Wealthsimple Cash Card
Welcome Bonus
N/A
N/A
Annual Fee
$0.00
Annual Rewards
$240
$24,000 annual spending x 1.00% return on spending = $240 annual rewards
Rewards on Approval
N/A
Purchase Rates
N/A
Cash Advance Rates
N/A
Balance Transfer Rates
N/A
Table of Contents
Novice investors looking to grow their wealth will find the Wealthsimple Card to be an excellent choice. This no-fee prepaid Mastercard offers a 1% cash-back reward on purchases. You can use these rewards to bolster your TFSA, invest in stocks, ETFs, and cryptocurrencies, or fund your linked spending account through the Wealthsimple Cash app, where you can instantly send, spend, and receive money. Furthermore, you have the opportunity to earn up to 5% cash account interest and distribute your funds across up to three CDIC member institutions to extend CDIC deposit protection up to a total of $300,000. Plus, enjoy the benefit of no foreign exchange fees.
Pros
- Upto 5% Cash account interest
- Earn 1% back in stock, crypto, or cash instantly
- $0 account fees
- No foreign exchange fees
Cons
- Has a set daily and weekly limit for sending and receiving funds
- No insurance included
- It's an online-only company without a physical branch
- Required assets for earning a 5% Cash account interest rate are $500,000.
- Up to a 2% fee applies when purchasing cryptocurrencies
Details & Eligibility
- N/A
- N/A
- N/A
- $0.00
- N/A
- Mastercard
- No
- N/A
- N/A
- N/A
- N/A
- N/A
- N/A
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