Wealthsimple Cash Card Review 2021

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by Enoch Omololu

Updated

Advertiser Disclosure

The long-awaited Wealthsimple Cash Card is here (in Beta) and already proving itself as one of the best prepaid cards in Canada.

While there is no formal release date for when this card will become available to anyone who wants it, you may already have received an invite to claim yours if you have a Wealthsimple Cash account.

I received mine in the mail recently and have loved using it so far.

This Wealthsimple Cash Card review covers how it works, fees to watch out for, and how to earn cash back.

Wealthsimple Cash Card – At a Glance

Rewards: Earn 5% cash back on restaurant and food delivery purchases at select periods.

Welcome offer: Get a $10 bonus when you sign up for Wealthsimple Cash using referral code (WCEYAP).

Interest rates: Not applicable

Annual fee: $0

What is the Wealthsimple Cash Card?

The Wealthsimple Cash Card is a prepaid Visa card offered by Wealthsimple Payments Inc. via its partnership with People’s Trust Company and Visa International.

Also referred to as Cash Card, the Wealthsimple Visa Prepaid Card is a key feature of the company’s P2P money transfer app known as Wealthsimple Cash.

While the app is primarily for receiving and making payments instantly, the Cash Card makes it possible to withdraw money at ATMs, make POS payments, waive FX fees, and earn cash back effortlessly.

Wealthsimple Visa Prepaid Card Benefits

No Annual Fees: The Wealthsimple Cash Card has no monthly or annual fees. This makes it a great option if you are looking for a no-fee cash back credit card.

Earns Cash Back: The average prepaid card is only for convenience and doesn’t offer rewards. Not so with the Cash Card. You earn 5% cash back on weekends when you spend on restaurant, bar, and food delivery purchases.

The cash back window starts on Fridays at 12 am EST and ends at 11:59 EST on Sundays.

Merchants that qualify for the 5% earn rate fall into these 4 Visa merchant category codes:

  • 5812: Eating places and restaurants
  • 5813: Drinking places
  • 5814: Fast food restaurants
  • 5499: Convenience stores and speciality markets

Cash back earned is paid out within 7 business days of completing the transaction.

No FX Fees: Looking for a credit card that waives foreign currency conversion fees? The Cash Card does not charge extra fees when you use your card for purchase abroad or make payments in currencies other than the Canadian dollar. This means you can save up to 2.5% in FX fees.

ATM Cash Withdrawals: Use your physical prepaid card to withdraws cash at any ATM like a debit card.

POS Payments: This card can be used at millions of locations where Visa cards are accepted. Simply tap to make POS payments up to $250.

Apple and Google Pay Compatible: This card works with Apple, Samsung, and Google Play, making it easy to complete purchases while on the go.

Virtual Card: In addition to the physical card, you get a virtual Wealthsimple Card in-app you can use. There’s no need to always carry the physical card around.

wealthsimple cash card features

Downsides of Wealthsimple Cash Card

If you were expecting a tungsten metal Wealthsimple Cash card, you may be disappointed. It only appears to be available as a plastic card right now.

Prepaid cards don’t affect your credit score, so don’t expect to use this card to build your credit score.

Lastly, cash back is currently limited to mainly restaurant purchases. It will be nice to be able to earn cash back on all purchases soon!

How To Use The Wealthsimple Cash Back

If you don’t have a Wealthsimple Cash account, sign up here (use code WCEYAP for a $10 bonus)

The Wealthsimple Cash Card is in beta and you can join the waiting list.

When you are invited to apply, it may take 2-3 weeks to get your card in the mail. In the meantime, you can use the virtual Cash Card on the app.

When you receive the physical card, call 1-877-868-0854 to activate it and set your PIN.

wealthsimple cash card activation

Note the following transaction limits when using your card:

 Per TransactionPer Day
Transaction limitUnlimitedUnlimited
Maximum spending limit$10,000 CAD$10,000 CAD
ATM withdrawals$500 CAD$1,000 CAD

Wealthsimple Cash Card Fees

The Wealthsimple Cash Card does not charge fees for:

  • Foreign currency purchases
  • ATM withdrawals in Canada
  • ATM withdrawals outside Canada

Note that fees may be charged by ATM operators and other financial institutions that are involved when you make a transaction.

For example, the standard ATM withdrawal fee in Canada is up to $3.

Is Wealthsimple Cash Card Safe?

This card is issued by People’s Trust Company, a Canadian financial institution based in British Columbia. People’s Trust also issues the prepaid cards offered by KOHO and Mogo.

The cash in your Wealthsimple Cash account is held at a custodial account with Canadian Western Trust Bank (CWB).

Since CWB is a member of the Canada Deposit Insurance Company (CDIC), this means your deposits are protected up to $100,000 if it becomes insolvent.

Wealthsimple Cash Card vs. KOHO Prepaid Visa Card vs. Mogo Card

KOHO Prepaid Visa:

This reloadable prepaid Card is offered by KOHO and comes with a free budgeting app. The regular KOHO Card is free, however, you can also upgrade to KOHO Premium.

Users earn 0.50% to 2% cash back on all purchases and when you join here, you get a $20 welcome bonus.

Learn more about KOHO in this review.

Mogo Card:

The Mogo Platinum Visa Prepaid Card does not offer cash back rewards. Instead, a tree is planted each time you pay your card.

Users also get access to free monthly credit score monitoring and identity fraud protection.

Get the Mogo Card or read my review.

FeaturesWealthsimple Cash CardKOHO Prepaid Visa CardMogo Card
Monthly fees$0$0 ($9 for KOHO Premium)$0
Earn cash back5% at restaurants on weekends0.50% – 2% on all purchasesn/a. 1 tree planted per transaction
FX feesWaived0%-1.5%2.50%
Earn interest on your balancen/a1.20% if eligiblen/a
Mobile appYesYesYes
Virtual cardYesYesNo
Apple/Google PayYesYesYes
Budgeting toolNoNoNo
Credit cardNoNoNo
Card typeVisaVisaVisa
Welcome bonus$10 with referral code WCEYAP$20 bonus with code CASHBACKn/a

Conclusion

Wealthsimple offers several innovative financial products that help Canadians save on fees and increase their net worth.

The Wealthsimple Cash Card and app aim to revolutionize how we spend, send and receive money while saving money and earning rewards.

Open a Wealthsimple Cash Account (WCEYAP)

Wealthsimple Cash FAQs

Does Wealthsimple Cash have a debit card?

The Wealthsimple Cash Card is a prepaid card that works like debit. You can use it to pay for purchases or withdraw money at an ATM.

How do I get a Wealthsimple Cash Card?

Sign up for a Wealthsimple Cash account and wait for an invitation to apply for the card.

Does Wealthsimple Cash offer a sign-up bonus?

Yes, new Wealthsimple Cash users get a $10 bonus when they enter the promo code WCEYAP during registration.

Related:

Have you tried the Cash Card? What are your thoughts?

Wealthsimple Cash Card review
4.8

Summary

The Wealthsimple Cash Card offers cash back on restaurant purchases. This Wealthsimple Cash Prepaid Card review covers its benefits, downsides, fees, and whether it is safe.

Wealthsimple Cash Card Review 2021

Best Credit Offers this month

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

Credit building available with a subscription.

1.20% savings interest on every dollar balance.*

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals available in as fast as 5 minutes.

Low interest rates starting at 9.9% (or 1.90% for auto loans).

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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