I Got the Wealthsimple Credit Card — Here's What the 2% Actually Looks Like

I'd been putting off getting a new credit card for years, mostly because I couldn't be bothered to track rotating bonus categories or figure out which grocery chain counted as "grocery" that month. The pitch for the Wealthsimple Credit Card was the opposite of that: 2% back on everything, no categories, no annual fee if you already bank there. That simplicity is what got me to actually apply.

The first month came with a bonus I wasn't expecting — new cardholders get 5% cash back for the first month before it settles into the regular 2%. It's a nice welcome, but I'd budget around the 2% long-term, since that's the number that actually matters once the introductory period ends.

The fee waiver is the real catch

The card isn't free by default — it's $20 a month unless you qualify for the waiver. I clear it because I already route my paycheque through Wealthsimple Cash, and $4,000+ in monthly direct deposits is one of the two ways to waive the fee (the other is holding $100,000+ in individual assets). If neither applies to you, it's worth running the math before assuming the card is free, since $20/month adds up to $240/year against the cash back you're earning.

The zero foreign-exchange fee is the part I actually use the most, not the 2%. I do a decent amount of online shopping from US retailers, and not paying the usual 2.5% FX markup on top of the purchase price has been a bigger real-dollar saving for me than the cash back itself most months.

Two tiers, and the income thresholds are real

There are two versions of the card: the base Visa Infinite+, and the Visa Infinite Privilege, which is the one with airport lounge access. I'm on the base tier — Infinite+ requires $80,000 in personal income or $150,000 household income to qualify, and Privilege bumps that up considerably ($150,000 personal, $200,000 household, or an alternate path through $50,000+ in annual card spending or $400,000+ in assets). I don't spend or earn enough to unlock Privilege right now, so the lounge access isn't something I've been able to test — worth knowing going in if that's the feature you're actually after.

Between the flat 2% and the zero FX fees, this has replaced the two cards I used to juggle for "everyday spending" and "US purchases." It's not the card for someone chasing a specific travel-points program or a big welcome bonus, but as a low-maintenance default it's done the job for me. If you're signing up through the referral link above, that's on top of a $25 welcome bonus for opening any account, credit card included.