Review: Wealthsimple Visa Infinite* Card | News 4 Social
The Wealthsimple Visa Infinite* Card is Wealthsimple’s first foray into the credit card space, and like most things Wealthsimple touches, it’s designed with simplicity in mind.
Currently in beta and available by invite only, the card offers a rare unlimited 2% cash back on all purchases and skips the usual 2.5% foreign transaction fee — making it a standout on paper.
But with no welcome bonus and a surprising lack of travel insurance, this card walks a fine line between promising and premature.
Let’s break down what this card actually offers, and whether it deserves a spot in your wallet.
What we love: Unlimited 2% cash back with no caps, no foreign transaction fees`
What we’d change: No travel insurance, no welcome bonus, and limited to Wealthsimple chequing account for bill payments.
No Welcome Bonus (For Now)
Unlike most cash back credit cards on the market, the Wealthsimple Visa Infinite* Card currently doesn’t offer any welcome bonus, not even a temporary boost or statement credit.
Of course, it’s still in beta mode and only available by invitation to existing Wealthsimple clients, so it’s possible a welcome offer may be introduced later when the card is released to the public.
Still, it’s hard to ignore the missed opportunity here. Most competing cash back cards sweeten the deal for new users.
For example:
The CIBC Dividend® Visa Infinite* Card offers 10% cash back on your first $2,000 in purchases† , plus a first-year annual fee rebate.
The TD Cash Back Visa Infinite* Card frequently comes with 10% back on the first $3,500 in eligible categories†, also paired with a first-year fee waiver.
These upfront rewards can easily amount to $200–350 of value in your first few months, and that’s before factoring in the other benefits. By comparison, Wealthsimple’s card charges you $10/month from day one, with no immediate return.
Whether this changes in the future remains to be seen, but for now, this card doesn’t bring anything extra to the table for new applicants.
Unlimited 2% Cash Back on Everything
The Wealthsimple Visa Infinite* Card keeps things refreshingly simple: you earn 2% cash back on all purchases†, without any caps or categories to track.
This “set-it-and-forget-it” model is rare in Canada. Most cash back credit cards offer elevated earn rates only up to a certain spending threshold, after which the earn rate drops significantly.
To put things in perspective:
- The TD Cash Back Visa Infinite* Card earns 3% on groceries, gas, and recurring bills, but only on the first $15,000 per category each year†. Beyond that, you’re down to a flat 1%.
- The Scotia Momentum® Visa Infinite* Card earns 4% on groceries and recurring bills, and 2% on gas and transit, but only on the first $25,000 in total spend across those categories annually†.
- The CIBC Dividend® Visa Infinite* Card has a combined $20,000 cap across its 4% and 2% bonus categories, and a hard cap of $80,000 in total annual card purchases†. Once you cross that $80,000 threshold, you won’t earn any cash back at all until the following calendar year.
By contrast, Wealthsimple’s card has no cap. You’ll earn 2% back whether you spend $500 or $50,000 a year. That’s an edge for anyone who regularly maxes out other cards or just wants a simpler solution without micro-managing bonus categories.
No Foreign Transaction Fees
Another major win with the Wealthsimple Visa Infinite* Card is the no foreign transaction fees. Most Canadian credit cards tack on an extra 2.5% fee when you spend in foreign currency — a quiet but costly charge that eats into your rewards.
This makes Wealthsimple’s flat 2% earn rate even more valuable when travelling or shopping online internationally.
For example, a typical cash back card might earn 4% on groceries or dining, but once you factor in the 2.5% FX fee, your net reward drops to around 1.5%, and that’s assuming the purchase even codes correctly as a bonus category.
Wealthsimple’s flat and fee-free 2% is a clear winner here.
Even cards that do waive the FX fee, like the Scotiabank Passport® Visa Infinite* Card, only offer 2x Scene+ points on groceries and dining†. That’s solid, but for all other categories, it drops to just 1x.
By contrast, Wealthsimple earns 2% cash back across the board, whether you’re buying souvenirs, booking tours, or paying for entry to attractions.
It’s a simple, reliable card to use on any trip, no need to remember which card to pull out for which category.
Perks & Visa Infinite Benefits
The Wealthsimple Visa Infinite* Card doesn’t come with any flashy perks of its own. No lounge access, no travel credits, no roadside assistance.
Instead, the card relies solely on the standard Visa Infinite benefits, which include:
- Visa Infinite Concierge
- Visa Infinite Dining and Wine Country programs
- Access to the Visa Infinite Luxury Hotel Collection
These are nice-to-have, but they’re not unique to Wealthsimple and nearly every Visa Infinite card in Canada offers the same suite.
Wealthsimple itself does offer client tier benefits based on the size of your investment portfolio, but those aren’t tied to holding the credit card and don’t enhance the card experience directly.
Insurance Coverage
For a card with a $120 annual fee and Visa Infinite branding, the insurance coverage is underwhelming, especially for anyone looking to use it as a travel companion.
Here’s what it includes:
- Mobile Device Insurance: Covers up to $1,000 if your phone is lost, stolen, or accidentally damaged.
- Purchase Security: Protects new purchases against loss, theft, or damage for up to 90 days.
- Extended Warranty: Doubles the manufacturer’s warranty for eligible items bought with the card.
That’s it.
What’s noticeably missing is any sort of travel insurance — no emergency medical coverage, trip cancellation, flight delay, rental car insurance, or lost baggage protection.
These are standard on most other Visa Infinite cards in Canada, and even some no-fee travel cards include more than this.
If you’re a frequent traveller, this card simply doesn’t cut it as your primary option. You’ll need to pair it with another card that offers the protection you actually need on the road.
Compare that to a card like the National Bank® World Elite® Mastercard®, which includes comprehensive travel insurance, trip delay, baggage loss, and up to $5 million in emergency medical coverage even for travellers aged 65 and over.
National Bank® World Elite® Mastercard®
- Earn 5x À la carte Rewards points on grocery and restaurant spend†
- Get travel insurance on award travel, as well as medical coverage on longer trips for ages up to 75†
- Receive $150 in annual credits for airport parking, baggage fees, seat selection fees, lounge access, and airline ticket upgrades†
- Minimum income: $80,000 personal or $150,000 household
- Annual fee: $150
Closed Beta + Wealthsimple Ecosystem Requirements
At the moment, the Wealthsimple Visa Infinite* Card is in closed beta, meaning it’s only available by invitation to a limited subset of existing Wealthsimple clients.
If you haven’t been invited, you won’t find an application link. And if you live in Quebec, you’re out of luck for now.
That exclusivity might add some allure, but it also means this card isn’t a viable option for most Canadians, at least not yet.
Additionally, you can only pay your card balance using a Wealthsimple Chequing account. Realistically, you likely won’t even receive an invite unless you already have one.
Once the product officially launches, it’s possible that payments from external banks may be allowed. But for now, this looks like a smart strategy to encourage customers to hold more of their cash and assets within the Wealthsimple ecosystem.
On the flip side, the Wealthsimple Cash Mastercard, which is linked to the Wealthsimple Chequing account, is actually a great no-FX-fee prepaid card for spending and withdrawing foreign currency at ATMs abroad.
If you’re already using it for travel or everyday spending, this won’t feel like much of a hurdle.
Other Cards to Consider
The Wealthsimple Visa Infinite* Card stands out for its unlimited 2% cash back and no foreign transaction fees, but it’s not the only option out there, especially if you want broader perks or better travel coverage.
Here are two strong alternatives:
Scotiabank Passport® Visa Infinite* Card
This card also has no FX fees, but comes with six free airport lounge visits per year, full travel insurance, and earns 2x Scene+ points per dollar spent on groceries, dining, and entertainment.
However, it only earns 1x on everything else, so you may not earn as much overall if your spending is more general.
Scotiabank Passport® Visa Infinite* Card
- Earn 30,000 Scene+ points upon spending $2,000 in the first three months
- Earn an additional 10,000 Scene+ points upon spending $40,000 in the first year
- Earn 2x Scene+ points on groceries, dining, entertainment, and transit
- Plus, earn 3x Scene+ points on grocery purchases at Sobeys, IGA, Safeway, and FreshCo
- Visa Airport Companion membership with six free lounge visits per year
- Redeem points for statement credit for any travel expense
- Minimum income: $60,000 personal or $100,000 household
- Annual fee: $150
Scotiabank Gold American Express® Card
Another no-FX-fee card, with up to 6x Scene+ points per dollar spent on groceries, restaurants, and food delivery, plus solid travel insurance.
Just note that Amex acceptance can be hit-or-miss abroad, and non-bonus categories only earn 1x.
Scotiabank Gold American Express® Card
- Earn 20,000 Scene+ points upon spending $2,000 in the first three months
- Plus, earn an additional 20,000 Scene+ points upon spending $7,500 in the first year
- Earn 6x Scene+ points at Sobeys, IGA, Safeway, FreshCo, and more
- Plus, earn 5x Scene+ points on groceries, dining, and entertainment
- Also, earn 3x Scene+ points on gas, transit, and select streaming services
- Redeem points for a statement credit for any travel expense
- No foreign transaction fees
- Enjoy the exclusive benefits of being an American Express cardholder
- Annual fee: $120
By comparison, the Wealthsimple Visa Infinite* Card earns a flat 2% everywhere.
Whether you’re booking flights or buying bottled water in Europe. It’s this simplicity, paired with no FX fees, that gives it a quiet edge for consistent earners even if it lacks the bells and whistles.
Conclusion
The Wealthsimple Visa Infinite* Card brings a refreshing simplicity to the Canadian credit card market, offering unlimited 2% cash back on all purchases and no foreign transaction fees, two features that are rarely seen together.
It’s an especially compelling option for high spenders, frequent travellers, or anyone tired of juggling rotating bonus categories and FX surcharges.
And if you’re already using Wealthsimple for investing or everyday banking, the ecosystem tie-in may feel like a natural extension.
But the card isn’t without its caveats. With no welcome bonus, no travel insurance, and closed beta access limited to Wealthsimple clients, this isn’t the kind of card that’s ready for prime time, just yet.
If and when the card opens to the public, it could become a serious contender in the cash back space.
Until then, it’s a promising product, but one that’s best viewed as a complement to, rather than a replacement for, a full-featured travel credit card.
† Terms and conditions apply. Please refer to Wealthsimple’s website for the most up-to-date product information.
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The Wealthsimple Visa Infinite* Card is Wealthsimple’s first foray into the credit card space, and like most things Wealthsimple touches, it’s designed with simplicity in mind.
Currently in beta and available by invite only, the card offers a rare unlimited 2% cash back on all purchases and skips the usual 2.5% foreign transaction fee — making it a standout on paper.
But with no welcome bonus and a surprising lack of travel insurance, this card walks a fine line between promising and premature.
Let’s break down what this card actually offers, and whether it deserves a spot in your wallet.
What we love: Unlimited 2% cash back with no caps, no foreign transaction fees`
What we’d change: No travel insurance, no welcome bonus, and limited to Wealthsimple chequing account for bill payments.
No Welcome Bonus (For Now)
Unlike most cash back credit cards on the market, the Wealthsimple Visa Infinite* Card currently doesn’t offer any welcome bonus, not even a temporary boost or statement credit.
Of course, it’s still in beta mode and only available by invitation to existing Wealthsimple clients, so it’s possible a welcome offer may be introduced later when the card is released to the public.
Still, it’s hard to ignore the missed opportunity here. Most competing cash back cards sweeten the deal for new users.
For example:
The CIBC Dividend® Visa Infinite* Card offers 10% cash back on your first $2,000 in purchases† , plus a first-year annual fee rebate.
The TD Cash Back Visa Infinite* Card frequently comes with 10% back on the first $3,500 in eligible categories†, also paired with a first-year fee waiver.
These upfront rewards can easily amount to $200–350 of value in your first few months, and that’s before factoring in the other benefits. By comparison, Wealthsimple’s card charges you $10/month from day one, with no immediate return.
Whether this changes in the future remains to be seen, but for now, this card doesn’t bring anything extra to the table for new applicants.
Unlimited 2% Cash Back on Everything
The Wealthsimple Visa Infinite* Card keeps things refreshingly simple: you earn 2% cash back on all purchases†, without any caps or categories to track.
This “set-it-and-forget-it” model is rare in Canada. Most cash back credit cards offer elevated earn rates only up to a certain spending threshold, after which the earn rate drops significantly.
To put things in perspective:
- The TD Cash Back Visa Infinite* Card earns 3% on groceries, gas, and recurring bills, but only on the first $15,000 per category each year†. Beyond that, you’re down to a flat 1%.
- The Scotia Momentum® Visa Infinite* Card earns 4% on groceries and recurring bills, and 2% on gas and transit, but only on the first $25,000 in total spend across those categories annually†.
- The CIBC Dividend® Visa Infinite* Card has a combined $20,000 cap across its 4% and 2% bonus categories, and a hard cap of $80,000 in total annual card purchases†. Once you cross that $80,000 threshold, you won’t earn any cash back at all until the following calendar year.
By contrast, Wealthsimple’s card has no cap. You’ll earn 2% back whether you spend $500 or $50,000 a year. That’s an edge for anyone who regularly maxes out other cards or just wants a simpler solution without micro-managing bonus categories.
No Foreign Transaction Fees
Another major win with the Wealthsimple Visa Infinite* Card is the no foreign transaction fees. Most Canadian credit cards tack on an extra 2.5% fee when you spend in foreign currency — a quiet but costly charge that eats into your rewards.
This makes Wealthsimple’s flat 2% earn rate even more valuable when travelling or shopping online internationally.
For example, a typical cash back card might earn 4% on groceries or dining, but once you factor in the 2.5% FX fee, your net reward drops to around 1.5%, and that’s assuming the purchase even codes correctly as a bonus category.
Wealthsimple’s flat and fee-free 2% is a clear winner here.
Even cards that do waive the FX fee, like the Scotiabank Passport® Visa Infinite* Card, only offer 2x Scene+ points on groceries and dining†. That’s solid, but for all other categories, it drops to just 1x.
By contrast, Wealthsimple earns 2% cash back across the board, whether you’re buying souvenirs, booking tours, or paying for entry to attractions.
It’s a simple, reliable card to use on any trip, no need to remember which card to pull out for which category.
Perks & Visa Infinite Benefits
The Wealthsimple Visa Infinite* Card doesn’t come with any flashy perks of its own. No lounge access, no travel credits, no roadside assistance.
Instead, the card relies solely on the standard Visa Infinite benefits, which include:
- Visa Infinite Concierge
- Visa Infinite Dining and Wine Country programs
- Access to the Visa Infinite Luxury Hotel Collection
These are nice-to-have, but they’re not unique to Wealthsimple and nearly every Visa Infinite card in Canada offers the same suite.
Wealthsimple itself does offer client tier benefits based on the size of your investment portfolio, but those aren’t tied to holding the credit card and don’t enhance the card experience directly.
Insurance Coverage
For a card with a $120 annual fee and Visa Infinite branding, the insurance coverage is underwhelming, especially for anyone looking to use it as a travel companion.
Here’s what it includes:
- Mobile Device Insurance: Covers up to $1,000 if your phone is lost, stolen, or accidentally damaged.
- Purchase Security: Protects new purchases against loss, theft, or damage for up to 90 days.
- Extended Warranty: Doubles the manufacturer’s warranty for eligible items bought with the card.
That’s it.
What’s noticeably missing is any sort of travel insurance — no emergency medical coverage, trip cancellation, flight delay, rental car insurance, or lost baggage protection.
These are standard on most other Visa Infinite cards in Canada, and even some no-fee travel cards include more than this.
If you’re a frequent traveller, this card simply doesn’t cut it as your primary option. You’ll need to pair it with another card that offers the protection you actually need on the road.
Compare that to a card like the National Bank® World Elite® Mastercard®, which includes comprehensive travel insurance, trip delay, baggage loss, and up to $5 million in emergency medical coverage even for travellers aged 65 and over.
National Bank® World Elite® Mastercard®
- Earn 5x À la carte Rewards points on grocery and restaurant spend†
- Get travel insurance on award travel, as well as medical coverage on longer trips for ages up to 75†
- Receive $150 in annual credits for airport parking, baggage fees, seat selection fees, lounge access, and airline ticket upgrades†
- Minimum income: $80,000 personal or $150,000 household
- Annual fee: $150
Closed Beta + Wealthsimple Ecosystem Requirements
At the moment, the Wealthsimple Visa Infinite* Card is in closed beta, meaning it’s only available by invitation to a limited subset of existing Wealthsimple clients.
If you haven’t been invited, you won’t find an application link. And if you live in Quebec, you’re out of luck for now.
That exclusivity might add some allure, but it also means this card isn’t a viable option for most Canadians, at least not yet.
Additionally, you can only pay your card balance using a Wealthsimple Chequing account. Realistically, you likely won’t even receive an invite unless you already have one.
Once the product officially launches, it’s possible that payments from external banks may be allowed. But for now, this looks like a smart strategy to encourage customers to hold more of their cash and assets within the Wealthsimple ecosystem.
On the flip side, the Wealthsimple Cash Mastercard, which is linked to the Wealthsimple Chequing account, is actually a great no-FX-fee prepaid card for spending and withdrawing foreign currency at ATMs abroad.
If you’re already using it for travel or everyday spending, this won’t feel like much of a hurdle.
Other Cards to Consider
The Wealthsimple Visa Infinite* Card stands out for its unlimited 2% cash back and no foreign transaction fees, but it’s not the only option out there, especially if you want broader perks or better travel coverage.
Here are two strong alternatives:
Scotiabank Passport® Visa Infinite* Card
This card also has no FX fees, but comes with six free airport lounge visits per year, full travel insurance, and earns 2x Scene+ points per dollar spent on groceries, dining, and entertainment.
However, it only earns 1x on everything else, so you may not earn as much overall if your spending is more general.
Scotiabank Passport® Visa Infinite* Card
- Earn 30,000 Scene+ points upon spending $2,000 in the first three months
- Earn an additional 10,000 Scene+ points upon spending $40,000 in the first year
- Earn 2x Scene+ points on groceries, dining, entertainment, and transit
- Plus, earn 3x Scene+ points on grocery purchases at Sobeys, IGA, Safeway, and FreshCo
- Visa Airport Companion membership with six free lounge visits per year
- Redeem points for statement credit for any travel expense
- Minimum income: $60,000 personal or $100,000 household
- Annual fee: $150
Scotiabank Gold American Express® Card
Another no-FX-fee card, with up to 6x Scene+ points per dollar spent on groceries, restaurants, and food delivery, plus solid travel insurance.
Just note that Amex acceptance can be hit-or-miss abroad, and non-bonus categories only earn 1x.
Scotiabank Gold American Express® Card
- Earn 20,000 Scene+ points upon spending $2,000 in the first three months
- Plus, earn an additional 20,000 Scene+ points upon spending $7,500 in the first year
- Earn 6x Scene+ points at Sobeys, IGA, Safeway, FreshCo, and more
- Plus, earn 5x Scene+ points on groceries, dining, and entertainment
- Also, earn 3x Scene+ points on gas, transit, and select streaming services
- Redeem points for a statement credit for any travel expense
- No foreign transaction fees
- Enjoy the exclusive benefits of being an American Express cardholder
- Annual fee: $120
By comparison, the Wealthsimple Visa Infinite* Card earns a flat 2% everywhere.
Whether you’re booking flights or buying bottled water in Europe. It’s this simplicity, paired with no FX fees, that gives it a quiet edge for consistent earners even if it lacks the bells and whistles.
Conclusion
The Wealthsimple Visa Infinite* Card brings a refreshing simplicity to the Canadian credit card market, offering unlimited 2% cash back on all purchases and no foreign transaction fees, two features that are rarely seen together.
It’s an especially compelling option for high spenders, frequent travellers, or anyone tired of juggling rotating bonus categories and FX surcharges.
And if you’re already using Wealthsimple for investing or everyday banking, the ecosystem tie-in may feel like a natural extension.
But the card isn’t without its caveats. With no welcome bonus, no travel insurance, and closed beta access limited to Wealthsimple clients, this isn’t the kind of card that’s ready for prime time, just yet.
If and when the card opens to the public, it could become a serious contender in the cash back space.
Until then, it’s a promising product, but one that’s best viewed as a complement to, rather than a replacement for, a full-featured travel credit card.
† Terms and conditions apply. Please refer to Wealthsimple’s website for the most up-to-date product information.
