Wealthsimple Cash Card Review 2023

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.

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.

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

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.

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.

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

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.

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.