Credit Cards

Wealthsimple Cash Card

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  • Mar 29th, 2024 2:12 am
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Deal Expert
Oct 27, 2003
18444 posts
9757 upvotes
Greater Toronto Area
Gtaphotog wrote: I don't think there's many people keeping large sums of money in these products but I would definitely trust WS way way more than Stack as WS has multiple products that are actually regulated like their Invest and Trade platforms that are under IIROC and CIPF and this Cash card is actually under CDIC protection vs Stack which only has their prepaid card account that seems to be a somewhat unregulated area atm, although I believe the Peoples Trust Company which issues the Stack MC is a CDIC member institution so there is some protection there but not directly with Stack.
Thanks. Someone in the Stack MC thread said that Stack was terrible to deal with in a chargeback situation, and totally bailed on helping him. I guess if you connect this card to Paypal, you have Paypal's support behind you.

I think I will keep these cards to small purchases under $200 only.
Deal Fanatic
Nov 6, 2018
7988 posts
11548 upvotes
New promo
Between October 7th at 12:00am EST and October 21 at 11:59pm EST 2021, you can earn 1% cash back on all purchases made with your Cash Card. 
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Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
Gtaphotog wrote: New promo
I got an email that says this.
Now until Oct 21, you can earn 1% cash back on ALL eligible purchases —That's in addition to the 5% you always get on weekend eats and drinks
Sounds like 6% cash back on eats over the weekend. Probably too good to be true though.
Deal Fanatic
Nov 6, 2018
7988 posts
11548 upvotes
mech9t5 wrote: I got an email that says this.
Sounds like 6% cash back on eats over the weekend. Probably too good to be true though.
Interesting it specifically states in addition in the email as the push notification I got (see attached IMG to my post) said the 5% still applies.
Jr. Member
Jul 5, 2021
152 posts
172 upvotes
DP: The 5% cashback is available to overseas transactions too
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Deal Fanatic
User avatar
Aug 29, 2012
9301 posts
10318 upvotes
Kurtz7834 wrote: Thanks. Someone in the Stack MC thread said that Stack was terrible to deal with in a chargeback situation, and totally bailed on helping him. I guess if you connect this card to Paypal, you have Paypal's support behind you.

I think I will keep these cards to small purchases under $200 only.
Who in their right mind puts anything but the absolute bare minimum to use for spending promos or to withdraw abroad?

Even for someone with no credit, the PC Money card is better with 1% on everything.
Deal Addict
Mar 25, 2015
1032 posts
958 upvotes
lemon0fish wrote: DP: The 5% cashback is available to overseas transactions too
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Nice. Now I wonder how Fri-Sun schedule works.
Poutinesauce wrote: It's not 6%, it's still 5% at restaurants in spite of the 1% promo. It doesn't add up. Just bought something at Subway.
They said it's delayed by week. Maybe we can expect balance correction like Simplii had.
Deal Fanatic
User avatar
Aug 29, 2012
9301 posts
10318 upvotes
dimon222 wrote: Nice. Now I wonder how Fri-Sun schedule works.

They said it's delayed by week. Maybe we can expect balance correction like Simplii had.
I will rely on it when I see it used on a local restaurant. It might trigger just because it is Uber Eats.
Jr. Member
Jul 5, 2021
152 posts
172 upvotes
dimon222 wrote: Nice. Now I wonder how Fri-Sun schedule works.
It's based on Eastern Time no matter where you are.
Deal Addict
User avatar
Aug 1, 2006
2716 posts
2392 upvotes
Toronto
Poutinesauce wrote: Who in their right mind puts anything but the absolute bare minimum to use for spending promos or to withdraw abroad?

Even for someone with no credit, the PC Money card is better with 1% on everything.
They each have their place:
Wealthsimple cash is better for traveling because of free ATM withdrawals and no FX.
PC Money is best known for the bill pay:
Earn 1,000 points for each of up to five bill payments of $50 or more to unique payees per calendar month
Deal Expert
Oct 27, 2003
18444 posts
9757 upvotes
Greater Toronto Area
Bull Dog wrote: They each have their place:
Wealthsimple cash is better for traveling because of free ATM withdrawals and no FX.
PC Money is best known for the bill pay:
Earn 1,000 points for each of up to five bill payments of $50 or more to unique payees per calendar month
I got the Wealthsimple and Stack card just for small, foreign exchange Paypal and Aliexpress transactions.

Personally I would NOT trust Wealthsimple for use in a foreign country right now, at least not without a backup card. It's too new and their customer support level is unproven.

As for PCMoney, I've been a member for about a month and I'm loving it, I've already made $30 in PC Points and I like the no transaction or monthly fees.
Deal Expert
Oct 27, 2003
18444 posts
9757 upvotes
Greater Toronto Area
Poutinesauce wrote: Who in their right mind puts anything but the absolute bare minimum to use for spending promos or to withdraw abroad?

Even for someone with no credit, the PC Money card is better with 1% on everything.
Yeah, the PCMoney program is pretty generous, moreso than many rewards credit cards. Hopefully the 1% lasts, technically the rate is 0.5% cashback and there is a bonus 0.5% added until further notice.
Newbie
Jun 22, 2021
84 posts
38 upvotes
Hi guys, quick questions:

1. What is the non 5% cashback percentage during the week (not weekends) for restaurants/bars?
2. What is the non-restaurant/bar cashback % for all other categories, during week and weekend?

3. How easy is it to withdraw funds from the WS Cash account to a bank account? ie, transfer $100 from WS Cash account to RBC chequing account
- any fee?
- is it a wire transfer or regular EFT? Interac etransfer? Or do you initiate a PAD from RBC side (do you need to link WS Cash + RBC accounts first)?

Thx
Jr. Member
Jul 5, 2021
152 posts
172 upvotes
P3nnyP1ncher wrote: Hi guys, quick questions:

1. What is the non 5% cashback percentage during the week (not weekends) for restaurants/bars?
2. What is the non-restaurant/bar cashback % for all other categories, during week and weekend?
1. 0% (1% until October 21)
2. 0% (1% until October 21)
Deal Addict
Mar 14, 2014
1354 posts
2023 upvotes
P3nnyP1ncher wrote:
3. How easy is it to withdraw funds from the WS Cash account to a bank account? ie, transfer $100 from WS Cash account to RBC chequing account
- any fee?
- is it a wire transfer or regular EFT? Interac etransfer? Or do you initiate a PAD from RBC side (do you need to link WS Cash + RBC accounts first)?
Withdrawals from WS Cash are very easy, you will first need to link an external account to move funds in and out via EFT. There are no fees involved. Alternatively, you can also use Visa debit to top up instantly ($500) and those funds can also be sent back out to an external account via EFT. With an EFT pull into WS Cash you are credited with up to $250 instantly.
Newbie
Jun 22, 2021
84 posts
38 upvotes
Thank you both. So, do you consider this a better option vs Simplii 4% CB card? Do you have both (WS for wknd, Simplii for week)?

Simplii Pros:
- 4% CB during week (and wknd)
- It's a true CC, so counts towards your credit score
- Don't need to preload funds

Simplii Cons:
- 1% less CB than WS on wknds
- Likely a hard pull for signup

---

WS Cash pros:
- 1% more CB on weekends

WS Cash cons:
- Prepaid, doesn't count towards credit
- Need to preload funds
- Requires mobile app

Of course there are also annual fee cards like MBNA Rewards World Elite at 5x points for restaurants/bars/groceries etc but not sure how much that works out to in actual cashback percentage when redeemed for CB (not for travel rewards). Any thoughts appreciated.
Deal Addict
Mar 25, 2015
1032 posts
958 upvotes
P3nnyP1ncher wrote: Thank you both. So, do you consider this a better option vs Simplii 4% CB card? Do you have both (WS for wknd, Simplii for week)?

Simplii Pros:
- 4% CB during week (and wknd)
- It's a true CC, so counts towards your credit score
- Don't need to preload funds

Simplii Cons:
- 1% less CB than WS on wknds
- Likely a hard pull for signup

---

WS Cash pros:
- 1% more CB on weekends

WS Cash cons:
- Prepaid, doesn't count towards credit
- Need to preload funds


Of course there are also annual fee cards like MBNA Rewards World Elite at 5x points for restaurants/bars/groceries etc but not sure how much that works out to in actual cashback percentage. Any thoughts appreciated.
I use them together with decent experience. Tho, Simplii has yearly cashback applicable spending limit 5k. It's very easy to reach 5k with today's prices on takeout/delivery...
Some folks might instead prefer Amex Cobalt with 5x entire week with 30k yearly spending limit, but acceptance is worse
Newbie
Jun 22, 2021
84 posts
38 upvotes
Is the WS Cash card (plastic) avail to all users upon signing up via the mobile app? Or is it only after a certain period of time or spending/sending $ via the app?

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