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Email this4:31 pm
January 12, 2019
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And that 2% Cash-Back is for 'Everything' ⬇
- CTV News Link: https://www.ctvnews.ca/business/article/wealthsimple-launching-credit-card-lines-of-credit-in-push-to-take-on-big-banks/
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Interesting ❗
- Dean
" Live Long, Healthy ... And Prosper! "
4:39 pm
April 21, 2022
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Dean said
.
And that 2% Cash-Back is for 'Everything' ⬇CTV News Link: https://www.ctvnews.ca/business/article/wealthsimple-launching-credit-card-lines-of-credit-in-push-to-take-on-big-banks/
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Interesting ❗Dean
It's also no-FX. Great spending card if traveling outside of the country. I currently have the card. I would say it's especially appealing if you are already invested into the Wealthsimple eco-system.
5:37 am
November 5, 2022
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$10 a month fee if you have under 100K with WS
6:35 am
April 21, 2022
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InterestThis said
$10 a month fee if you have under 100K with WS
Essentially a $120 annual fee. If you don't have a 100k with WS, the fee can be avoided by depositing $4000 per month by direct deposit ( payroll ). It was initially $2000 during the beta stage. The direct deposit can be e-transferred out immediately after it arrives.
7:49 am
April 5, 2012
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The new credit card is actually a Visa Infinite, not a MasterCard.
But, the ATM card tied to your WS chequing account is a prepaid MasterCard. Also NoFX but "only" 1% cash back.
8:16 am
January 3, 2009
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If it wasn't for the fee/strings attached, I'd be interested.
12:01 pm
January 12, 2019
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malquin said
The new credit card is actually a Visa Infinite, not a MasterCard . . .
Oops ... Sorry ... My Bad 
- Dean
" Live Long, Healthy ... And Prosper! "
4:56 pm
March 17, 2018
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This card is good for shopping at Walmart Superstores, since normal Visa cards don't classify Walmarts as supermarkets, and this has 2 percent cashback on all categories. Or you can use a Mastercard such as Rogers Mastercard to shop at Walmart .
It isn't good for Costco unless you buy a shop card online and use at the store, since Costco stores don't accept Visa cards.
There's a new promotion by email invitation that for each 25,000.00 you transfer into WS you get a bonus 3 percent cashback for a month, to total 5 percent for the. month. This isn't a great promotion since you end up having to keep your entire balance at WS for a year.
More info at https://promotions.wealthsimple.com/hc/en-ca/articles/37837307300251-2025-Credit-Card-Cash-Back-Boost-Promotion
8:48 am
December 20, 2019
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I just applied and talked to a rep on the phone, it looks like you need to have 500k min to get the 2.75% interest rate they advertised but I also had to transfer another 500k to be assured I would get the credit card as soon as it comes out.
Great thing is they are now offering 1 million deposit insurance so it's not a bad deal.
Fact is though you can get a much better return at saven and such but the crypto and investment accounts are interesting as well so I will test drive Wealthsimple for a year and use all their services to see how I like them.
I'll update you guys when I get the card and also confirm the interest rate.
My transfer should complete in the next day or so and that will give me an idea what to expect.
PS. Customer service sounds like India but I got escalated to some other team that sounded more professional. All the Indian rep could do was check with supervisors and put me on hold again and again. As soon as they saw the higher funds they assigned someone to help me personally.
I asked what the crypto account was, is it bitcoin or what?
Indian Rep.... let me put you on hold AGAIN....
9:03 am
March 17, 2018
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KamWest said
I just applied and talked to a rep on the phone, it looks like you need to have 500k min to get the 2.75% interest rate they advertise but I also had to transfer another 500k to be assured I would get the credit card as soon as it comes out.Great thing is they are now offering 1 million deposit insurance so it's not a bad deal.
Fact is though you can get a much better return at saven and such but the crypto and investment accounts are interesting as well so I will test drive Wealthsimple for a year and use all their services to see how I like them.
I'll update you guys when I get the card and also confirm the interest rate.
My transfer should complete in the next day or so and that will give me an idea what to expect.PS. Customer service sounds like India but I got escalated to some other team that sounded more professional. All the Indian rep could do was check with supervisors and put me on hold again and again. As soon as they saw the higher funds they assigned someone to help me personally.
I asked what the crypto account was, is it bitcoin or what?
Indian Rep.... let me put you on hold AGAIN....
They should give you a balance transfer promo, ask for 1% before you do the transfer
9:43 am
April 27, 2017
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Briguy said
They should give you a balance transfer promo, ask for 1% before you do the transfer
It's 0.75% right now. “Spring Promo”. Or you can get a sauna/etc
9:47 am
August 4, 2010
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KamWest said
I just applied and talked to a rep on the phone, it looks like you need to have 500k min to get the 2.75% interest rate they advertised but I also had to transfer another 500k to be assured I would get the credit card as soon as it comes out.Great thing is they are now offering 1 million deposit insurance so it's not a bad deal.
Fact is though you can get a much better return at saven and such but the crypto and investment accounts are interesting as well so I will test drive Wealthsimple for a year and use all their services to see how I like them.
I'll update you guys when I get the card and also confirm the interest rate.
My transfer should complete in the next day or so and that will give me an idea what to expect.PS. Customer service sounds like India but I got escalated to some other team that sounded more professional. All the Indian rep could do was check with supervisors and put me on hold again and again. As soon as they saw the higher funds they assigned someone to help me personally.
You get the highest 2.75% rate at Wealthsimple with $500K, but also with $100K plus a minimum of $2000/month in direct deposit. The balance minimum includes your entire Wealthsimple portfolio, such as RRSP/TFSA/etc brokerage accounts.
The base interest is currently 1.75%, and you get a 0.5% bump for the $100K "Premium" level, and another 0.5% for the direct deposit, or the full 1% bump at the $500K Generation level. At least for the last couple of years, their highest rate has been pretty much tracking the Bank of Canada rate. I have an account, but have mainly been using my EQ account instead, as their rate with direct deposit is 3.5%.
3:06 pm
April 27, 2017
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I am getting this card because I like and use the overall WS ecosystem. Like free trading, interface, ability to transfer money in instantaneously and invest right away, fast transfers out of WS, responsiveness, etc. I wouldn’t get this card otherwise. Flat 2% and no forex fees (but also no travel insurance) is ok but not worth the hassle of getting a new card.
7:54 pm
December 20, 2019
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mordko said
I am getting this card because I like and use the overall WS ecosystem. Like free trading, interface, ability to transfer money in instantaneously and invest right away, fast transfers out of WS, responsiveness, etc. I wouldn’t get this card otherwise. Flat 2% and no forex fees (but also no travel insurance) is ok but not worth the hassle of getting a new card.
I was told the card is very limited to start and they would issue it to members with 1 million first but still not guaranteed.
8:22 pm
April 27, 2017
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Yes, you keep saying this.
The terms say: “ Be an existing client” and “Have a personal income ≥ $60 000 or household income ≥ $100 000”.
They are releasing cards in drops to generate excitement. People always want to be part of a select group.
5:58 am
December 20, 2019
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mordko said
Yes, you keep saying this.
I'm saying this more out of disappointment than anything else. With all the cards that charge foreign exchange fees I'd like to see WealthSimple roll this out to all members.
7:29 am
April 27, 2017
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KamWest said
mordko said
Yes, you keep saying this.I'm saying this more out of disappointment than anything else. With all the cards that charge foreign exchange fees I'd like to see WealthSimple roll this out to all members.
I wouldn’t worry. Drop releases are a very common marketing strategy. From snickers to music and NFTs. Its popular for FinTech credit products too (Apple used this).
Allows them to create the feeling of “exclusivity” and excitement in customer base while rolling out a product in a manner that lets them test the system and increase capacity in stages.
Will be rolled out to everyone meeting income eligibility criteria (based on self-reporting). And when time comes they’ll start giving out bribes to entice more cc clients as the rest of them.
Although I note that right now TDDI is trying to bribe me with 1% cash bonus to bring more assets while WS is doing it with a 0.75% bonus. And I still picked WS because they are better. So might not have to “bribe” as much as competitors when selling their credit card.
6:02 pm
December 12, 2009
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It's a good deal if one has their investments and/or savings with one of Wealthsimple's subsidiaries.
For me, while it's in "wait list mode" for now, I'm going to sit on the sidelines, personally. My Rogers World Elite MasterCard is my new primary go-to credit card, with no annual fee, and 1.5% cash back on all my purchases. It also includes good insurance coverages, including not just trip interruption but trip cancellation.
My secondary card is American Express SimplyCash Card, and my tertiary card is my Scotiabank SCENE+ Visa card.
Cheers,
Doug
9:18 pm
April 27, 2017
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Doug said
It's a good deal if one has their investments and/or savings with one of Wealthsimple's subsidiaries.For me, while it's in "wait list mode" for now, I'm going to sit on the sidelines, personally. My Rogers World Elite MasterCard is my new primary go-to credit card, with no annual fee, and 1.5% cash back on all my purchases. It also includes good insurance coverages, including not just trip interruption but trip cancellation.
My secondary card is American Express SimplyCash Card, and my tertiary card is my Scotiabank SCENE+ Visa card.
Cheers,
Doug
Rogers card gives 2% cash back if you have Rogers services, and 3% if you redeem on Rogers bills.
But both Rogers WE and AmEx lose out to WS card when you are spending in a foreign currency.
10:26 pm
August 4, 2010
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If you don't need credit, the Wealthsimple Chequing account card works as a prepaid MasterCard and like their new Visa, doesn't have additional FX charges.
I've got TD's cashback Visa (no fee as part of the All-Inclusive banking package), and I run a fairly constant 2.2% cashback, it will depend on one's personal mix of spending in the 3% groceries/gas/recurring categories. The Wealthsimple 2% card would be a possible replacement if I ever unwound my TD banking package.
They might be artificially throttling applications as some sort of marketing strategy, but I'd suspect it may be more to avoid overwhelming their systems and support with new applicants and making them unhappy with long delays, and to work out glitches in their systems with a measured flow of applications. They've also been beta-testing the card for many months now, tweaking the associated goodies, etc.
Please write your comments in the forum.