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 $80,000 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 on the Wealthsimple Visa Infinite Privilege
The Wealthsimple Visa Infinite Privilege scores 66 of 100 on the figures its certificate publishes, joint 28th of the 59 Canadian cards compared. Emergency medical is capped at $2,000,000 for trips up to 14 days. Coverage stops entirely at 65: not a smaller limit, nothing.
| Emergency medical | $2,000,000 · age 0–64: 14 days; age 65+: not covered |
|---|---|
| Trip cancellation | $1,500 per person · $5,000 per account |
| Trip interruption | $1,500 per person · $5,000 per account |
| Flight or trip delay | $1,000 per person · after 3 hours · $2,500 per trip |
| Baggage delay | $1,000 per person · after 6 hours |
| Rental car collision or damage | Pays first · rentals to 31 days · vehicles to $65,000 |
You have 45 days from the incident to report a claim. Dependent children are covered to age 21.
Every figure from the certificate, with its own wording
| Emergency medical | limit: $2,000,000 (in excess of any expenses payable by a Government Health Insurance Plan or Other Insurance) age 0–64: 14 days; age 65+: not covered |
|---|---|
| Trip cancellation | per person: $1,500 per account: $5,000 (aggregate per Covered Trip) covered reasons: Your, Your Immediate Family Member’s, Your Travelling Companion’s or Your Travelling Companion’s Immediate Family Member’s unexpected death, sickness or injury. Hospitalization or death of the host at Your principal destination. (enumeration truncated at 40 words; certificate lists nine Covered Causes for Cancellation, A) through I)) |
| Trip interruption | per person: $1,500 per account: $5,000 (aggregate per Covered Trip) |
| Flight or trip delay | per person: $1,000 (covers hotel accommodation, restaurant meals, refreshments, Emergency Purchases and Sundry Items for up to 48 hours) trigger hours: 3 hours (also applies to missed connection and denied boarding) per trip cap: $2,500 (aggregate per any one occurrence) |
| Baggage delay | per person: $1,000 (Emergency Purchases must be made within 96 hours of the Air Carrier arrival) trigger hours: 6 hours (certificate prints the trigger in words; the issuer benefit guide prints the numeral) |
| Lost, stolen or damaged baggage | per person: $1,000 (total payable for both delayed and lost or damaged Checked Baggage is $1,250) |
| Emergency travel assistance | offered: Yes (Chubb Travel Assistance must be called before Emergency Treatment; Crawford & Company (Canada) Inc. handles claims) |
| Rental car collision or damage | is primary: Yes (except for losses waived or assumed by the Rental Agency or its insurer, or where local government insurance legislation states otherwise) limit basis: the actual cash value of the Rental Car and valid Rental Agency Loss of Use charges vehicle value cap: $65,000 (MSRP excluding all taxes, at the time and place of loss) max rental days: 31 days (consecutive days; exceeding 31 days removes coverage from the first day onwards) excluded classes: vans, cargo vans or mini cargo vans (other than Mini-Vans as described above), trucks, pick-up trucks or any vehicle that can be spontaneously reconfigured into a pick-up truck, limousines (enumeration truncated at 40 words; certificate also excludes off-road vehicles, motorcycles, mopeds or motor bikes, trailers, campers, recreational vehicles, vehicles towing trailers, mini-buses or buses, exotic vehicles, handmade vehicles, antique vehicles and Tax-free Cars) territory: Insurance coverage is available except where prohibited by law. (certificate also states the coverage is available on a 24-hour basis worldwide) |
| Purchase protection | days: 90 days (loss, theft or damage anywhere in the world, without registration) limit per item: $1,000 (per occurrence) limit per year: $10,000 (maximum total liability per Cardholder across Purchase Security and Extended Warranty in respect of all Cards held; the certificate states a per-Cardholder total, not a per-year total) |
| Extended warranty | cap: $1,000 (per occurrence, shared with Purchase Security under the same certificate) |
| Mobile device | limit: $1,000 (per claim, maximum two claims per twelve month period) deductible: $50 (per claim) eligible events: Mobile Phone Insurance provides coverage for damage to or theft of Your Mobile Phone. (the monthly cellular service provider bill for the billing cycle before the month of the incident must be charged to the Card) |
Figures above are from the Certificates of Insurance, Wealthsimple Visa Infinite Privilege Card (Chubb), effective 2026-06-01, underwritten by Chubb Insurance Company of Canada. Checked against the certificate for 13 coverage types. Terms change without notice; verify with the issuer before relying on any figure.
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.
If that describes you, apply for the Wealthsimple Visa Infinite Privilege. Not sure yet? Book a free conversation and we will walk through it together.
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 $80,000 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.