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Wealthsimple Cash Card Review 2023

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Wealthsimple is a Canadian financial company that aims to help people manage their money and reach their financial goals. In January 2020, Wealthsimple launched a service called Wealthsimple Cash, which lets people make peer-to-peer transfers and offers high-interest savings accounts.

Recently, Wealthsimple introduced a new prepaid Mastercard — the Wealthsimple Cash Card — which lets users make transactions directly from their Wealthsimple Cash account.

With no annual fees, 1% cash back on all purchases, and many other unique offerings, this WealthSimple Card review will help you decide if it’s right for you.

Wealthsimple Cash Card

Wealthsimple Cash Card

Rated 4.6/5 stars.

Our Review

  • Welcome Offer N/A
  • Annual Fee $0
  • Interest Rates N/A
  • Recommended Credit Score 300+

What is the Wealthsimple Cash card?

The Wealthsimple Cash card is a prepaid Mastercard. You can use this card to make regular purchases anywhere that accepts Mastercard and receive 1% cash back on all your purchases with no annual or monthly fees.

To get the Wealthsimple Mastercard you need to have a Wealthsimple Cash account, which is a service that features high interest savings accounts and easy peer-to-peer. The Wealthsimple Cash account and card are both free when you sign up online.

Is the Wealthsimple card a debit or credit card?

Somewhat of a hybrid. It’s a prepaid Mastercard, meaning it’s accepted anywhere Mastercard is accepted, but your limit is determined by how much money you pre-load into your Wealthsimple Cash account. Any purchases you make from your card will withdraw directly from this savings account. So, rather than having access to a revolving amount of credit, you “pre-pay,” so to speak, and can spend that amount to zero.

Features of the Wealthsimple Cash prepaid card

To decide if the Wealthsimple Cash card is right for you, consider some of its main features and unique offerings:

No fees: the card is free and has no annual or monthly fees.

Rewards: when you make purchases with your Cash card, you’ll receive 1% cash back within 7 days of the transaction. Alternatively, you can opt to have this money invested in stocks or a cryptocurrency of your choice if you would prefer this to cash.

Point-of-sale (POS) payments: you can use your Wealthsimple card anywhere that accepts Mastercard.

ATM service: similar to a debit card, you can use your Cash card to withdraw money at an ATM. Although Wealthsimple doesn’t charge any ATM fees to withdraw cash, be mindful that you may be charged by a third party for ATM withdrawals (usually $3).

Virtual card: when you download the Wealthsimple app, you will have access to your virtual Cash card, so you don’t need to carry around your physical card to make payments.

Compatible with Apple and Google pay: the Wealthsimple Cash card is compatible with Google or Apple pay so you can make transactions with your mobile device and make online payments easily.

No FX fees: when you make transactions in a different currency, Mastercard will charge you the respective currency conversion fees. However, Wealthsimple won’t charge any additional fees.

How the Wealthsimple Cash card works

To get a Wealthsimple Cash, you’ll need to sign up for a Wealthsimple Cash account online. After you register, you can access your account and virtual card through their app, however you will also receive a physical card in the mail 2-3 weeks after you sign up. Once you receive your card, you can call 1-877-868-0854 to create a PINnumber.

To use your card, you’ll need to load money into your Wealthsimple account. Sign in to the app, tap the dollar sign icon, choose “Deposit funds” and then add the amount of money you wish to transfer into your account. After you’ve done this, you can use your card anywhere that accepts Mastercard, including ATMs. The card functions like a debit card and when you make purchases, it will withdraw money directly from your account.

You’ll receive 1% cash back for all purchases on your Wealthsimple Cash card which you can expect to receive within 7 days of the transaction. Wealthsimple also lets you opt in to have your cash back auto invested into funds, stocks or a cryptocurrency of your choice if you would prefer this to cash.

Is the Wealthsimple Cash card safe?

The Wealthsimple card is issued by the People’s Choice Company, which is held in custodial account of the Canadian Western Trust Bank (CWB). Importantly, the CWB is insured by the Canada Deposit Insurance Corporation (CDIC), which ensures that your money is protected up to $100,000 in case of a bank failure.

Put simply, the card is backed by many reputable financial institutions and insurance companies, making it a safe place to invest your money.

Comparing the Wealthsimple Cash card to competitors

Here’s how the Wealthsimple card stacks up against other popular prepaid cash cards.

Wealthsimple Cash card KOHO Extra Mastercard EQ Bank Card Neo Money Card
Fees $0 $84 annual $9 monthly $0 $0
Foreign transaction fee None None None 2.5% of the transaction value
Best feature 1% cash back on all purchases, which can also be invested into stocks or a cryptocurrency of your choice 2% cash back on groceries, food and drink, bills and services Earn 2.5% interest on your balance and receive 0.5% cash back on purchases Earn 2.25% interest on your balance
ATM fees Standard ATM fees apply One free international withdrawal per month Free within Canada Free internationally

Drawbacks of the Wealthsimple Cash card

The Wealthsimple Cash card isn’t a credit card, so it can’t be used to build your credit score. If building your credit score is one of your financial goals, consider choosing another credit card which can influence your credit score.

Final thoughts on the Wealthsimple Cash prepaid card

This free and safe prepaid Mastercard lets you make transactions from your Wealthsimple Cash account with the bonus of rewards. Having a Wealthsimple Cash account also gives you access to high-interest savings accounts and easy peer-to-peer transactions.

If you’re interested in investing in stocks or cryptocurrency, you can choose to have your rewards auto-invested into these portfolios instead of receiving the cash back option. One of Wealthsimple’s key goals is to help people make smart and simple investments, which is made easier by having this feature associated with its Cash card. Investments are a great way to help people build wealth and Wealthsimple helps people put their money in globally diversified portfolios to help build user’s wealth.

Wealthsimple’s Cash card is a great option for people who would like to have their money invested in stocks or cryptocurrency on a regular basis or are interested in receiving 1% cash back on their purchases. Having a prepaid credit card may also be a great option for you if you’re trying to limit your spending, since you’re limited to spending the amount of money that you’ve loaded on your prepaid credit card. If you’re trying to build your credit score, this card is probably not a good option for you since it isn’t linked to your credit history.

Frequently asked questions

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