What the Card Offers
Wealthsimple markets the Visa Infinite + as a simple card: unlimited 2% cash back on everything, no foreign transaction fees, a $0 annual fee for qualifying clients, travel and phone insurance, and 5% cash back for new clients' first 5 weeks.
- 2%
Cash back on everything1
Unlimited 2% cash back on purchases, with no categories or caps.
- 0%
No foreign transaction fees2
Wealthsimple adds no foreign currency conversion mark-up. Purchases are converted at Visa's exchange rate.
- $0
Annual fee waived for qualifying clients3
The $240 fee ($20 a month) is waived with $100,000+ in assets at Wealthsimple or $4,000+ a month in direct deposits.
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- $1M
Travel emergency medical4
Up to $1,000,000 for you, your spouse and dependent children, for the first 14 days of a trip.
- $3,000
Trip cancellation and interruption4
Up to $1,000 per person and $3,000 per trip when the full trip cost is charged to the card.
- $1,000
Mobile phone insurance4
Repair or replacement up to $1,000 per claim, two claims a year, when you pay your monthly phone bill with the card.
- 5%
Welcome boost for new clients5
5% cash back on the first $10,000 in purchases for 35 days, for new Wealthsimple clients invited to the offer.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (5)
- Wealthsimple Visa Infinite + product page (retrieved 2026-10-18)
- Wealthsimple Disclosure Statement and Credit Card Account Agreement CHA-080426-WS, Disclosure Statement
- Wealthsimple Additional Credit Card Terms & Conditions ACCTC-080426-WS (August 4, 2026), Annual Fee Waiver
- Wealthsimple Help Centre, Understand premium benefits for Visa Infinite + and Visa Infinite Privilege credit cards (retrieved 2026-10-18); Chubb Certificates of Insurance, Wealthsimple Visa Infinite 2% and Visa Infinite + Card (updated June 1, 2026)
- Wealthsimple Visa Infinite + product page (retrieved 2026-10-18); Wealthsimple Credit Card 555 Cash Back Welcome Offer terms, Help Centre (retrieved 2026-10-18)
Points & Redemption
Rates: Wealthsimple Additional Credit Card Terms & Conditions ACCTC-080426-WS (August 4, 2026), Credit Card Rewards (Cashback Offer). Cash back is credited to your account balance at face value.
The Fine Print Report
Moderate fine print. Strong value if the fee is waived; it ties you to Wealthsimple.
$0 fee needs $100K assets or $4K depositsImpact level: High
The $0 annual fee depends on keeping $100,000 at Wealthsimple or $4,000 a month in direct deposits
The card's fee is $240 a year, charged as $20 a month from the first statement, whether or not the card is activated. It's waived only while you hold at least $100,000 in individual net deposits or assets with Wealthsimple (business accounts don't count), or while at least $4,000 of qualifying direct deposits, such as pay, pension or government benefits, reach your Wealthsimple chequing account each month. Wealthsimple calls the waiver a promotional offer that it can amend or withdraw at any time without notice.
Why it matters: Without the waiver, the 2% earn rate has to cover $240 a year: compared with a no-fee 1% card, you break even at about $24,000 of yearly spending. Quebec residents are billed the full fee once a year up front.
Missed payment: can debit other WS accountsImpact level: High
Miss a minimum payment and Wealthsimple can take the amount from your other Wealthsimple accounts without notice
If you don't make your minimum payment, the agreement lets Wealthsimple, at any time and without notice or demand, offset what you owe against the amount you have in any other account with it. "Wealthsimple" in the agreement means Wealthsimple Payments Inc. and its affiliates.
Why it matters: The card is only offered to Wealthsimple clients, so your savings and investments are likely held there too. A single missed payment can lead to a withdrawal from those accounts that you didn't schedule.
Medical: 14 days, none at 65+Impact level: High
Travel medical covers only the first 14 days of a trip, and nothing if you're 65 or older
Emergency medical covers up to $1,000,000 for the cardholder, spouse and dependent children, but only for people under 65, and only for the first 14 consecutive days of a trip. If you don't call Chubb Travel Assistance before getting treatment, or you use a non-approved provider, you pay 20% of covered expenses, up to $25,000. Pre-existing conditions that weren't stable in the 6 months before departure aren't covered, and the coverage isn't available to Quebec residents.
Why it matters: Anyone 65 or older, and anyone away for more than two weeks, needs separate travel medical insurance. Save the assistance number before you leave.
2% rate and fee waiver can changeImpact level: Medium
The 2% rate and the fee waiver aren't locked in
The rewards terms say the 2% earn rate "may be subject to change", and that Wealthsimple can amend, withdraw or restrict the cash back offer and the fee waiver at any time without notice. The account agreement separately promises at least 30 days' written notice before changes to the agreement, including its rewards programs.
Why it matters: The card's value rests on 2% back and a $0 fee. Check the terms each year rather than assuming either will last.
Unredeemed cash back lost if card closesImpact level: Medium
Cash back must be redeemed by hand, and anything unredeemed is lost when the card is closed
Since November 3, 2025, cash back isn't paid out automatically: you redeem it in the app. Any cash back you haven't redeemed when the card is closed or cancelled, by you or by Wealthsimple, is forfeited. It can only be deposited to the primary cardholder's Wealthsimple chequing, TFSA, RRSP or non-registered accounts, and can't be applied directly to the card balance.
Why it matters: Redeem regularly, and always before closing the card. Wealthsimple can cancel the agreement without a reason on 30 days' notice.
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Payments only from Wealthsimple chequingImpact level: Medium
You can only pay the card from a Wealthsimple chequing account
The agreement names your Wealthsimple Chequing Account as the way to make payments, and the card page confirms the balance can only be paid from a Wealthsimple chequing account. You also need an active Wealthsimple chequing account to apply.
Why it matters: If your pay goes to another bank, money has to reach Wealthsimple before each due date. A late transfer means a missed payment.
2 missed payments: rates rise to 25.99%Impact level: Medium
Two missed payments in a row raise your rates to 25.99% on purchases and 27.99% on cash advances
If Wealthsimple doesn't receive the minimum payment by the due date two months in a row, purchase interest rises from 20.99% to 25.99% and cash advance interest from 22.99% to 27.99%, starting in the third statement period after the second missed payment. The higher rates stay until minimum payments arrive on time again.
Why it matters: If you ever carry a balance, set up auto-pay for at least the minimum from your Wealthsimple chequing account.
Card can be frozen without noticeImpact level: Medium
Wealthsimple can freeze the card or cut your limit to zero without a reason or notice
The agreement lets Wealthsimple terminate, freeze, block or suspend the card at any time, without a reason and without telling you in advance, and set your available credit as low as zero. Listed reasons include suspected fraud, breaking any other agreement you have with Wealthsimple, and not using the card for 12 months. Wealthsimple can also close the account without a reason on 30 days' notice.
Why it matters: Carry a second card when you travel or make large bookings, and use this card at least once a year.
5% boost: invite-only, can be clawed backImpact level: Medium
The 5% welcome boost is by invitation only, capped at $10,000 of purchases, and can be taken back
The 5% rate (the regular 2% plus 3%) applies only to new Wealthsimple clients who receive an invitation in the app or by email, have never held a Wealthsimple credit card, and are approved within 30 days of the invitation. It lasts 35 days, covers the first $10,000 of net purchases and excludes gift cards. If you close or deactivate the card within 180 days after the boost ends, Wealthsimple can recover the boost.
Why it matters: The most extra cash back you can earn is $300. The product page advertises 5% for your first 5 weeks without mentioning the invitation or the $10,000 cap.
Cash-like purchases: no cash back, 22.99%Impact level: Low
Wire transfers, money orders, prepaid cards and gambling earn nothing and are charged as cash advances
Cash-Like Transactions, including wire transfers, foreign currency, money orders, prepaid cards and gaming transactions, are treated as cash advances: 22.99% interest from the day of the transaction, with no grace period, and no cash back. Wealthsimple's help centre also lists purchases of gemstones, precious metals, watches and jewelry as cash-like transactions that don't earn cash back.
Why it matters: A watch or jewelry purchase may earn nothing. Wealthsimple asks you to contact support with the receipt if you think a purchase should have earned cash back.
Pre-approval only; full credit check followsImpact level: Low
Pre-approval has no credit check, but the application does
The card pages advertise pre-approval "with no risk to your credit score", but Wealthsimple performs a full credit check after you submit an application. It also says the card is offered in limited quantities, so meeting the requirements doesn't guarantee a card, and Wealthsimple decides whether you get the Visa Infinite + or the Visa Infinite Privilege.
Why it matters: Apply when you intend to take the card, since the full credit check comes with the application.
Extra cards: $120 a year eachImpact level: Low
Additional cards cost $120 a year each
Each supplementary card costs $120 a year, charged to the primary account, and you can request at most two. The fee waiver terms cover the card's annual fee and don't mention supplementary card fees. Using a supplementary card doesn't build the supplementary cardholder's own credit history.
Why it matters: Adding a partner may cost $120 a year even when your own fee is waived. Confirm with Wealthsimple before you add a card.
Phone cover needs last month's bill on cardImpact level: Low
Phone insurance only applies if last month's phone bill went on the card, and has a $50 deductible
Mobile phone insurance pays up to $1,000 per claim, two claims a year, minus a $50 deductible. You're covered only if the previous month's cellular bill was charged to the card; skip a month and coverage is suspended until the next payment. It excludes accessories, phones on prepaid plans, cosmetic damage and phones that go missing without evidence of theft.
Why it matters: Put the phone bill on automatic payment to this card, and file a police report within 48 hours of a theft.
Who This Card Is For
Great fit if you...
- Have $100,000+ with Wealthsimple
- Can direct deposit $4,000+ a month to Wealthsimple
- Spend in foreign currencies
- Want one flat cash back rate
Consider alternatives if you...
- Won't qualify for the fee waiver
- Are 65 or older and travel
- Take trips longer than 14 days
- Want to pay the card from another bank
- Want airport lounge access
Welcome Bonus History
WS Visa Infinite+ Welcome Bonus History
The Verdict
The Visa Infinite + is simple: 2% cash back on every purchase, no foreign transaction fee, and solid travel and phone insurance. For clients who qualify for the fee waiver, few Canadian cards match it at $0.
It works only inside Wealthsimple: you pay from a Wealthsimple chequing account, cash back goes to Wealthsimple accounts, and a missed payment lets Wealthsimple take money from your other accounts there. The $0 fee and the 2% rate are terms Wealthsimple can change.
The Recommendation: A strong everyday and travel card if you keep $100,000 at Wealthsimple or deposit your pay there. Without the waiver, weigh the $240 fee against a no-fee card, and travellers 65 and older need separate medical coverage.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer