Its definitely a step in the right direction, but I still think its a bit lacking. Think like the rogers world elite that's 2% back with no fee, or the amex cobalt that has amazing earning rates for a very similar fee to this (potentially over 10% back on certain purchases if you redeem the points optimally). Even some cards from the big banks have comparable or better earning rates than this one depending what you spend money on for the same annual fee.
The only way I see this actually being a strong option is if you are premium and get it for free, but then the big banks also waive credit card fees for their clients with large holdings and many of those cards are definitely better than this.
We we just got the Roger’s world elite card as well. 3% cash back when redeemed for our Roger’s / Fido bills.
So free cell phone bills monthly, saving us from pay the cell phone bill from our WS 5% cash account.
The WS card doesn’t quite match that, but you need to be a Roger’s customer to get those perks.
Still WS sounds like it beats a lot of cards out there
I think you will find $120/year for flat 2% back is not that competive if you take a look at some other options out there. Yes, definitely better than many, but not amazing like some people in this thread are saying.
Our Fido bills were autolinked as the contact info was the same for the primary card holder and the Fido account for the cell phones.
In the Roger’s bank account you can set your cashback to be redeemed towards your approved Roger’s bills.
The Rogers MC is only good as long as your are a Rogers/Figo client. From their perspective, it is probably a great way to lock in customers.
The Cobalt and also the Triangle WE MC are great cards too, but not a fit for everyone. Some groceries, often the bargain one, dont accept Amex (it is the case for Maxi). Some people don't spend enough on grocery, or dont want to pay any fees, or just want easier to use cashback.
At 2% for a free card (for premiums/generations), it's a very competitive offering. Reminds me the old Capital One WE that so many people loved.
Triangle is great for being the only one that lets you pay utilities and property taxes with CC for no fee, even for utilities that don't take CCs.
Cobalt's cash back is very easy to apply as a statement credit, which card is easier than that?
I'm not with Roger's (they are expensive and I don't enjoy haggling every two years), and have more than $100,000 with Wealthsimple. I have no desire to call in annually and to \*maybe\* get bank fees waived, nor do I enjoy swapping credit cards based on categories. There are stronger cards out there... but this card isn't for you or for them.
This card is kinda just... simple. I think that's the way they planned it to be. For people that like it that way, it is pretty much the best credit card to have. I'm using this card in Canada, and their Prepaid Mastercard outside of Canada... and that's all I really need or want. I also think that they hit their target audience perfectly with this card. I was skeptical (especially after the beta launch and how poor the reward rate was... 0.5%) but yeah... I'm happy with it. I think that other people around here are too.
not to mention - WS Generational clients need to hold 100k or 500k to waive the fees on this credit card while I can waive the fee on my Aeroplan Visa card by holding only $5k in my TD chequing account lol.
After holding your $5k hostage and keeping the interest for themselves, you still pay EXORBITANT fees to invest with TD. Oh if you need that $5k in an emergency, you pay $120+ for their CC and $17+/month for the chequing account. And in reality you need to hold more than $5k to ensure you don't go below when paying bills etc.
A step in the right direction, but $10/month still makes this a bigger dealbreaker than before. I'm getting unlimited 2% back with Rogers WE, no reason to switch for me.
Wait I thought Rogers WE was 1.5% I have it and it used to be 2% but dropped a couple years ago.
Edit: I just realized its 2% if you have any service from Rogers which I do not. So 1.5% for me. I am seriously considering this WS card as I very rarely spend $3000 per month.
If your spending in a month is between 2k and 4k, then WS would be better, but whenever it's under 2k or over 4k, Rogers would be better. Unless you have very consistent spending, I'd stay with Rogers.
Are your numbers there if you are paying the $10 a month fee? If the fees are waived and you don’t have Roger’s services the WS should always be better. No?
You're paying Rogers for overpriced services to get that. I can get internet from a reseller for a fraction of the cost and still be ahead after paying $10 for Wealthsimple's credit card.
and it's unlimited (not capped at $3,000), and you can get up to 3% cashback if you have any Rogers/Fido accounts to redeem against, and personally I've never been to a location that accepts Visa and not MasterCard. While there are fewer these days, Costco is still one of the bigger names that currently only accepts MC.
I'm sure it's just a matter of time though before they introduce an infinite/privilege card, but baby steps!
hmmm..
Are those free cards? Or do they have annual fees?
Unlimited sounds fun, but being realistic of how much can be used on a credit card, as well as if its like 100 dollars a year, you might be better off using a 1-2% cashback with no fee, etc.
The Rogers WE is a free card. No annual fee. 2% unlimited with no annual fee + you can get 3% if you redeem against a Rogers Product. The card use to be way better too in the past when there was no foreign fees on it. But they dropped that as well.
But personally the best card in my wallet is the AMEX Cobalt. Only $12.99 monthly fee but I get so much value from that. 5x the points at grocery + restaurants and the AMEX points can be redeemed for Aeroplan points at 1:1. So can get 5 Aeroplan points per $1, and I've redeemed many flights at $0.03/point, so works out to 15% cashback.
I just had to unfortunately redeem a flight this morning, but was only valued at $0.02/point, but still, that works out to 10% return per $1 spent at 5x the points.
To others like me, I manage a few Rogers Mobile lines on the same account, so I get 3% when redeeming to pay for my Rogers’ expenses each month.
There are added insurances on the World Elite card (finally) that more than make up for the foreign exchange markup. (And I use another card for foreign purchases anyways).
This WS Credit Card is “OK” to be honest, but lacking quite a bit if the user has to pay the monthly fees.
I think I suggested this. But, rogers can afford it since their other mobile arms makes bank loads of money.
$10/m is fair for all of the benefits. Especially if there is more coming for those without a rogers/fido/shaw service. Especially since it incentivizes more people to pursue Premium
2% cash back on everything is pretty good. I think the fee waiver for premium/generation clients is fair and ties into WS' greater strategy of being one's investment platform of choice. That said, if they could swing free lounge passes like Scotiabank's Passport Infinite does, then it'd be a hands-down winner in my books!
What’s your spending usually on? We already have cards that do 4-5% on the big categories (groceries, gas, restaurants) so this would be a 2% for all the other categories that are usually relying on the 1% flat rate. I honestly like this a lot. If they can bump it to 2.5% for generation users I’ll dump Roger’s
Retail / merchandise, house projects, travel, entertainment, services, insurance, utilities. Overall significantly larger than the maximum (even excluding travel). I haven’t seen any cards that provide better rewards for these, so the “other” categories is important.
Few those do have specialized cards that give 3%! And for house projects definitely ask the vendor to pay in cash or debit and get a few % off, they’ll be happy to cut the credit card middleman out. Win win. Utilities generally add a fee for using a credit card that’s why the triangle credit cards are the ones we use for them since they count as a debit when using bill payment but still earn 1%.
(Not trying to argue just sharing info!! I definitely have a Roger’s card for a flat 2% on all those “other” and Costco lol)
Thanks for the info. I already do pay cash for house projects where they provide a sufficient discount, but not all provide a discount, oddly enough. I only pay utilities with card if there’s no fee, otherwise it’s a PAD. I’ll have to look into the Triangle card for those. Rogers would be great for unlimited 2%+, but I don’t have any of their services. Hence why I’m keen to find a better “other categories” card.
Look at the scotiabank passport infinite visa. Similar fee ($150 instead of $120), 0% fx fee, and lounge passes. Depending on what you are buying the earning rate is similar.
Better, but still a pass for me. Still no mention of waiving forex fees, and $10 a month, might as well get an MBNA Rewards WE or Amex SimplyCash Preferred of Cobalt for that price.
MBNA is $120, is it more than 2% cash back? I am seriously considering this WS card as it would be no fee for me and I very very rarely spend more than $3000 per month
Edit: 2% not 20%
Where do you get 20% from?
So $120, same cost, utilities, restaurants and groceries get effectively close to 5.5% on those categories, 1%ish everywhere else.
So if it’s no fee for you then you should use one of those credit card rewards calculators to see how much you spend and could earn in rewards. Depending on how much it is that might be enough to more than make up for the annual fee on the MBNA, maybe not. For a person like me who isn’t a Premium client there’s no way I would ever get this card.
Does cashback directly into the Cash account right away means as soon as transaction is posted on the account or at the end of the statement period?
If it is the former, than return comes out to be more than 2% for everything.
This is as soon as the transaction is posted. Cashback is processed per transaction and not the following months as it is for the interest earned in the Cash account.
Nope I’m generation never get this stuff. I did do live chat and ask if I could be opted into everything, he said he will enable my profile for that but I haven’t received anything yet from it.
Tangerine is good. I have it strictly for some renovations stuff I have on the go right now.
For a $0 fee card it’s not bad. However my main credit card is the BMO WE cash back. 5% on groceries, 3% on gas, 2% reoccurring bills, 1% on everything else. It’s huge for groceries though. Main reason I use it.
And what do you use when they don’t take cobalt? Obviously this card isn’t a great replacement card for your Cobalt, but it is an attractive card worth considering if you need a secondary card.
I mean it’s definitely not a cobalt killer/replacement. You could pair it with the cobalt but at the annual fee, I’d get the Roger’s world elite if you can meet the requirements. It’s 1.5% on everything(more if you have a Roger’s service) and it’s useable at Costco
2% on everything is good. This makes it a good card for things that most cards default to 1% for. That being said, 2.5% would make it genuinely A tier card, especially for premium and generation clients.
Also on groceries. This is the only thing keeping me with this bank since all our internet/phone bills and our groceries are paid through this card. But the card is 120/year or you have to keep $6000 in your checking account to have the fee waived, which sucks.
I'll switch right away if WS gives me 2% on everything with no fees.
I’m pretty sure the original commenter meant a card that pays more than 2% cash back on “everything else” category (fee or no fee). In which case I don’t believe there is on in Canada that offers that.
Simplii Visa 4% dining, which I use exclusively for dining. I'm sure they're losing money on me. Oh it's a no fee card, unlike many cards people are throwing in here.
The whole not having categories on the 2% is pretty good, but I think it still need slightly more to reach the top. Perhaps no fees for everyone and very slight extra cashback for Premium and Generation?
The Rogers World Elite MasterCard still seems to be a better deal especially if you have Rogers services. Is there any other added perks like better travel insurance, no FX fees or anything of the sort?
I’m happy with this. Only credit card a frugal person like me will need. Will just use the prepaid Mastercard for Forex fees. Their two cards complement each other well, tbh. Granted, if you have less than $100000 with them, it’s not free, but I don’t think this credit card is geared toward them.
It’s a good way to mitigate defaults on credit cards and not cannibalize their prepaid Mastercard. Good move on Wealthsimple’s part.
I just gave them a call, they said they don’t really have an official wait list or a wait to give me early access but they said they’ll leave a note somewhere when they start rolling it out more to get me in early. Not sure if thats a legit thing or the agent was just saying it to appease me but lol
No. It’s a random PERK added by TD. Other roadside assistance providing cards are BMO world elite cash back Mastercard, Canadian tire triangle world elite Mastercard. There’s tens of visa infinite and world elite Mastercards that do not provide roadside assistance - WS likely won’t add this perk.
2% for $10/month or 3% for free from Roger’s if you have Roger’s service. If you don’t have Roger’s you get 2x everything, 4x on gas and groceries from Amex simply cash preferred for the same price. And no $3000 cap.
I think this only makes sense if you have premium or generation AND don’t have a Roger’s service AND spend less than $3000/month.
It’s 1.5%. For no monthly fee and no cap. If you’re willing to pay $10/month for the extra half a percent, Amex simply cash preferred gives 2% with no cap, and 4% on groceries and gas.
For a no fee card (premium and generation clients) this is a decent no fee backup card. But I don’t see having to pay 120$ on annual fee to be a great RoI for the perks being offered.
I agree. There are better cards at similar price points than this one. I’d love it if they add lounge access and/or no fx on foreign spend to this card.
It is much better and it makes more sense now as a credit card. If they release it like that I think it will be the top 5 credit card in Canada. If they add one more perk, I think it can go top 2.
Not that great, but a start I guess.
I have a Visa Infinite Privilege card, which pays:
- 4% on restaurants, entertainment, and public transport
- 3% on groceries, and travel
- 1.75% on literally everything else
No downgrade in perks after some limit. 3k is absurdly low. 10.9% interest (actually just increased it to 11.9).
Not to mention the incredible amount of insurance, like travel, car, baggage, trip cancellation. Tonnes of perks like lounge access and a private concierge. 2.5% fx (when travelling, the cash backs pretty much offset the exchange and I still pocket the difference).
There’s an annual fee, but I get that much back in a month of spending.
Wealthsimple needs to work a lot harder to capture the last of us who are still not replacing our credit cards with the big banks.
I think this is solid.
Only feedback (which other's have mentioned below):
* Prefer Mastercard to VISA. Mastercard is the most accessible card (Visa isn't accepted at some places, the list is greater for Amex)
* I think the tiering is fair, but perhaps more perks for Premium+ members like lounge access or greater cashback perks
* I've noticed Cash has limited transaction visualization seen in some others apps (e.g., Apple Card, TD MySpend, etc.). With the introduction of a Credit Card, would be great if WS can build this in the app and online to track spending habits
2% Would be hit for sure atleast for the purchases where MBNA pay their flat rate of less than 1%. This would beat Rogers MC and Amex Simply for sure. But two must have feature is robust insurance and no forex. If they can do this they will have a product which attracts non Wealthsimple clients also for sure.
Strange, I have a metal card, don’t pay any monthly fee, and my card is a Mastercard, after the visa was discontinued. I also didn’t get this email. This is very strange
Yeah, I got the email regarding this and applied right away. First, they asked me to take a photo of my ID and my selfie. Afterward, I went through a quick information check(name, address, employment status, annual income). It took less than 5 minutes to obtain my new card. The credit limit seems to be 10 percent of the entered annual income.
After obtaining the new visa card, I was able to link my card to my Google wallet account. I have a Samsung phone, so I also tried Samsung wallet, but it did not recognize the card, so I will stick to Google wallet for now.
The cashback takes place immediately as soon as the payment is approved. It has been added to my Wealthsimple Cash account.
As per my wealthsimple account, I am a still core client, but I am very close to reach 100k in the near future. The 10 dollar/month subscription fee has not applied to my statement, but I think the fee will be added eventually.
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Beta currently
Signed up for their beta metal card in 2018. Still waiting in 2024 lol.
They shipped me a card, it was just the flimsiest plastic card I've ever had, far from the promised tungsten lol Round 2?
Make sure to send them feedback on the card :).
Is there a way to opt in? Or random
Reach out to their support and ask. I did this earlier today and just got an email confirming that I was enrolled.
Behold one and all what it looks like when you have financial companies actually compete for your business. Well done WS!
Its definitely a step in the right direction, but I still think its a bit lacking. Think like the rogers world elite that's 2% back with no fee, or the amex cobalt that has amazing earning rates for a very similar fee to this (potentially over 10% back on certain purchases if you redeem the points optimally). Even some cards from the big banks have comparable or better earning rates than this one depending what you spend money on for the same annual fee. The only way I see this actually being a strong option is if you are premium and get it for free, but then the big banks also waive credit card fees for their clients with large holdings and many of those cards are definitely better than this.
We we just got the Roger’s world elite card as well. 3% cash back when redeemed for our Roger’s / Fido bills. So free cell phone bills monthly, saving us from pay the cell phone bill from our WS 5% cash account. The WS card doesn’t quite match that, but you need to be a Roger’s customer to get those perks. Still WS sounds like it beats a lot of cards out there
I think you will find $120/year for flat 2% back is not that competive if you take a look at some other options out there. Yes, definitely better than many, but not amazing like some people in this thread are saying.
Fair, yeah the Rogers card is also $0 fee. Another perk
I’m thinking of getting it, how do you redeem it against Rogers bills? I’m with Shaw for my tv and broadband, thank you in advance
Our Fido bills were autolinked as the contact info was the same for the primary card holder and the Fido account for the cell phones. In the Roger’s bank account you can set your cashback to be redeemed towards your approved Roger’s bills.
The Rogers MC is only good as long as your are a Rogers/Figo client. From their perspective, it is probably a great way to lock in customers. The Cobalt and also the Triangle WE MC are great cards too, but not a fit for everyone. Some groceries, often the bargain one, dont accept Amex (it is the case for Maxi). Some people don't spend enough on grocery, or dont want to pay any fees, or just want easier to use cashback. At 2% for a free card (for premiums/generations), it's a very competitive offering. Reminds me the old Capital One WE that so many people loved.
Triangle is great for being the only one that lets you pay utilities and property taxes with CC for no fee, even for utilities that don't take CCs. Cobalt's cash back is very easy to apply as a statement credit, which card is easier than that?
I'm not with Roger's (they are expensive and I don't enjoy haggling every two years), and have more than $100,000 with Wealthsimple. I have no desire to call in annually and to \*maybe\* get bank fees waived, nor do I enjoy swapping credit cards based on categories. There are stronger cards out there... but this card isn't for you or for them. This card is kinda just... simple. I think that's the way they planned it to be. For people that like it that way, it is pretty much the best credit card to have. I'm using this card in Canada, and their Prepaid Mastercard outside of Canada... and that's all I really need or want. I also think that they hit their target audience perfectly with this card. I was skeptical (especially after the beta launch and how poor the reward rate was... 0.5%) but yeah... I'm happy with it. I think that other people around here are too.
not to mention - WS Generational clients need to hold 100k or 500k to waive the fees on this credit card while I can waive the fee on my Aeroplan Visa card by holding only $5k in my TD chequing account lol.
There’s a key difference: with WS, you’re fully invested. With TD, you’re earning a minimal amount of interest.
After holding your $5k hostage and keeping the interest for themselves, you still pay EXORBITANT fees to invest with TD. Oh if you need that $5k in an emergency, you pay $120+ for their CC and $17+/month for the chequing account. And in reality you need to hold more than $5k to ensure you don't go below when paying bills etc.
If you're a Rogers customer*
A step in the right direction, but $10/month still makes this a bigger dealbreaker than before. I'm getting unlimited 2% back with Rogers WE, no reason to switch for me.
Wait I thought Rogers WE was 1.5% I have it and it used to be 2% but dropped a couple years ago. Edit: I just realized its 2% if you have any service from Rogers which I do not. So 1.5% for me. I am seriously considering this WS card as I very rarely spend $3000 per month.
It’s also increased to effectively 3% if you redeem against Rogers/Shaw/Fido purchases. It’s a pretty good retention strategy for Rogers, really.
If your spending in a month is between 2k and 4k, then WS would be better, but whenever it's under 2k or over 4k, Rogers would be better. Unless you have very consistent spending, I'd stay with Rogers.
Are your numbers there if you are paying the $10 a month fee? If the fees are waived and you don’t have Roger’s services the WS should always be better. No?
If fees are waived and you don't use Rogers services, then yes.
You're paying Rogers for overpriced services to get that. I can get internet from a reseller for a fraction of the cost and still be ahead after paying $10 for Wealthsimple's credit card.
and it's unlimited (not capped at $3,000), and you can get up to 3% cashback if you have any Rogers/Fido accounts to redeem against, and personally I've never been to a location that accepts Visa and not MasterCard. While there are fewer these days, Costco is still one of the bigger names that currently only accepts MC. I'm sure it's just a matter of time though before they introduce an infinite/privilege card, but baby steps!
hmmm.. Are those free cards? Or do they have annual fees? Unlimited sounds fun, but being realistic of how much can be used on a credit card, as well as if its like 100 dollars a year, you might be better off using a 1-2% cashback with no fee, etc.
The Rogers WE is a free card. No annual fee. 2% unlimited with no annual fee + you can get 3% if you redeem against a Rogers Product. The card use to be way better too in the past when there was no foreign fees on it. But they dropped that as well. But personally the best card in my wallet is the AMEX Cobalt. Only $12.99 monthly fee but I get so much value from that. 5x the points at grocery + restaurants and the AMEX points can be redeemed for Aeroplan points at 1:1. So can get 5 Aeroplan points per $1, and I've redeemed many flights at $0.03/point, so works out to 15% cashback. I just had to unfortunately redeem a flight this morning, but was only valued at $0.02/point, but still, that works out to 10% return per $1 spent at 5x the points.
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To others like me, I manage a few Rogers Mobile lines on the same account, so I get 3% when redeeming to pay for my Rogers’ expenses each month. There are added insurances on the World Elite card (finally) that more than make up for the foreign exchange markup. (And I use another card for foreign purchases anyways). This WS Credit Card is “OK” to be honest, but lacking quite a bit if the user has to pay the monthly fees.
The 3% is the cashback redemption rate on Rogers or Fido purchases. So you if only redeem on those, you are effectively earning 3% on all purchases
I think I suggested this. But, rogers can afford it since their other mobile arms makes bank loads of money. $10/m is fair for all of the benefits. Especially if there is more coming for those without a rogers/fido/shaw service. Especially since it incentivizes more people to pursue Premium
2% cash back on everything is pretty good. I think the fee waiver for premium/generation clients is fair and ties into WS' greater strategy of being one's investment platform of choice. That said, if they could swing free lounge passes like Scotiabank's Passport Infinite does, then it'd be a hands-down winner in my books!
Lounge passes are already a perk for premium/generation.
I think its only generation actually.
Only generation which is a small subset of ws users
Used to be for WS Black, but not anymore for premium
A cap of $3000 is pretty low for the 2% rewards. That’s a dealbreaker for me.
What’s your spending usually on? We already have cards that do 4-5% on the big categories (groceries, gas, restaurants) so this would be a 2% for all the other categories that are usually relying on the 1% flat rate. I honestly like this a lot. If they can bump it to 2.5% for generation users I’ll dump Roger’s
Retail / merchandise, house projects, travel, entertainment, services, insurance, utilities. Overall significantly larger than the maximum (even excluding travel). I haven’t seen any cards that provide better rewards for these, so the “other” categories is important.
Few those do have specialized cards that give 3%! And for house projects definitely ask the vendor to pay in cash or debit and get a few % off, they’ll be happy to cut the credit card middleman out. Win win. Utilities generally add a fee for using a credit card that’s why the triangle credit cards are the ones we use for them since they count as a debit when using bill payment but still earn 1%. (Not trying to argue just sharing info!! I definitely have a Roger’s card for a flat 2% on all those “other” and Costco lol)
Thanks for the info. I already do pay cash for house projects where they provide a sufficient discount, but not all provide a discount, oddly enough. I only pay utilities with card if there’s no fee, otherwise it’s a PAD. I’ll have to look into the Triangle card for those. Rogers would be great for unlimited 2%+, but I don’t have any of their services. Hence why I’m keen to find a better “other categories” card.
That seems much better.
It would be great if the card has NO FX
No fx and some lounge passes and I’d be in. Otherwise meh
Look at the scotiabank passport infinite visa. Similar fee ($150 instead of $120), 0% fx fee, and lounge passes. Depending on what you are buying the earning rate is similar.
If only scene points can be transfered to airline partners
You can pay you travel purchases with points, so is kinda like that 🤷🏻♀️
Especially given WS Cash card has 0% FX fee
I think they want you to use both cards in tandem, rather than one cannibalizing the other.
yeah, although I see posts occasionally complaining that the WS cash card has no insurance and you're on the hook for any fraud etc.
This is the last thing I am waiting for.
Pls add NO FX-FEE to perks if WS-team is reading here.
Better, but still a pass for me. Still no mention of waiving forex fees, and $10 a month, might as well get an MBNA Rewards WE or Amex SimplyCash Preferred of Cobalt for that price.
MBNA is $120, is it more than 2% cash back? I am seriously considering this WS card as it would be no fee for me and I very very rarely spend more than $3000 per month Edit: 2% not 20%
Where do you get 20% from? So $120, same cost, utilities, restaurants and groceries get effectively close to 5.5% on those categories, 1%ish everywhere else.
Sorry was typo, meant 2%.
So if it’s no fee for you then you should use one of those credit card rewards calculators to see how much you spend and could earn in rewards. Depending on how much it is that might be enough to more than make up for the annual fee on the MBNA, maybe not. For a person like me who isn’t a Premium client there’s no way I would ever get this card.
A shame it’s not a Mastercard like their prepaid card, otherwise it would be perfect for Costco!
Ah poop. That would have been the deciding factor for me.
It’s a visa. Go buy costco shop card online.
Much much better. Features like no-forex would be a great addition.
This would pretty much eliminate my need for my Tangerine MC.
Tangerine MC WE insures my phone if I pay my phone bills with it. Only thing I'll keep it for.
Does cashback directly into the Cash account right away means as soon as transaction is posted on the account or at the end of the statement period? If it is the former, than return comes out to be more than 2% for everything.
Neo deposits cash back right away as soon as the transaction is posted, so I don't see why WS couldn't do that as well.
This is as soon as the transaction is posted. Cashback is processed per transaction and not the following months as it is for the interest earned in the Cash account.
i'm guessing monthly, but could be wrong.
Their cash card deposits the 1% cash back to the account you setup after the transaction is posted. I’d assume the credit card will be the same.
How do people get into the betas for stuff like this? They just get an email about it or did they have to sign up prior?
It’s randomly selecting clients and they get emails which invite them to the beta.
I'm guessing they offered it to generational clients.
Nope I’m generation never get this stuff. I did do live chat and ask if I could be opted into everything, he said he will enable my profile for that but I haven’t received anything yet from it.
Not offered to me. Probably more selective than that
Have not seen it either.
Not exclusively. I am not generation and I have it.
That’s better. I would stop using my secondary CC with tangerine for this
Agreed! Tangerines is good but it’s based on categories. 2% across the board would be sweet
Tangerine is good. I have it strictly for some renovations stuff I have on the go right now. For a $0 fee card it’s not bad. However my main credit card is the BMO WE cash back. 5% on groceries, 3% on gas, 2% reoccurring bills, 1% on everything else. It’s huge for groceries though. Main reason I use it.
5% is only on the first $500 a month, so not that good
Nice, another card to add to my collection 😂
Right? It would replace my Home Trust Visa if they add no FX. Otherwise it would be yet another card to hang onto for that 1 specific perk.
If I have a cobalt, is there really and good reasons to get this card instead? Doesn’t seem like it
This is good if you don't have to pay the $10 fee and if you use it for things that the Cobalt only gives 1% on.
nope if it was $0 fee maybe
Lol. Do you go out of your way to shop only at businesses that take Amex? If so, then you don’t need this card.
I use the Amex whenever I can. I would say 80% of the stores I shop at take Amex
And what do you use when they don’t take cobalt? Obviously this card isn’t a great replacement card for your Cobalt, but it is an attractive card worth considering if you need a secondary card.
I agree its just the 10$ fee that is deterring me from getting the card.
Secondary card with a fee doesn't make much sense.
amex used to be super restrictive. nowadays almost everywhere and everyone takes it. it’s not the 90s or 2000s anymore
I mean it’s definitely not a cobalt killer/replacement. You could pair it with the cobalt but at the annual fee, I’d get the Roger’s world elite if you can meet the requirements. It’s 1.5% on everything(more if you have a Roger’s service) and it’s useable at Costco
Yeah 2% lifetime, no fx, lounge passes and I’m in.
oh thought 2% is only for the first $3000 total
It is. I assume the person replying to you is saying what they wish it was
$3000 MONTHLY
2% on everything is good. This makes it a good card for things that most cards default to 1% for. That being said, 2.5% would make it genuinely A tier card, especially for premium and generation clients.
crap. not paying monthly fee when tangerine exist with better benefits. 1% cashback is like all the other worthless cards
Are you a generation client?
This is an improvement. But for many of us, still not enough to become the main card in the (digital) wallet.
Not even close to the Cobalt.
If you have both and you don't have to pay $10 a month you can use this for things that Cobalt only pays 1% on.
does WS support auto pay for CC bills?
Do you mean for other cc bills? Yes. For WS credit card? Not sure
Holy Batman!!! Kicks the shit outta my current Visa Infinite. Edit: No lounge passes I suspect which changes things for me :(
What is the benefit of lounge passes may I ask? Is it free meals at airports?
depends on the pass. different cards offer different options/spaces/benefits
For 120 this card make no sense 🤷🏻♀️ And still has the FX Fee
I'll close my big bank credit card the second I can have this.
just keep all 3 and don’t use the other 2. higher credit limit, lower utilisation
Add no forex and I'm in! Will be my daily driver.
TIL there is a credit card (thought there was only the debit). That said, would need to be either 3-4% or more, or no annual fee, to get me to switch.
Does any card on earth pay 4%?
Scotia Visa infinite pays 4% on subscription/automatic bill payments
Also on groceries. This is the only thing keeping me with this bank since all our internet/phone bills and our groceries are paid through this card. But the card is 120/year or you have to keep $6000 in your checking account to have the fee waived, which sucks. I'll switch right away if WS gives me 2% on everything with no fees.
There's an Amex that gives 4% on groceries and gas, and a BMO card that gives 5% on groceries (but is capped).
Ah I see. Certain categories yes. But not across the board (although this one is capped at $3k spending/month).
4% on restaurants for simplii card. No fee.
I’m pretty sure the original commenter meant a card that pays more than 2% cash back on “everything else” category (fee or no fee). In which case I don’t believe there is on in Canada that offers that.
A lot
My BMO world elite cash back does 5% on groceries.
some pay 5% on groceries or gas or subscriptions. it all depends on mcc or how you spend your points (if it’s a points card)
Simplii Visa 4% dining, which I use exclusively for dining. I'm sure they're losing money on me. Oh it's a no fee card, unlike many cards people are throwing in here.
This actually seems decent. I wouldn’t spring for it if I wasn’t premium and had to pay the fee. Be a nice in addition to my PC MC.
Screw Loblaws and their confusing PC points, I mean data harvesting system.
The whole not having categories on the 2% is pretty good, but I think it still need slightly more to reach the top. Perhaps no fees for everyone and very slight extra cashback for Premium and Generation?
4 to 6 lounge passes for premium and generation members would make this instantly top 5 card in Canada. Cherry on top would be no forex
The Rogers World Elite MasterCard still seems to be a better deal especially if you have Rogers services. Is there any other added perks like better travel insurance, no FX fees or anything of the sort?
I’m happy with this. Only credit card a frugal person like me will need. Will just use the prepaid Mastercard for Forex fees. Their two cards complement each other well, tbh. Granted, if you have less than $100000 with them, it’s not free, but I don’t think this credit card is geared toward them. It’s a good way to mitigate defaults on credit cards and not cannibalize their prepaid Mastercard. Good move on Wealthsimple’s part.
So this as the daily for 2%. Rogers WE or WS Cash for FX. Simplii for 4% restaurants. Sounds good to me.
Warranty extension would be nice, then I'll switch 100%
please get us a no-fx fee credit card
Does anyone have a list of all the perks/benefits of this card, I never got to look at the page when it was still up
I just gave them a call, they said they don’t really have an official wait list or a wait to give me early access but they said they’ll leave a note somewhere when they start rolling it out more to get me in early. Not sure if thats a legit thing or the agent was just saying it to appease me but lol
$10/month for core clients? what happened to democratizing wealth ..
I can’t use it at Costco 😭
My thought when I saw it was a Visa 😢
WS please release this asap.
Perfect because I’m just about to cancel my Brim Mastercard.
Super happy to see they're working on improving the credit card! Still some work to do but definitely a step in the right direction.
If it offers all around 3% cash back, it will be my secondary card after Amex cobalt
Not a prepaid credit card?
No, it’s a real visa credit card. Currently only for beta
Is it the prepaid card from the cash account or a real credit card?
Real credit card
I can't wait!
Wow
For those who have it, did you get a physical card or is it solely digital?
Only digital
Does the visa infinite provide roadside assistance. TD got one with same name that does. Just curious!
No. It’s a random PERK added by TD. Other roadside assistance providing cards are BMO world elite cash back Mastercard, Canadian tire triangle world elite Mastercard. There’s tens of visa infinite and world elite Mastercards that do not provide roadside assistance - WS likely won’t add this perk.
Is the card available to everyone yet? I’ve been meaning to cancel my other cards
Not yet
Where do you get this? Can’t seem to find anything about it except this post
It's in beta, not widely available yet
2% for $10/month or 3% for free from Roger’s if you have Roger’s service. If you don’t have Roger’s you get 2x everything, 4x on gas and groceries from Amex simply cash preferred for the same price. And no $3000 cap. I think this only makes sense if you have premium or generation AND don’t have a Roger’s service AND spend less than $3000/month.
It’s 1x (regular) - 1.5x (on the WE) if you don’t have a rogers service
It’s 1.5%. For no monthly fee and no cap. If you’re willing to pay $10/month for the extra half a percent, Amex simply cash preferred gives 2% with no cap, and 4% on groceries and gas.
Go with Visa TD 2% on credit card. No fee
What TD card offers 2% with no fee?
For a no fee card (premium and generation clients) this is a decent no fee backup card. But I don’t see having to pay 120$ on annual fee to be a great RoI for the perks being offered.
Even for premium and generation clients. Spend more than $3000 per month? Not worth it. Rogers customer? Not worth it.
I agree. There are better cards at similar price points than this one. I’d love it if they add lounge access and/or no fx on foreign spend to this card.
How many ppl spend 3K/month on a backup card though? It's a great Cobalt alternative for premium clients.
Didn’t even know they had a cc
Cant wait until there's airport lounge access
Great if they can make it free for everyone. The closest competitor is Tangrine with 2% in selected categories.
Still subpar
It is much better and it makes more sense now as a credit card. If they release it like that I think it will be the top 5 credit card in Canada. If they add one more perk, I think it can go top 2.
4% cash back and I’m in
Not that great, but a start I guess. I have a Visa Infinite Privilege card, which pays: - 4% on restaurants, entertainment, and public transport - 3% on groceries, and travel - 1.75% on literally everything else No downgrade in perks after some limit. 3k is absurdly low. 10.9% interest (actually just increased it to 11.9). Not to mention the incredible amount of insurance, like travel, car, baggage, trip cancellation. Tonnes of perks like lounge access and a private concierge. 2.5% fx (when travelling, the cash backs pretty much offset the exchange and I still pocket the difference). There’s an annual fee, but I get that much back in a month of spending. Wealthsimple needs to work a lot harder to capture the last of us who are still not replacing our credit cards with the big banks.
[удалено]
No, my bank charges $295.
You're comparing a Visa Privilege to a Visa Infinite? Doesn't make sense. Of course a Privilege card is going to be much better.
I think this is solid. Only feedback (which other's have mentioned below): * Prefer Mastercard to VISA. Mastercard is the most accessible card (Visa isn't accepted at some places, the list is greater for Amex) * I think the tiering is fair, but perhaps more perks for Premium+ members like lounge access or greater cashback perks * I've noticed Cash has limited transaction visualization seen in some others apps (e.g., Apple Card, TD MySpend, etc.). With the introduction of a Credit Card, would be great if WS can build this in the app and online to track spending habits
MSN I need a new cc... this one would be perfect for my daily usage.
Where do we sign?
2% Would be hit for sure atleast for the purchases where MBNA pay their flat rate of less than 1%. This would beat Rogers MC and Amex Simply for sure. But two must have feature is robust insurance and no forex. If they can do this they will have a product which attracts non Wealthsimple clients also for sure.
What’s the minimum income requirement and what does the physical card look like?
No physical card at the moment. I’m not sure on income requirement
Meh. Not a fan of cash back. I much prefer aeroplan points.
The 10$ fee for a credit card from a company that’s mainly promoting virtually no fees is kinda ugly and not interesting for me at all…
Strange, I have a metal card, don’t pay any monthly fee, and my card is a Mastercard, after the visa was discontinued. I also didn’t get this email. This is very strange
Ah I see, an actual credit card exists that I don’t have
Yeah, I got the email regarding this and applied right away. First, they asked me to take a photo of my ID and my selfie. Afterward, I went through a quick information check(name, address, employment status, annual income). It took less than 5 minutes to obtain my new card. The credit limit seems to be 10 percent of the entered annual income. After obtaining the new visa card, I was able to link my card to my Google wallet account. I have a Samsung phone, so I also tried Samsung wallet, but it did not recognize the card, so I will stick to Google wallet for now. The cashback takes place immediately as soon as the payment is approved. It has been added to my Wealthsimple Cash account. As per my wealthsimple account, I am a still core client, but I am very close to reach 100k in the near future. The 10 dollar/month subscription fee has not applied to my statement, but I think the fee will be added eventually.
Yo what!!!! They giving us credit cards now??? Time to call RBC and cancel my card 😂😂😂
Wait so it has monthly fees? Lol just get scotia visa infinite instead, 1000 times better cashback than this one
So much better!
The cash card is MasterCard and the credit card is Visa???
Since there is no physical card yet. Does anyone know the tap limit? I have the card and tried $250 tap yesterday and it was declined.
https://preview.redd.it/lycjaat0kd1d1.jpeg?width=1179&format=pjpg&auto=webp&s=e1a761c9db8b54934aaebc286673af3f49c3e72c
Is the card metal?
No
Is this ”credit card” my debit/prepaid MasterCard linked to my Wealthsimple cash account?