Wealthsimple Cash Card Review 2022

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

You can apply for the card in-app 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.

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 Cash Card – At a Glance

Rewards: Earn 1% cash back on all purchases.

Welcome offer: Get a $1 to $10 bonus when you sign up for Wealthsimple Cash using referral code (WCEYAP).

Interest rates: Not applicable

Annual fee: $0

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 7 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 you can use. There’s no need to always carry the physical card around.

Save on FX 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. Standard Visa fees still apply.

wealthsimple cash card cash back rewards

Downsides of 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 Back

If you don’t have a Wealthsimple Cash account, sign up here (use code WCEYAP for a $1 to $10 bonus)

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 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 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 0.50% to 5% cash back on all purchases, and when you join here, you get a $20 welcome bonus (use referral code CASHBACK).

KOHO Prepaid Mastercard (formerly KOHO Visa)

Rewards: Earn 0.50% cash back on all purchases; Up to 5% cashback at select partners; Earn 1.20% savings interest on your balance*.

Welcome offer: Get a $20 bonus when you load and make your first purchase (use promo code CASHBACK during sign-up).

Interest rates: 0%

Annual fee: $0

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 MastercardMogo Card
Monthly fees$0$0 ($9 for KOHO Premium)$0
Earn cash back1% cash back on all purchases0.50% – 5% on all purchasesn/a. 1 tree planted per transaction
FX feesWaived1.5%2.50%
Earn interest on your balancen/a1.20% if eligiblen/a
Mobile appYesYesYes
Virtual cardYesYesNo
Apple/Google PayYesYesYes
Budgeting toolNoNoNo
Credit cardNoNoNo
Card typeVisaMastercardVisa
Welcome bonusUp to $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 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 Cash users get up to a $10 bonus when they enter the promo code WCEYAP during registration.

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
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.

Wealthsimple Cash Card Review 2022

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

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.

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

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

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

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

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Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, 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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