Wealthsimple Set to Launch a Visa Infinite Credit Card in Canada

The future Wealthsimple Visa Infinite card will offer many interesting travel benefits and for everyday spending. Here are some of the features unveiled:

• No foreign currency transaction fees;
• 2% cash back on all eligible spending, with no categories or limits;
• Mobile device insurance, purchase protection, and extended warranty;
• $10 monthly fee (billed annually for Quebec residents) or no fee for premium clients (Premium and Generation);
• Access to the Visa Infinite benefits package.

The card will also be free for Wealthsimple clients who use their checking account for direct deposits, such as their pay, and who deposit at least $2,000 monthly.

Cash back will be deposited monthly into your Wealthsimple checking account. So you must open one if you are not already a client.

This is also the case for making payments on this credit card: you must repay your balance from your Wealthsimple checking account. You cannot pay from another bank at the moment.

For the time being, the card is only available to a restricted group of customers for the beta phase. The customers concerned have received an invitation by e-mail.

The income eligibility criteria are as follows:

• $60,000 personal income or;
• $100,000 family income.