RBy Rez · 3 min read
Overview
The Wealthsimple Visa Infinite + is Wealthsimple's entry-level credit card — a flat-rate cashback card issued on the Visa Infinite network that earns 2% cashback on every purchase with no categories to track and no earning cap. What makes it distinctive in the Canadian market is the combination of a genuinely high flat cashback rate with no foreign transaction fees, both of which are uncommon together at this tier. The card carries a $240 CAD annual fee (billed as $20 CAD per month), though that fee is waivable under specific Wealthsimple account conditions.
Availability note (April 2026): This card is currently waitlist-only. You join the waitlist inside the Wealthsimple app (Add an account → Open an account → Credit Card → Join the waitlist) and Wealthsimple issues invitations to apply over time, prioritizing existing Generation, Premium, and long-tenured clients. It's also not available to Quebec residents right now. Wealthsimple has said it intends to open the card to broader applications later in 2026.
Who this card is for
This card fits Canadians who want simplicity — no rotating bonus categories, no points redemption complexity, just 2% back on everything. The Visa Infinite tier requires $80,000 CAD in individual income or $150,000 CAD household income to qualify. It's particularly well-suited for people who already bank or invest with Wealthsimple and hold $100,000 CAD or more in assets there (achieving Premium or Generation status), since the monthly fee is automatically waived under those conditions, effectively making it a no-fee card. For everyone else, a $4,000 CAD monthly direct deposit into a Wealthsimple Chequing account also triggers the waiver. Frequent international shoppers or travellers will also find the no-FX-fee benefit meaningfully valuable.
Key benefits
The core benefit is straightforward: 2% unlimited cashback on all eligible purchases, applied immediately when a transaction posts. No ceiling, no categories to track.
Spend $3,000 CAD per month across all purchases and you're earning $720 CAD per year in cashback. With the fee waived, that's a clear gain. Even paying the $240 CAD fee, you're netting $480 CAD annually at that spend level.
The no-foreign-transaction-fee policy is a genuine standout — most Canadian cards charge 2.5% on foreign currency purchases. For someone spending the CAD equivalent of $5,000 per year while travelling or shopping online internationally, that's roughly $125 CAD in fees avoided.
Cashback redemption is instant and automatic, deposited directly into your Wealthsimple account — there's no minimum threshold or manual claim process.
Potential drawbacks
The 2% flat rate, while strong, is beaten in specific categories by competing cashback cards. The Scotia Momentum Visa Infinite + earns 4% on groceries and recurring bills, which will outpace the Wealthsimple card for grocery-heavy budgets. The fee waiver conditions tie you to the Wealthsimple ecosystem — if your financial accounts are primarily elsewhere, you're paying $240 CAD annually for cashback that you might match more cheaply with another card. Wealthsimple is also a newer card issuer, so the travel insurance and cardholder benefits package is less established than what you'd get from the big six banks.
How it compares
The Wealthsimple Visa Infinite Privilege is the tier above — same 2% cashback rate and no-FX-fee benefit, but adds six complimentary airport lounge visits per year and a premium metal card. If lounge access matters to you and you meet the higher income threshold ($150,000 CAD individual), the Privilege card offers more for the same annual fee. For pure cashback comparison, the Scotia Momentum Visa Infinite + earns 4% on groceries and recurring bills at a $120 CAD fee — it wins on grocery spending, but requires category tracking and carries a 2.5% foreign transaction fee.
Bottom line
A strong flat-cashback card for Wealthsimple account holders who can qualify for the fee waiver and for travellers who value having no foreign transaction fees. The 2% rate on everything is compelling, but it's most valuable when you're not leaving the fee on the table.
