Wealthsimple Prepaid Mastercard
3.7/5
$25 Exclusive bonus through FinlyWealth (min $1 funding required)
Card Details
Interest Rates
Purchase: N/A
Cash Advance: N/A
Annual Fees
Main Card: $0
Additional Cards: $0
Annual Income
Personal: N/A
Household: N/A
Credit Score Estimate
Welcome Bonus
$25 Exclusive bonus through FinlyWealth for new Wealthsimple customers (minimum of $1 funding required)
Card & Reward Type
Card Type: Prepaid
Reward Type: Cash Back
Our Rating
3.7/5
Institution
Wealthsimple
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) fees4,5
- 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.
Insurance & Benefits
No insurance coverage information available for this card.
Benefits
Details
No Foreign Transaction Fees
Avoid FX fees when you travel abroad
Pros & Cons
Pros
- Earn 1% cash back on every purchase
- No annual, monthly, or foreign transaction fees
- High interest on account balance (up to 2.75% for premium clients)
- Instant approval regardless of credit score
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)
Legal
Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple's page for more details.
21.75% interest rate is available to Wealthsimple Core clients; 2.25% interest rate is available to Wealthsimple Premium clients; and 2.75% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information, visit wsim.co/rates.
31% back excludes cash-like transactions and any refunds and adjustments. See wsim.co/cash-rewards for details.
4While Wealthsimple does not charge additional ATM fees, withdrawals may be subject to a fee charged by ATM providers. Wealthsimple will reimburse Cash clients an unlimited number of Canadian ATM fee reimbursements (up to $5 each). Reimbursements will be made to the account linked to the prepaid Mastercard within 4 business days after the ATM transaction settles. For more information, visit wsim.co/atm-reimbursement.
5Foreign transaction (FX) fees are surcharges typically applied by financial institutions to foreign currency purchases. Foreign currency transactions are still subject to a currency conversion fee from credit card issuers.
6Wealthsimple Core and Premium users who set up automated direct deposits totalling at least CAD $2,000 a month to their Wealthsimple chequing will earn a boosted interest rate of 0.5% (“Boosted Rate”) on top of their current interest rate towards their chequing account balance, up to a maximum of 2.75% total interest rate for CAD Cash accounts. Boosted Rate is an annualized rate, calculated daily, paid monthly, and is subject to change. Must be residents of Canada and age of majority. Max 1 Boosted Rate per eligible client per currency account. Full details at wsim.co/dd-boosted-interest.
7For more information about CDIC coverage, visit wsim.co/legal.