Wealthsimple Prepaid Mastercard Review

The Wealthsimple Cash Prepaid Mastercard offers a no-fee, no-FX-fee spending solution that earns 1% cash back on all purchases and lets you automatically grow your rewards—in a high-interest savings account, investments, or crypto. Its simplicity and flexibility make it ideal for Canadians, though it forgoes traditional credit-card perks and insurance.

Wealthsimple Prepaid Mastercard

Wealthsimple Prepaid Mastercard

3.7

Finly Rating

APPLY NOW

on Wealthsimple's website

Welcome Bonus

$25 Exclusive bonus through FinlyWealth (min $1 funding required)

Rewards Rate

1%

Cash Back

Annual Fee

$0

Interest Rates

N/A / N/A

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Card Details

Rewards

• 1% cash back on all eligible purchases
• The highest-interest rate for a chequing account in Canada (up to 2.75%)²
• No minimums, monthly fees, or overdraft penalties
• No-fee prepaid Mastercard with 1% cash back on everything³
• No ATM fees or Foreign Transaction (FX) fees^4,5
• Access to 60,000 ATMs across the country
• Third-party ATM fee reimbursements up to $5 per transaction⁴
• Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
• 0.5% interest boost (up to 2.75% total) when you set up eligible direct deposits⁶
• Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
• Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.

Benefits

Details

• 

  No Foreign Transaction Fees

  Avoid FX fees when you travel abroad

Eligibility

• Credit Score

  Poor
• Annual Income

  N/A

^*Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple's page for more details. Check here for full details and current product information.