app before planning a large purchase around it.
There is no minimum spend to unlock it. The value is simply 3% extra on whatever you put through the card in that window, which makes it a modest bonus next to the points cards, but an easy one to collect.
If you have a planned purchase, like a flight or an appliance, time the card's arrival so the purchase lands inside the first 5 weeks. At 5%, a $2,000 purchase earns $100 back instead of $40.
Fees & eligibility
The card costs $240 a year, billed as $20 a month (Quebec residents are billed $240 once a year). The first month is free for everyone, and the fee is waived for as long as you hold $100,000 in individual deposits or assets at Wealthsimple, or in any month with $4,000 or more of direct deposits into the linked Wealthsimple chequing account.
There is no foreign transaction fee. Interest is 20.99% on purchases and 22.99% on cash advances, rising to 25.99% and 27.99% after two missed minimum payments in a row. You need a Wealthsimple chequing account to apply and to pay the card, plus a personal income of $80,000 or household income of $150,000; supply is limited, so meeting the bar does not guarantee a card.
Earning rewards
Earning is as simple as it gets: 2% cash back on every purchase, with no categories, no caps and nothing to activate. Cash-like transactions, refunds and fees do not earn.
On top of the 2%, Wealthsimple runs boosted offers with partner brands such as Walmart, Hotels.com, Patagonia and Dyson. You register for the offer in the app and shop through the in-app link with the card; buying from the same store any other way earns the normal 2%.
Redeeming rewards
Cash back is deposited, not credited to the card. You redeem it in the app into your Wealthsimple chequing account, TFSA, RRSP or non-registered account, with no minimum amount.
That is the quiet advantage of this card: cash back can go straight into an investment or registered account instead of disappearing into your balance. If the card is closed, unredeemed cash back is lost, so sweep it out regularly.
Perks & benefits
The everyday perk is the one that matters most for travel: no foreign transaction fees, which paired with a flat 2% makes this one of the simplest cards to use abroad.
The Visa Infinite benefits are included (the Luxury Hotel Collection, Dining Series and Visa RSVP Rewards Platinum status at Sandman and Sutton Place hotels), along with a free 15-day 10GB GigSky eSIM and up to 8% back in Booking.com Travel Credits. Airport lounge access and rental car insurance are not part of the Visa Infinite+; Wealthsimple's benefits table reserves both for the Privilege card.
Insurance
The insurance package covers the basics a travel card should, underwritten by Chubb: emergency medical up to $1,000,000 for the first 14 days of a trip (under age 65 only), trip cancellation and interruption up to $1,000 per person, flight delay, baggage, and mobile phone insurance.
The limits are modest. Fourteen days of medical is short for a longer trip, cancellation stops at $3,000 per trip, and there is no rental car collision coverage. The travel coverages are not available to Quebec residents, and the flight and baggage coverages need the full airline ticket charged to the card.
My take
I'd get this card if your paycheque or $100,000 of savings already sits at Wealthsimple; if it doesn't, I'd skip it, because $240 a year eats most of the advantage of a flat 2%.
With the fee waived, I think this is one of the best simple cards in Canada: 2% on everything, no FX fee, cash back that can go straight into a TFSA, and a respectable travel insurance package. My own beta-era charges came back at exactly the advertised 2%, foreign ones included.
Without the waiver, the math changes fast. At $240 a year you need $12,000 of spending just to cover the fee with cash back, and a category card with no fee will often earn more on groceries and gas. It also leaves gaps a premium travel card fills: no lounge access, no rental car coverage and only 14 days of medical.
The good
- Flat 2% cash back on everything, foreign purchases included
- No foreign transaction fees
- Cash back can be deposited into a TFSA, RRSP or investment account
The catch
- $240 a year unless you hold $100,000 at Wealthsimple or direct-deposit $4,000 a month
- Requires a Wealthsimple chequing account, and the card can only be paid from it
- No lounge access or rental car insurance on the Visa Infinite+