WealthSimple free metal card offer (YMMV)

Actively...how much do you spend per day/week?

sandeep8g wrote: ↑ Actively...how much do you spend per day/week?

Not much! I’ve only used it on the weekends for food and drink, and have accumulated just over $60 in cashback since launch.

My offer was different:

1000 metal cards
Have to enable crypto or stock back in app
Each transaction counts as an entry up to 3 max per day

I've only used my card 3 times for $1.22 in cashback

Got an invite few days ago.

I have 4-5 accounts with them. They wanted me to donate 20$ to wealthsimple foundation for something.
Let’s see when it comes in the mail.

Plastic card took 7 days after I got it and “poof” disintegrated in 8 months usage. Got good cash back though!

What a scam. I signed up for this metal card back in the day....they pumped it up, then dumped the whole thing, and no mention of it ever since. I used to like WealthSimple and had all my funds with them, not anymore.

eblend wrote: ↑ What a scam. I signed up for this metal card back in the day....they pumped it up, then dumped the whole thing, and no mention of it ever since. I used to like WealthSimple and had all my funds with them, not anymore.

So you stopped using Wealthsimple just because they didn't give you a metal card? What was the reason for you to use them and move all of your funds to WS?

Just curious.

c0mputer wrote: ↑ Got an invite few days ago.

I have 4-5 accounts with them. They wanted me to donate 20$ to wealthsimple foundation for something.
Let’s see when it comes in the mail.

Plastic card took 7 days after I got it and “poof” disintegrated in 8 months usage. Got good cash back though!

I've rarely used their plastic card TBH.

99% of my transactions were either contactless or online. Still ordered the metal card though, because why not. lol

vancityguy0 wrote: ↑ So you stopped using Wealthsimple just because they didn't give you a metal card? What was the reason for you to use them and move all of your funds to WS?

Just curious.

Well not really, I stopped using them before that, but at the time the offer was made and I signed up, I had over 200k in their portfolio product. After about 6 months in there it made me absolutely no money so I withdrew everything and moved it to Questrade self-directed portfolio and have kept it there since. I mean I don't mind the company, technically I still have an account with them with a few bucks in it, but they expand too much too fast with all their trade/crypto/tax ect platforms that it feels like they went from a company I liked to just another big one that says they will do something to get the hype going, and then never do it. If i recall correctly they were offering no forex fees and high interest in a single account that can be treated as a savings account. I travel lots so was planning on using that card to take out cash abroad ect while making interest on the portion remaining instead of shuffling funds ect.

EDIT:
Found this online that highlights the problem and how I feel:

"Is anyone else disappointed by what Wealthsimple Cash became? Here's a look back at what was originally promised. Banking

Yesterday I received an email explaining some pending updates to my Wealthsimple Cash account that require my approval to apply. After reading the details, it suddenly hit me that this is account is nothing at all like the one I was promised when I signed up. I started looking through the archives of the Wealthsimple Cash page and I was right. In less than a year, it was gradually tweaked from a revolutionary new type of bank account to essentially nothingness. Here's how it Wealthsimple Cash was killed before it was even fully launched.

When first announced in January 2020, Wealthsimple Cash promised to be an all-in-one chequing and savings account with 2.4% interest (archive link), which you could manage in the app or with a Visa-debit card made of metal that you could use at any ATM for free. By March 2020, the interest rate was reduced to 1.4% (archive link) which I guess is understandable given the pandemic, but not even a month later it was slashed to 0.9% (archive link). The feature tag-line was changed from "Spend, Save, and Earn 1.4% Interest" to "Spend & Save With One Simple Account". In October 2020 it was reduced one more time to 0.75% (archive link)

By December 2020, the page is completely different. It no longer mentions anything about interest and is essentially advertising a way to send money to your friends. But only your friends with a Wealthsimple Cash account, so it's basically E transfer that no one uses.

And back to the email I got yesterday, they are now telling me that if I want the debit card, I need to forfeit the 0.5% interest on my account (I just realized there that it's not even 0.75% anymore). So essentially it is not an all-in-one account but either one or the other. I was excited for over a year to receive the stylish debit card but now I don't even want it because it doesn't promise anything over my primary chequing account. It's literally just a closed system E transfer that you have to convince your friends to sign up for if you want to justify having it yourself. There's no longer a reason for me, or anyone really, to Wealthsimple Cash anymore."