Wealthsimple Prepaid Mastercard Review

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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.

Wealthsimple Prepaid Mastercard
wealthsimple cash card
Wealthsimple Prepaid Mastercard

3.7

Finly Rating
APPLY NOW

on Wealthsimple's website

Welcome Bonus

$25 Exclusive bonus for new clients (min $1 funding required)

Rewards Rate

N/A

Annual Fee

$0

Interest Rates

N/A / N/A

RECOMMENDED CREDIT SCORE

300⁎
Poor
560⁎
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring
Get your free credit score

Rewards

  • The highest-interest rate for a chequing account in Canada (up to 2.25%)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 2.25% 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

  • exchange money

    No Foreign Transaction Fees

    Avoid FX fees when you travel abroad
  • atm

    Free ATM withdrawal

    ATM fee is reimbursed at all ATMs across the globe, no limits

Eligibility

  • Credit Score

    Poor

  • Annual Income

    N/A

Welcome Bonus Details

New Wealthsimple clients can earn a $25 bonus after signing up and funding a chequing account with a minimum of $1.

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 fee
  • No foreign transaction fees
  • Instant approval
  • ATM fee reimbursement
  • High interest on account balance

Cons

  • No insurance
  • No revolving credit
  • Lacks premium perks
Wealthsimple Prepaid Mastercard

Wealthsimple Prepaid Mastercard

3.7

FinlyWealth Rating

APPLY NOW

on Wealthsimple's website

Get personalized rewards estimates — see exactly how much you could earn.

Wealthsimple Prepaid Mastercard

Wealthsimple is not responsible for maintaining the accuracy of information on this website. Refer to Wealthsimple's page for more details.


Legal disclaimer


21.25% interest rate is available to Wealthsimple Core clients; 1.75% interest rate is available to Wealthsimple Premium clients; and 2.25% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information, visit wsim.co/rates.


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 ATM fee reimbursements. 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 2.25% 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.

Wealthsimple Prepaid Mastercard
APPLY NOW

on Wealthsimple's website