Why this card is unusual
Visa Infinite Privilege is the top tier of Visa’s consumer card product. In Canada, cards at this tier typically carry fees of $399 (TD Aeroplan Visa Infinite Privilege) to $599 (CIBC Aeroplan Visa Infinite Privilege). They come with the highest coverage limits on travel insurance, comprehensive Visa concierge service, airport lounge access, and premium hotel and car rental benefits. The Wealthsimple Card offers the same Visa Infinite Privilege tier, including all those benefits, with a $0 annual fee. No other Canadian card does this.
The trade-off is the eligibility gate. To hold the card you need to be a Wealthsimple Premium client (minimum $100,000 in assets managed through Wealthsimple) or a Generation client ($500,000+). For Wealthsimple clients who already meet that threshold, the card is an easy addition. For those who do not, the eligibility requirement may not be worth meeting for the card alone.
Earn rates
Cash back is earned at a flat rate on all eligible purchases and deposited directly to your Wealthsimple account. The rate is tied to your account tier:
| Wealthsimple tier | Assets under management | Cash back rate |
|---|---|---|
| Premium | $100,000–$499,999 | 1% on all purchases |
| Generation | $500,000+ | 1.5% on all purchases |
Cash back is a flat rate with no category restrictions. It deposits to your Wealthsimple Cash account and can be invested, spent, or transferred. Always verify current rates directly with Wealthsimple, as tier thresholds and earn rates may change.
No foreign transaction fees
Like the Scotiabank Passport Visa Infinite and the Scotiabank Gold Amex, the Wealthsimple Card charges no foreign transaction fee on purchases made in a non-Canadian currency. The 2.5% surcharge that most Canadian cards add on every international purchase does not apply. Combined with the flat cash back rate, international purchases earn net positive rather than net negative.
For Wealthsimple clients who travel regularly, this is a meaningful benefit. On $10,000 in annual foreign-currency spending, eliminating the FX fee saves $250. At the Generation tier, you also earn 1.5% back on that same spending, adding another $150 in cash back.
Visa Infinite Privilege benefits
The card carries the full Visa Infinite Privilege package. These benefits come from Visa, not Wealthsimple, so they apply uniformly at this tier regardless of issuer:
| Benefit | Details |
|---|---|
| Airport lounge access | Visa Infinite Privilege Concierge and Visa Airport Companion program (DragonPass) with complimentary passes per year. Confirm current pass count with Wealthsimple. |
| Visa Infinite Privilege Concierge | 24/7 concierge for travel booking, dining reservations, event tickets, and general assistance. |
| Hotel Collection | Preferred rates and perks at Visa’s partner hotel collection. |
| Car rental privileges | Preferred rates and upgrades at participating rental companies. |
| Golf benefits | Discounted green fees and tee-time bookings at participating courses through Visa’s golf program. |
Travel insurance
Visa Infinite Privilege cards carry comprehensive travel insurance. Coverage limits at this tier are among the highest available on any Canadian card:
- Emergency medical: up to $5,000,000
- Travel accident: up to $500,000
- Trip cancellation: up to $2,500 per person
- Trip interruption: up to $2,500 per person
- Flight delay: coverage applies after delay threshold
- Baggage delay: coverage applies
- Lost or stolen baggage: coverage applies
- Hotel / motel burglary: coverage applies
- Rental car theft and damage: coverage applies
- Purchase protection: coverage applies
- Extended warranty: coverage applies
The $5,000,000 emergency medical ceiling is substantially higher than the $1,000,000 limit on most mid-tier travel cards. Confirm specific limits, age restrictions, and per-trip duration caps in the Wealthsimple cardholder agreement before departure.
How cash back works
Cash back deposits to your Wealthsimple Cash account, typically within a few business days of a statement cycle closing. From there it behaves like any Wealthsimple Cash balance: you can invest it, transfer it to a bank account, or spend it with your Wealthsimple Cash card if you have one. There is no points currency, no redemption portal, and no expiry.
Good fit if
- You are already a Wealthsimple Premium or Generation client and want a premium travel card with no annual fee, no FX fees, and Visa Infinite Privilege benefits at zero marginal cost.
- You travel internationally and want the highest available travel insurance coverage limits without paying a premium card annual fee.
- You prefer flat cash back deposited directly to an investment account over points currencies that require a redemption portal.
Less useful if
- You do not have $100,000 invested with Wealthsimple: the eligibility requirement is the primary barrier, and meeting it solely for the card is unlikely to be the right reason to move your investments.
- You want to earn points that transfer to airline loyalty programs: cash back deposited to Wealthsimple does not convert to Aeroplan, Avios, or any other travel currency.
- You want a higher earn rate on specific spending categories: the flat rate does not reward groceries, dining, or travel at an elevated multiplier the way a category-based card does.