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Wealthsimple Prepaid Mastercard Review
The Bottom Line
The Wealthsimple Cash Prepaid Mastercard offers a no-fee, no-FX-fee spending solution that waives ATM fees on withdrawals across the globe 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.
APPLY NOW
on Wealthsimple's website
Welcome Bonus
$25 Exclusive bonus through FinlyWealth (min $1 funding required)
Rewards Rate
N/A
Annual Fee
$0
Interest Rates
N/A / N/A
Rewards
- The highest-interest rate for a chequing account in Canada (up to 2.5%)2
- No minimums, monthly fees, or overdraft penalties
- No ATM fees or Foreign Transaction (FX) fees4,5
- Access to 60,000 ATMs across the country
- Third-party ATM fee reimbursements4
- Unlimited free Interac e-Transfers®, bill payments, and debit transaction
- 0.5% interest boost (up to 2.5% 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
Free ATM withdrawal
ATM fee is reimbursed at all ATMs across the globe, no limits
Eligibility
Credit Score
PoorAnnual 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.
Welcome Bonus Details
$25 Exclusive bonus through FinlyWealth for new Wealthsimple customers (minimum of $1 funding required)
Card Details
Interest Rates
Purchase APR
N/A
Cash Advance APR
N/A
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Prepaid
Reward Type
None
Pros & Cons
Pros
- No annual, monthly, or foreign transaction fees
- High interest on account balance (up to 2.5% for premium clients)
- Instant approval regardless of credit score
- ATM fee reimbursement across the globe, no limits
Cons
- No built-in travel or purchase insurance
- Prepaid structure means no revolving credit or interest-bearing balances
- Limited to Canadian residents of legal age
- Lacks premium perks (e.g., lounge access, hotel/status benefits)
APPLY NOW
on Wealthsimple's website