New Wealthsimple Visa Infinite 2% cash back credit card | Wealthsimple | Discussion forum

Save2Retire@55 said
@NorthernRaven - Is this accurate? Have you tested it? I'd be keen to do it if the case for the increase in the cash return.

And the card is awesome. Will cancel my Tangerine WE MC and Rogers WE MC for simplicty. I hope it will be available for QC.  

I had confirmation from Wealthsimple something like a year ago, and I think I've seen scuttlebutt on the internet from people actually doing it, although I haven't myself (EQ bonus interest is higher). Unlike EQ, which has a specific list of Payment Canada codes that are eligible, WS's terms don't, just say "direct deposit" (a "pull" isn't a direct deposit, a "push" from outside apparently counts.

Also, WS also has a "Direct Deposit iPhone Program", where they will give you a 3 year lease on an iPhone 17 if you maintain a direct deposit of $4000/month (I think they used to have an $8K level for a Pro phone). That one does have specific deposit codes (200-207, 310, 311, 318; these are payroll/CPP/OAS/military pensions) for 36 months, and they haven't gone back and updated the bonus interest terms. As always, confirm with Wealthsimple, don't rely on me.

There would be scope for cycling the same $2000 in and back out, but their "no abusing" terms would probably let them zap those people if they wanted. You won't get the very top rate unless you also have $100K with them, so they may not worry too much about a few bad eggs slipping through.

Norman1 said
Unfortunately, Wealthsimple does check the type of the direct deposits:

Fees

You aren't charged a monthly fee if you're either:

• A Premium or Generation client, or,
• You direct deposit at least $4,000 to your chequing account every 30 days. Eligible direct deposits include payroll, CPP, Old Age Security, and Employment Insurance.

If you don't meet either condition, you'll pay a fee of $20 each month ($240 annually for Quebec residents), which we'll charge to your account statement.

Alternatively, one can become either a Premium ($100,000+) or Generation ($500,000+) client to have the card's monthly/annual fee waived.  

That's from their Infinite Visa terms. The Boost interest term say:

Any direct deposit type will count towards the $2,000/month minimum. This includes payroll, pension, social assistance, and insurance direct deposits.

Those listed are examples, but not an exhaustive list, and even the Visa terms don't give specific codes like the iPhone deposit offer. I'll dig out my old correspondence with support, but I was specifically checking on "push" deposits. They may be more picky only for the newer DD uses, or they may just have forgot to update the Boost terms.