What you get over the standard card
The Privilege version earns the same flat 2% cash back as the standard Wealthsimple Visa Infinite, carries the same $20 monthly fee with the same waiver conditions, and charges no foreign transaction fees. What it adds is airport lounge access: 6 complimentary visits a year through the Visa Airport Companion program (DragonPass). The trade-off is a higher income bar, $150,000 personal or $200,000 household, versus $60,000 personal on the standard card. If you will use the lounge visits and meet the income requirement, the Privilege is the version to hold. If not, the standard Visa Infinite gives the identical 2% and FX benefit at a lower bar.
The fee and the waiver
The card lists a $240 annual fee, billed as $20 a month. That fee is waived automatically for Wealthsimple Premium clients ($100,000 or more in Wealthsimple assets) and Generation clients, or for anyone who direct-deposits at least $4,000 a month into a Wealthsimple chequing account. For a client who meets one of those conditions, the card is effectively free and the 2% cash back and lounge access are pure upside. Without the waiver, the $240 fee absorbs most of the cash back on moderate spending.
Earn rate
Cash back is a flat 2% on all eligible purchases, with no categories and no caps. It deposits directly to your Wealthsimple account.
| Spending category | Cash back rate | Value per $100 spent |
|---|---|---|
| All purchases | 2% | $2.00 |
Cash back deposits to your Wealthsimple account (chequing, TFSA, RRSP, or non-registered), where it can be invested, spent, or transferred. There is no points currency and no redemption portal, and the cash back does not transfer to airline or hotel programs. Always verify current rates and waiver conditions directly with Wealthsimple.
No foreign transaction fees
Like the Scotiabank Passport Visa Infinite, the Wealthsimple Visa Infinite Privilege 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 2% cash back, international purchases earn net positive rather than net negative.
For a client who travels regularly, this is a meaningful benefit. On $10,000 in annual foreign-currency spending, eliminating the FX fee saves $250, and you still earn 2% back on that spending, another $200, on top of the lounge access the Privilege adds.
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 | 6 complimentary visits per year through the Visa Airport Companion program (DragonPass). This is the benefit that distinguishes the Privilege from the standard Visa Infinite. |
| 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 can clear the $20 monthly fee through Premium or Generation status or a $4,000 monthly direct deposit, so the 2% cash back and lounge access come at no cost.
- You travel internationally and will use the 6 annual lounge visits, the no-FX-fee benefit, and the Visa Infinite Privilege travel insurance.
- You prefer flat cash back deposited directly to a Wealthsimple account over points currencies that require a redemption portal.
Less useful if
- You will not use the lounge access: the standard Wealthsimple Visa Infinite earns the same 2% with the same fee structure at a lower $60,000 income bar, without the lounge benefit you are not using.
- You cannot clear the $20 monthly fee: paying it drops the effective return below what a no-fee 2% card returns.
- You want points that transfer to airline loyalty programs: cash back deposited to Wealthsimple does not convert to Aeroplan, Avios, or any other travel currency.