Credit Cards

Wealthsimple Cash Card

  • Last Updated:
  • Dec 6th, 2022 4:51 pm
Tags:
None
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes

Wealthsimple Cash Card

Update: Nov 23, 2022

Some changes since last update.
- VISA card is being replaced by a MASTERCARD. All existing users will have to switch by Jan 31, 2023 and all new users are getting an MC
- 1% interest on the balance
- No more referral money
- Wealthsimple Cash app is no longer supported and has been moved to the Wealthsimple app (Wealthsimple Invest/Trade also amalgamated to the one app).

Previous Features Still Applicable:
- 1% cashback/crypto/stock (your choice)
- 0% forex fee
- $0 ATM withdrawals within Canada
- $0 ATM withdrawals outside of Canada

Card Limits (some are different from VISA card):
- Point of Sale: $5k and 20 transactions daily
- ATM: $500 per transaction, $1k daily, 3 transactions per day
- Direct Transfer: $100k daily (10 transactions), $200k 30 days (100 transactions)


Update: Jan 25, 2022:
5% at restaurants are gone now.
Replaced with 1% cashback or 1% worth of stock or crypto (you can choose) on every transaction.

They are actually starting to offer metal cards but only for certain users.

Referral was $25 when I first posted the thread but it is now down to $10.


Original: Aug 11 2021
I'm a bit surprised there is no thread on this because I am not the first to get this card.

Long ago wealthsimple promised a tungsten card and 2.4% interest on balances... That was not happening.

But, I did finally get notification that I can order the cash card. According to their terms, no forex fee and no ATM withdrawal fee.

Seems ok when travel starts again given it is a prepaid VISA, it will work nicely with Stack since that is MC.

Features:
- 5% cashback on restaurants on weekends (Fri to Sun)
- 0% forex fee
- $0 ATM withdrawals within Canada
- $0 ATM withdrawals outside of Canada

To get it download the wealthsimple cash app
1.jpg
2.jpg
3.jpg
Last edited by mech9t5 on Nov 23rd, 2022 4:44 pm, edited 9 times in total.
Thread Summary
Previous history, last updated on Sept 22 2022 with the ATM list, has been purged as WealthSimple has moved to a Mastercard (from Visa) & eliminated the 5% food cashback. The ATM list has been preserved (below). Previous update to that was in 2021. The switch to Mastercard occurred mid-late 2022.

This is a pre-paid non-metal plastic card, no credit check, or approval process. It would just use money from your WealthSimple Cash account.
Just pop in your request over the Android/iOS APP (no desktop support) and your card should arrive within a week (for a Torontonian), no questions asked. The black (with golden "W") card is non-embossed with a standard golden security chip found on all credit cards with tap-to-pay capability.
[Use a referral or Great Canadian Rebate or whatever else to grab some cash for opening up a WealthSimple Account (TRADE/Save/Spend/Crypto etc.]

Current perks: as at Nov 18 2022
-Free ATM Withdrawal (Wealthsimple won't charge a fee but the ATM might? (see below for a list))
-Free Foreign Exchange Conversion at Mastercard Global Rate [1% spread charged by Mastercard?] (Check the MC conversion rate here: https://www.mastercard.ca/en-ca/personal/get-support/convert-currency.html — set bank fee to 0%)
-1% cashback in cash, stocks, or crypto
-Pays 1% interest on balance (3% if you setup direct deposit to the account)
-Cashback on foreign currency transactions
-No annual/monthly fee

Other remarks:
-CDIC insurance on deposits at Wealthsimple Cash [account from which money will be withdrawn via this card]
-Allows quick mobilization of invested emergency funds from other Wealthsimple investment accounts (no commission for TSX-listed securities) [for someone that places savings in high-interest cash ETFs]
-No 3DS Secure support for online orders

---

No-fee ATM List by Country (For Revolut Card - However, some of these should work for the WealthSimple Card) -- Added by AsianXL
-> https://www.dropbox.com/s/ajifjmncdazhz ... .xlsx?dl=0
944 replies
Deal Addict
Feb 4, 2019
2687 posts
4374 upvotes
BC
I had posted about this card in Kiraly's foreign currency card list thread but for some reason the post went into the moderation queue.

Signed up earlier today via referral, $25 immediately showed up and virtual card was immediately ready. So far so good.
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
Yup, I referred my wife. Got the 2 x $25 instantly.

I'm gonna do my parents and the in-laws. Lol.
Sr. Member
Dec 5, 2011
913 posts
951 upvotes
mech9t5 wrote: Yup, I referred my wife. Got the 2 x $25 instantly.

I'm gonna do my parents and the in-laws. Lol.
I was able to get the card today. I am just sad that I wasted all my referrals when they were $5. Oh well...
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
islander59 wrote: I was able to get the card today. I am just sad that I wasted all my referrals when they were $5. Oh well...
That's tough. I signed up when wealthsimple sent me an email and there was no incentive at all.
Deal Addict
User avatar
Apr 2, 2010
2841 posts
2575 upvotes
GTA
Good details OP.

Just sharing past sign up bonuses in case anyone wants to wait this out a bit:
wealthsimple-burnaby-bc-residents-only- ... s-2460841/
wealthsimple-cash-ymmv-50-bonus-one-fre ... t-2464514/
wealthsimple-wealthsimple-cash-app-100- ... d-2460047/

With that said, I am still waiting for Stack to give a Netflix sign up bonus (haha, jk since they never will but I did wait a year and a half for it to be offered again).
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
martydxb wrote: Good details OP.

Just sharing past sign up bonuses in case anyone wants to wait this out a bit:
wealthsimple-burnaby-bc-residents-only- ... s-2460841/
wealthsimple-cash-ymmv-50-bonus-one-fre ... t-2464514/
wealthsimple-wealthsimple-cash-app-100- ... d-2460047/

With that said, I am still waiting for Stack to give a Netflix sign up bonus (haha, jk since they never will but I did wait a year and a half for it to be offered again).
Lol, gonna be a long wait... I doubt stack is gonna give those promos ever again.

Regarding these promos they were all targetted. As far as I know the wealthsimple general referral was always only $5 (but I could be wrong).
Member
Jun 9, 2020
206 posts
148 upvotes
Saw the email yesterday and requested the card. I've had the account for a while now but never used it.
Member
Apr 20, 2011
385 posts
69 upvotes
Toronto
I got an email about it from "Calvin". The email id was [email protected]. I am not sure if its legit or not, should i click on it? I don't see a card if log in to wealthsimple by myself.
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
hyph3n wrote: I got an email about it from "Calvin". The email id was [email protected]. I am not sure if its legit or not, should i click on it? I don't see a card if log in to wealthsimple by myself.
do you have a wealthsimple CASH account already set up? Or is it some other wealthsimple account (trade, invest)?

If you don't have wealthsimple cash, you can download the app yourself and set it up. If you already have the cash account, the card is on the top right corner. That's where you can request it.

No need to click on the link in their email.
Member
Apr 20, 2011
385 posts
69 upvotes
Toronto
mech9t5 wrote: do you have a wealthsimple CASH account already set up? Or is it some other wealthsimple account (trade, invest)?

If you don't have wealthsimple cash, you can download the app yourself and set it up. If you already have the cash account, the card is on the top right corner. That's where you can request it.

No need to click on the link in their email.
the app is not available for Pixel 3 XL :(
Deal Addict
User avatar
Nov 5, 2006
1636 posts
7625 upvotes
mech9t5 wrote: If you already have the cash account, the card is on the top right corner. That's where you can request it.
I want this card! But I still only see the "Tell me when it's here" button in my app. Relieved Face
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
interesting. I signed up my wife yesterday and she could order the card immediately.
Deal Fanatic
Jan 30, 2012
9679 posts
2987 upvotes
multi city dweller
mech9t5 wrote: interesting. I signed up my wife yesterday and she could order the card immediately.
Is there a specific signup link for this promo?
Deal Addict
Feb 4, 2019
2687 posts
4374 upvotes
BC
Made a card transaction yesterday, no push notification, nothing to see in the app except the balance updated. Eventually figured out you can see card transactions by tapping on the balance.

I hope they'll add e-transfer and/or Visa debit loading options in addition to bank account linking. I linked a burner account for now.
Sr. Member
User avatar
Feb 16, 2014
526 posts
445 upvotes
mech9t5 wrote: interesting. I signed up my wife yesterday and she could order the card immediately.
I signed up today, got $25 referral and was able to order the prepaid Visa. It gave me a virtual card immediately, but no idea how to fund it.

i only want the prepaid so I can't see using this cash app to send money. i notice that if your linked contact list is updated, it doesn't update in the app. Got to uninstall, reinstall app and re-link the updated contact list. ....buggy app.
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
LOL808 wrote: Is there a specific signup link for this promo?

no. you just download the app and then go through the sign up process. You just need to enter the referral code once you've signed up.
[OP]
Deal Fanatic
Dec 16, 2005
6383 posts
4576 upvotes
b33zlebub wrote: I signed up today, got $25 referral and was able to order the prepaid Visa. It gave me a virtual card immediately, but no idea how to fund it.

i only want the prepaid so I can't see using this cash app to send money. i notice that if your linked contact list is updated, it doesn't update in the app. Got to uninstall, reinstall app and re-link the updated contact list. ....buggy app.
you can link a bank account to load. It is supposed to have e-transfer for loading but doesn't right now.
Sr. Member
User avatar
Feb 16, 2014
526 posts
445 upvotes
mech9t5 wrote: you can link a bank account to load. It is supposed to have e-transfer for loading but doesn't right now.
Thnx. I see the link now. You have to hit send or receive money to link account. Dumb to hide it. Should just have a link account icon. <sigh>
Deal Fanatic
Nov 6, 2018
7708 posts
9688 upvotes
I'm confused, I've had the Cash account since it inception (along with having accounts in Invest and Trade) and am still on the "Tell me when it's here" message for the Cash Card yet ya'll are just signing up now and immediately have access to order the Card?

I mean as mentioned above I'd probably only use the card for Stack-like situations but I find it interesting how there's clearly no proper queue for ordering the card anymore.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)