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BankingJuly 5, 20266 min read

Wealthsimple Just Launched a Credit Card — Here's What You Need to Know

Wealthsimple has entered the credit card space with a Visa Infinite card offering 2% cash back on everything — plus a 5% welcome boost for 30 days. Here's how it works.

By ReferralBonus.ca

Wealthsimple Just Launched a Credit Card — Here's What You Need to Know

Wealthsimple has been quietly building toward replacing your bank entirely — and its latest move makes that ambition very clear. The company has launched its own Visa credit card, and the welcome offer is one of the more compelling short-term cash back promotions available in Canada right now.

Here is everything you need to know about the new Wealthsimple credit card and how to make the most of the launch offer.

The Card

Wealthsimple is launching two credit card tiers: the Wealthsimple Visa Infinite and the Wealthsimple Visa Infinite Privilege. Both cards earn a flat 2% cash back on all purchases — no rotating categories, no caps, no complexity.

A flat 2% earn rate on everything is genuinely competitive in the Canadian credit card market, where most cards either charge a high annual fee for a similar rate or restrict their best earn rates to specific categories like groceries or gas.

The 5% Welcome Boost

For a limited time, eligible Wealthsimple clients who are invited to apply can earn 5% cash back on their first 30 days of purchases after being approved — that is the standard 2% base rate plus a 3% boost on top.

The boost applies to the first $10,000 in net purchases during the 30-day boosted period. Purchases beyond $10,000 earn at the standard 2% rate. At maximum, this works out to $300 in additional cash back from the 3% boost alone — on top of the $200 you would earn from the base 2% rate on $10,000 in spending.

How to Qualify for the Boost

The welcome boost is not available to everyone automatically — it requires an invitation. Here is how it works:

  • You must be an existing or new Wealthsimple account holder (Self-directed Investing, Crypto, Managed Investing, or Chequing)
  • You must receive an invitation via in-app message or email from Wealthsimple
  • Once invited, you must apply and be approved for the Wealthsimple Visa Infinite or Visa Infinite Privilege within 30 days of receiving the invitation
  • The boost activates within 24 hours of approval and runs for 30 days from that point

If you have a Wealthsimple account and have not received an invitation yet, keep an eye on your in-app notifications and email — Wealthsimple is rolling invitations out progressively.

What Counts Toward the Boost (and What Doesn't)

The 5% earn rate applies to standard purchases during the boosted period. However, a few transaction types are excluded from both the base rate and the boost:

  • Cash-like transactions (cash advances, wire transfers, money orders)
  • Gift card purchases
  • Refunds and returns
  • Applicable fees and adjustments

This is standard for most Canadian cash back credit cards. For everyday purchases — groceries, restaurants, subscriptions, online shopping — the full 5% applies during the boosted period.

One Important Condition: Keep the Card Open

There is a hold period to be aware of. If you receive the boost and then close or deactivate your credit card within 180 days of the end of the boosted period, Wealthsimple may claw back the boost amount from your account.

In practice, this means committing to keeping the card open for roughly seven months after your boosted period ends. For a card earning 2% on all purchases indefinitely, this is unlikely to be a burden for most cardholders.

How It Fits the Wealthsimple Ecosystem

The credit card is a natural extension of what Wealthsimple has been building. If you already use Wealthsimple for investing (TFSA, RRSP, FHSA), the Wealthsimple Cash chequing account, or cryptocurrency, adding the credit card means your cash back flows directly into the same platform where you manage everything else.

Cash back earned on the credit card can be redeemed into your Wealthsimple account and put to work immediately — whether that is buying stocks, ETFs, or holding it in your cash account earning interest.

Is This a Good Credit Card?

The honest take: yes, for most Canadians.

A flat 2% on everything with no category restrictions is a strong base rate. There are few no-fuss cards in Canada that match it without a high annual fee. The 5% welcome boost is exceptionally strong for the first month — $300 in additional cash back on $10,000 in spending is hard to beat as a welcome offer.

The invitation-only rollout for the boost does mean not everyone will have immediate access to the full promotion. But if you receive the invitation, acting on it within the 30-day window is worth serious consideration.

New to Wealthsimple? Claim Your $25 Referral Bonus Too

If you do not yet have a Wealthsimple account, you can still take advantage of the new client referral bonus on top of the credit card promotion. Open any Wealthsimple account with referral code US0EBW, deposit at least $100, and hold it for 30 days to receive a $25 cash bonus — claim the Wealthsimple bonus.

The referral bonus and the credit card promotion can be combined, making this one of the better times to get started with Wealthsimple if you have been on the fence.

Verdict

The Wealthsimple credit card launch is a meaningful step toward the company's goal of becoming a full-service financial platform. A flat 2% cash back rate is competitive on its own — the 5% welcome boost for invited clients is the cherry on top. If you already use Wealthsimple, watch for your invitation. If you are new, now is a good time to open an account.

🎁 Claim Your Bonus

Use referral code US0EBW to claim your Wealthsimple bonus.