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Wealthsimple Cash Card Review 2023: Top Pros and Cons

The Wealthsimple Cash Card is one of the best prepaid cards in Canada.

You can easily apply for the card in-app if you have a Wealthsimple Cash account and start earning 1% cash back on all purchases.

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

Wealthsimple Cash Card Overview

Wealthsimple Cash Card

wealthsimple logo

$1 sign up bonus

1% cash back on all purchases

Free money transfer app

Access to virtual and physical card

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

Also referred to as Cash Card, the Wealthsimple Mastercard 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 1% cash back on all purchases when you pay using your card. Cash back earned is paid out within seven business days of completing the transaction.

ATM Cash Withdrawals: Use your physical prepaid card to withdraw 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 that you can use. There’s no need to carry the physical card around.

Save on FX Fees: The Cash Card does not charge extra fees when you use your card for purchases abroad or make payments in currencies other than the Canadian dollar. Standard Visa fees still apply.

wealthsimple cash card cash back rewards

Downsides of the Wealthsimple Cash Card

If you were expecting a tungsten metal Wealthsimple Cash card, you may be disappointed. The limited-edition metal card is not available to all users.

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

How To Use The Wealthsimple Cash Card

If you don’t have a Wealthsimple Cash account, you can easily sign up online. Cash is now part of the same app for stock trading and investments. When you sign up for the Wealthsimple App here, you receive a cash bonus after funding the new account.

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$3,000 CAD$5,000 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 in 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 Mastercard vs. EQ Bank Card

KOHO Prepaid Mastercard

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 up to 5% cash back on purchases, and when you join here, you get a $20 welcome bonus (use referral code CASHBACK).

KOHO Prepaid Mastercard

Best prepaid card in Canada

Annual fee: $0

Rewards: Earn up to 5% cash back on debit purchases, and earn interest on your balance.

Welcome offer: $20 with CASHBACK promo code.

Interest rates: 0%

Minimum income requirement: None

Recommended credit score:
N/A

None

KOHO Prepaid Mastercard 1

On KOHO’s website

  • Free KOHO users earn 1% cash back on groceries and bill payments
  • Earn up to 5% cashback on debit purchases at participating retailers.
  • Instantly cash out your cash back whenever you want.
  • Earn interest on the savings account.
  • No fees or interest charges.
  • No credit check is required to qualify.
  • Optional credit-building tool for $10/month.
  • Get spending insights and balance updates in the app.

Earn up to 5% cashback

Instantly cash out cashback

No fees or interest

$1.00 inactivity fee charged after 13 months of registering and 6 months of non-use

Credit-building service has a fee

The KOHO Prepaid Mastercard is the best rewards prepaid card in Canada. It also provides an option for people with a bad credit score or no credit history to enjoy the convenience of a credit card in the form of a prepaid card. There are no credit checks, and you can earn up to 5% cash back on purchases.

EQ Bank Card

The new EQ Bank Card provides access to a high-interest savings rate and unlimited 0.50% cash back on all purchases.

In addition, this free prepaid/debit card offers free ATM withdrawals anywhere in Canada and no-FX fees when you make payments abroad.

EQ Bank Card

eq bank card-img

Earn 2.50%* interest on your balance

0.50% cash back on purchases

No monthly account or FX fees

Free ATM withdrawals

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.

Read our Mogo Card review.

FeaturesWealthsimple Cash CardKOHO Prepaid MastercardEQ Bank Card
Monthly fees$0$0 ($9 for KOHO Premium)$0
Earn cash back1% cash back on all purchasesUp to 5% cash back0.5% on all purchases
FX feesWaived1.5% (waived for KOHO Premium)0%
Earn interest on your balancen/aUp to 2%2.50%
Mobile appYesYesYes
Virtual cardYesYesNo
Apple/Google PayYesYesYes
Budgeting toolNoYesNo
Credit cardNoNoNo
Card typeMastercardMastercardMastercard
Welcome bonusn/a$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.

Wealthsimple Cash FAQs

Does Wealthsimple Cash have a debit card?

The Wealthsimple Cash Card is a prepaid card that works like a debit card. 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 apply for the Wealthsimple Cash Card.

Does Wealthsimple Cash offer a sign-up bonus?

Yes, new Wealthsimple clients get a cash bonus when they open an account and fund it. The cash bonus varies from $5 to as high as $3,000.

Does Wealthsimple Cash Card affect your credit score?

No, the Wealthsimple Cash Card is not a credit card, and it has no effect on your credit score.

Is Wealthsimple Cash Card metal?

The standard Wealthsimple Cash Card is plastic. That said, metal Wealthsimple Cash Cards have been provided on a limited basis to some users.

Related:

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

Wealthsimple Cash Card review
  • Ease of use
  • Cash back rewards
  • Fees
  • Eligibility
4.8

Summary

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

Pros

  • Earn 1% cash back on purchases
  • No monthly or annual fees
  • Eligible for deposit insurance

Cons

  • No welcome bonus
  • Does not improve credit score

Best Credit Offers in February 2023

Get one of the no-fee cash back credit cards in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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.

1 thought on “Wealthsimple Cash Card Review 2023: Top Pros and Cons”

  1. Gravatar for Y2

    Its worse now that they made it a prepaid MC, no move visa debit network

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