For Canadians looking for a no annual fee credit card, the Wealthsimple Cash Card is an option worth considering. With 2% cashback on all purchases and a straightforward rewards program, it offers strong everyday value. While it has some conditions and limitations, its simplicity sets it apart from many premium cards that charge annual fees.
Key Features of the Wealthsimple Cash Card
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2% unlimited cashback on all purchases (no categories to track)
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No annual fee (if qualifying conditions are met)
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Available to Canadian residents of legal age in their province or territory
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Income requirement: $60,000 personal income or $100,000 household income
Monthly Fee and How to Waive It
While there’s no annual fee, the Wealthsimple Cash Card charges a $10 monthly fee unless one of these conditions is met:
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Set up a direct deposit of $4,000 or more per month into a Wealthsimple chequing account
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Become a Wealthsimple Premium client
If you meet either condition, you can enjoy the card without monthly charges.
Wealthsimple Card Options
Wealthsimple now offers two different card types:
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Prepaid Wealthsimple Card – Works like a debit card, drawing funds directly from your account balance.
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Wealthsimple Cash Credit Card – A true credit card offering 2% cashback, subject to income and deposit requirements.
Pros and Cons
Pros
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2% cashback on every purchase, no limits
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No annual fee if requirements are met
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Simple rewards program with flat-rate cashback
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Includes basic card protections
Cons
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Runs on the Visa network, which is not accepted at Costco Canada
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Fewer perks and protections compared to premium travel credit cards
Is the Wealthsimple Cash Card Worth It?
The Wealthsimple Cash Card offers one of the highest flat-rate cashback rewards in Canada for a no annual fee credit card. It’s best suited for high earners who meet the income or deposit conditions, ensuring they avoid the $10 monthly fee.
While it doesn’t provide premium travel benefits or extensive purchase protections, its simplicity, unlimited 2% cashback, and no annual fee structure make it an excellent everyday card for straightforward rewards.
Learn more or apply at Wealthsimple.