Wealthsimple has launched its own Visa credit card — and it fits right into the same app you already use for investing, crypto, and your cash account. Here is a full breakdown of how the card works, what the welcome boost is worth, and how it stacks with the existing Wealthsimple referral bonus.
What Is the Wealthsimple Credit Card?
Wealthsimple now issues two Visa credit cards:
- Wealthsimple Visa Infinite — the standard tier
- Wealthsimple Visa Infinite Privilege — the premium tier
Both cards earn a flat 2% cash back on every purchase with no rotating categories. Cash back is deposited directly into your Wealthsimple account where you can invest it, hold it as cash, or use it to buy crypto.
The 5% Welcome Boost: How It Works
Approved cardholders receive a welcome boost of an additional 3% cash back on top of the standard 2% rate — giving you an effective 5% cash back for the first 30 days after approval.
Key details from the official promotion terms:
- Boost rate: 3% additional on top of the standard 2% = 5% total
- Boosted period: 30 days from card approval
- Spending cap: The boost applies to the first $10,000 in net purchases during the boosted period
- Maximum boost value: Up to $300 in extra cash back (3% × $10,000)
- Hold period: You must keep the card open for 180 days after the boosted period ends, or the boost amount may be clawed back
- Eligibility: Must receive an in-app or email invitation and apply within 30 days of that invitation
So if you spend $10,000 in your first 30 days, you earn $500 in cash back total — $200 at the standard 2% rate, plus $300 from the 3% boost.
Does This Stack With the Wealthsimple Referral Bonus?
Yes. The credit card welcome boost is a separate promotion from the standard sign-up bonus. According to the official terms, this promotion can be combined with other offers or promotion codes unless a specific promotion states otherwise.
That means new Wealthsimple users who sign up through the Wealthsimple referral program, deposit $100 to collect their $25 bonus, and then receive an invitation for the credit card can potentially benefit from both offers at the same time.
What Counts as a Net Purchase?
The 5% welcome boost applies to net purchases only. The following are excluded:
- Cash-like transactions (money orders, prepaid cards, etc.)
- Gift card purchases
- Refunds and returns
- Applicable fees and adjustments
Returns during the boosted period are adjusted at the boost cash back rate, so refunding a purchase will reduce your earned boost proportionally.
Wealthsimple Credit Card vs Other Canadian Cash Back Cards
| Feature | Wealthsimple Visa | Typical 2% Card |
|---|---|---|
| Base cash back rate | 2% on everything | 2% (often limited to 1–2 categories) |
| Welcome boost | 5% for 30 days (up to $10,000) | Varies |
| Cash back destination | Wealthsimple account (invest, cash, or crypto) | Statement credit or gift cards |
| Integrated with investing app | Yes | No |
The big differentiator is where the cash back lands. Rather than a statement credit, your 2% goes directly into your Wealthsimple account, where you can immediately invest it in a TFSA, put it into ETFs, or let it sit in your Cash account earning interest.
Who Gets Invited?
The welcome boost is issued via in-app invitation or email to eligible Wealthsimple account holders. Once you receive the invitation, you have 30 days to apply for the credit card to qualify for the boost.
If you do not have a Wealthsimple account yet, signing up first puts you in the pool of eligible users who may receive a credit card invitation after account activity begins.
Frequently Asked Questions
Can I apply for the Wealthsimple credit card without an invitation? The 5% welcome boost requires an in-app or email invitation. You can apply for the credit card without one, but you will earn the standard 2% rate without the bonus boost.
Is the 5% boost available on all purchases? The boost applies to net purchases up to $10,000 during the 30-day boosted period. Cash advances, gift cards, and cash-like transactions are excluded.
What happens if I close the card early? If you close or deactivate the card within 180 days of the end of your boosted period, Wealthsimple may claw back the boost cash back amount from your account.
Where does my cash back go? Cash back is deposited into your Wealthsimple account. From there you can invest it, keep it in your Cash account earning interest, or use it to buy crypto.
Does the credit card promotion affect the referral bonus? No — the credit card welcome boost and the referral sign-up bonus are separate offers and can be combined.
🎁 New to Wealthsimple? Sign up at Wealthsimple with referral code US0EBW and get $25 added to your account after depositing $100.