Wealthsimple Metal Visa Infinite Credit Card | Wealthsimple | Discussion forum

When did you apply? I am the same but heard crickets from them. Also been a client since 2019. I requested this card back in mid june. I am a generation client but have leas than a million so dont have that special contact person.

suburbs4life said
When did you apply? I am the same but heard crickets from them. Also been a client since 2019. I requested this card back in mid june. I am a generation client but have leas than a million so dont have that special contact person.  

There was an email from WS saying they are prioritizing clients who have direct deposits for their wages set up for WS. If you don’t have that then you might be out of luck for a few months, even if you have $5M with them. And no relationship manager will help you.

And I really like WS but can’t quite fathom where the excitement for a cc is coming from. People LOVE whatever they can’t get but WS card’s math isn’t great in some cases.

In my case, crappy travel insurance on WS card means that something like RBC Avion Visa Infinite will be used for flights, car rentals and accommodation. MBNA World Elite gives me 5% on meals and food shopping which offsets currency costs abroad. And Rogers gives me 3% on anything in Canada. What’s left?

Anyway, have some patience. Within 12 months WS will be bribing you with introductory offers to subscribe to this card.

^ This falls under LoL.

The number of Canadian residents spending $900K per year in the U.S on non-business credit cards is vanishingly small. Its very close to none.

And even then the cash back would need to be offset against what one would get by using alternatives.

I have this card since June, good travel card, good to use in Costco USA since it’s Visa. The cash back is actually 1.6%.
Wealthsimple Visa Infinite

Best overall IF you can waive the $20/month fee (via $100k assets or $4k direct deposit)
No FX fee & ~1.6% back on all FX purchases (2% cashback - Visa’s 0.4% markup)
Without monthly fee waiver though, not worth it

KamWest said

Maybe to you but the people who actually use the card to its full potential will save a considerable amount of money which is no laughing matter.

I had my presidents choice card cancelled because I collected too many points and same with my MBNA World Elite card. I was spending 75k per month until they cut the rewards on me.

From my standpoint the WealthSimple Visa is THE highest reward card I can get at the moment. Between the 2% + the 2.5% no exchange fee that is a 4.5% savings on all my travel anywhere in the world. Put a 22k holiday on your card and you save $990 pretty well right away.

You are right, that falls under LoL all the way to the bank for me.  

Some people will save a few bucks but the ones claiming $40,500 savings on 900K usd credit card expenditure per year are:

a) boasting and
b) lying.

$990 on a holiday is certainly plausible but personally I wouldn’t use ws card to spend $22K holiday $s on, because (as noted above) alternatives give me more. While that depends on personal circumstances, net benefit is never $990 as you have to buy separate travel and health insurance, etc.

KamWest said
Happy to announce I just received my Infinite Visa Card via the app and have it in my google wallet. They told me the physical card should be in my possession soon.

Again, I use my cards a lot so I will post actual facts, what the costs are and what the savings are. So stay tuned I will update this topic once in a while.  

Hope it's not like the original WS metal card that they reneged on!

Thanks for the responses everyone. I was hoping to use this no fee card (for me) to replace the rogers WE card for Canadian purchases. 2% vs 1.5%. Not a huge savings/benefit. I don't use Rogers products so there's no boosted cashback equivalency.

I wasn't in a rush to bring double generation wealth values to WS as i doubt it would be that beneficial. As maybe there will be a better promotion for new funds in future. Who knows.

suburbs4life said
Thanks for the responses everyone. I was hoping to use this no fee card (for me) to replace the rogers WE card for Canadian purchases. 2% vs 1.5%. Not a huge savings/benefit. I don't use rogers products so there's no boosted cashback equivalency.

I wasn't in a rush to bring double generation wealth values to WS as i doubt it would be that beneficial. As maybe there will be a better promotion for new funds in future. Who knows.  

Tangerine lets you pick a few categories and gives 2% cash-back on them (I think). You could combine it with something like MBNA world elite Mastercard to get effective 5% on food, restaurants and subscriptions. MBNA card isn’t free but I found that they more than cover the fee with a “birthday bonus”.

You can pick what works for you using aggregation sites like CreditCardGenius

For the MBNA World Elite, does anyone know the actual payout percent wise? They have 5 and 1% categories but the actual payouts vary.

If, as stated on the page, https://creditcardgenius.ca/credit-cards/mbna-rewards-world-elite-mastercard#pros-cons , "Statement Credit/Direct Deposit (World Elite)".. "$570", what does the 5 and 1% categories actually become in percent when paid out? Thanks.

savemoresaveoften said
For those that charges 5 digits every month on multiple cards, some I know ‘have’ a full time job as a Costco ‘shopper’. They are the one hoarding baby formula, vitamins, beauty products plus other items whenever they are on sale, ships it to China to resell for profit, and they earn the 2% or more on the CC as well.  

Sounds a little dodgy although not technically illegal unless combined with tax evasion. Bookkeeping would be a bit of a nightmare and there is a decent chance credit card issuer might suspend the account. Seems like a reasonable guess for KamWest usage though.