The Wealthsimple Credit Card, Explained: Flat 2%, No FX Fees — and One Big Catch

Wealthsimple's credit card is really two cards wearing the same rate: the Visa Infinite+ and the invite-gated Visa Infinite Privilege. Both pay a flat 2% cash back on everything and charge 0% foreign transaction fees — a combination almost nothing else in Canada offers on one card. Whether either is worth holding comes down to a single question: do you qualify to have the fee waived?

The core deal, both tiers

• 2% back on every purchase. No categories, no caps, no rotating merchants. The cash back lands in Wealthsimple Cash, which itself pays interest while it sits.
• 0% FX fees. Most cards quietly add 2.5% to every foreign-currency purchase; these add nothing — so abroad, the effective spread versus a typical card is closer to 4.5%.
• $240/year ($20/month) — waived if you hold Wealthsimple Premium or Generation status ($100K+ in assets with Wealthsimple) or run a qualifying $4,000+/month direct deposit into the account.
• You need a Wealthsimple chequing account. This is not a standalone credit card; it's the top layer of their banking stack.

The math that decides it

If the fee is waived, the card is close to unbeatable as a daily driver: 2% everywhere, free, with no FX fees. If the fee is not waived, you need the no-FX perk to be doing real work — at $12,000 of annual spend, 2% back minus the $240 fee nets exactly what a free 2% card pays, and the Rogers Red World Elite pays 2% for $0 if you have a Rogers-family service (1.5% without one). The full comparison is on our cash-back ranking.

What the Privilege tier adds

The Visa Infinite Privilege keeps the same 2% and no-FX core and stacks on six annual lounge visits (Visa Airport Companion), $2,000,000 emergency medical, and rental-car coverage to $65,000 MSRP — at the same $240 fee with the same waivers. The catch is steeper than the fee: eligibility requires $150K personal / $200K household income, $400K in Wealthsimple assets, or $50K of annual card spend, and the rollout has been reported as invite-limited even for clients who clear the bar. If you qualify, it's one of the strangest and best premium cards in the country — a premium card that pays cash instead of points. Most people won't qualify, and for them the Infinite+ delivers the identical earning math.

Who should actually get it

• Get the Infinite+ if you already bank (or would genuinely bank) with Wealthsimple and clear a fee waiver — flat 2% + no FX with a waived fee beats nearly every general-spend setup we score.
• Get the Privilege if you clear its eligibility bar and want lounge access without switching to a points currency — see how it stacks against the field on our premium ranking.
• Skip both if you're not moving your banking: the fee math without a waiver is beatable for free, and the card can't be held on its own.

Both reviews carry full Standard Score breakdowns, verified benefit lists, and last-reviewed dates: Visa Infinite+ · Visa Infinite Privilege. For the no-FX angle specifically, the field of true no-FX cards is ranked on the no-foreign-transaction-fee page.