New Wealthsimple Visa Infinite Credit Card Launches

Wealthsimple has officially launched the Wealthsimple Visa Infinite Credit Card, marking the fintech company's entry into the premium credit card segment. The card, issued in partnership with Peoples Trust, carries a $99 annual fee and is designed to integrate tightly with Wealthsimple's investment and cash account products.

The card's headline feature is its rewards structure, which deposits cash back directly into the cardholder's Wealthsimple investment account. The earn rates are 3 percent on dining and food delivery, 2 percent on groceries and transit, and 1 percent on all other purchases. Cash back is credited monthly and automatically invested according to the cardholder's chosen portfolio allocation, whether that is a managed portfolio, self-directed stocks, or crypto holdings.

This auto-invest rewards model sets the Wealthsimple card apart from traditional cash back cards, which typically issue statement credits or cheques. By funnelling rewards directly into investments, Wealthsimple is betting that its target demographic of younger, financially engaged Canadians will see long-term compound growth as more compelling than a simple discount on their credit card bill.

The Visa Infinite tier provides a baseline of benefits including purchase protection, extended warranty, travel emergency medical insurance up to $1 million, and rental car collision damage coverage. Wealthsimple has added several proprietary perks on top, including fee-free USD spending with no foreign transaction fees, priority customer support, and access to higher interest rates on the Wealthsimple Cash account.

The zero foreign transaction fee is a standout feature at the $99 price point. Among Canadian Visa Infinite cards, foreign transaction fee waivers are typically reserved for cards with annual fees of $150 or more. Wealthsimple's ability to offer this benefit at a lower price point is likely subsidized by the broader relationship economics of keeping customers within its platform.

The card also introduces a referral program where both the referrer and the new cardholder receive a $50 bonus deposited into their investment accounts. This mirrors the referral mechanics that Wealthsimple has used successfully to grow its brokerage and cash account user base.

Application is available through the Wealthsimple app and website, with approval decisions typically delivered within minutes. The card requires a minimum personal income of $60,000 or household income of $100,000, consistent with Visa Infinite eligibility standards. Existing Wealthsimple Cash Card holders can upgrade to the Visa Infinite product through the app.

Early reviews from the Canadian credit card community have been largely positive, with particular praise for the auto-invest feature and the competitive earn rates. Some observers have noted that the 1 percent base rate is standard and not particularly differentiated, but the higher-tier categories are competitive with cards from major banks.

Wealthsimple CEO Michael Savoy described the credit card as a natural extension of the company's mission to make financial tools accessible and integrated. The card represents Wealthsimple's most ambitious product launch since its entry into the Canadian market and positions the company as a full-service financial platform competing directly with traditional banks.

The launch comes at a time when several Canadian fintechs are expanding into credit products. Neo Financial, KOHO, and Brim Financial have all introduced credit cards in recent years, but the Wealthsimple Visa Infinite is the first from a fintech to reach the Visa Infinite tier, signaling a new level of competitive intensity in the market.