The fee is the whole question
The card lists a $240 annual fee, billed as $20 a month. That fee is waived automatically if you are a Wealthsimple Premium client ($100,000 or more in Wealthsimple assets) or a Generation client, or if you direct-deposit at least $4,000 a month into a Wealthsimple chequing account. For anyone who meets one of those conditions, the card is effectively free and the 2% cash back is pure upside. For anyone who does not, the $240 fee swallows most of the cash back on moderate spending, so the math only works at high spend or with the waiver.
Earn rate
Cash back is a flat 2% on all eligible purchases, with no categories and no caps. It deposits directly into a Wealthsimple account.
| Spending category | Cash back rate | Value per $100 spent |
|---|---|---|
| All purchases | 2% | $2.00 |
A flat 2% with no category tracking is a strong base rate. The value depends on the fee: free of the $20 monthly charge, the full 2% is yours; paying it, the effective return drops on lower spend. Cash back deposits to a Wealthsimple account (chequing, TFSA, RRSP, or non-registered) and is not transferable to airline or hotel programs.
No foreign transaction fees
The card charges no foreign transaction fee on purchases made in a non-Canadian currency. Most Canadian cards add 2.5% on every international transaction. On $10,000 of annual foreign-currency spending, eliminating that fee saves $250, and you still earn the full 2% cash back on those purchases. For a traveller, the no-FX benefit stacked on a flat 2% means foreign spending comes out net positive rather than net negative.
How it compares to the Privilege version
Wealthsimple offers two versions of this card. Both earn the same flat 2% cash back, carry the same $20 monthly fee with the same waiver conditions, and charge no foreign transaction fees. The differences are the eligibility bar and one benefit: the standard Visa Infinite requires $60,000 personal or $100,000 household income, while the Visa Infinite Privilege requires $150,000 personal or $200,000 household income and adds airport lounge access through the Visa Airport Companion program (DragonPass). If you do not need the lounge visits, the standard Visa Infinite delivers the same cash back and FX benefit at a lower income bar.
Visa Infinite benefits
The card carries the standard Visa Infinite benefit package, provided by Visa rather than Wealthsimple, so it applies uniformly at this tier:
| Benefit | Details |
|---|---|
| Visa Infinite Concierge | Concierge service for travel booking, dining reservations, and general assistance. |
| Visa Infinite Hotel Collection | Preferred rates, room upgrades when available, and added amenities at partner hotels. |
| Visa Infinite Dining Series | Access to curated culinary events and experiences through Visa’s dining program. |
| Mobile device insurance | Up to $1,000 in coverage for a mobile device against loss, theft, or damage. |
Airport lounge access is not included on the standard Visa Infinite; it is the defining add-on of the Visa Infinite Privilege version.
Travel insurance
- Emergency medical: up to $2,000,000 (under 65, 14 days)
- Trip cancellation: up to $1,000 per person ($3,000 per trip)
- Trip interruption: up to $1,000 per person ($3,000 per trip)
- Baggage delay: coverage applies
- Lost or stolen baggage: coverage applies
- Mobile device insurance: up to $1,000
- Purchase protection and extended warranty
The 14-day emergency medical window is short, and coverage is for travellers under 65. Anyone taking longer trips, or aged 65 and over, should arrange supplemental insurance. Always review the cardholder agreement for limits and exclusions before departure.
What the earn math looks like
A cardholder spending $2,500 per month at a flat 2%:
| Spend | Rate | Cash back / month | Cash back / year |
|---|---|---|---|
| $2,500 / month | 2% | $50 | $600 |
$600 a year in cash back at this spend level. With the fee waived, that is the full net value, a clean 2% return. Without the waiver, the $240 fee cuts it to $360 net, or about a 1.2% effective return, which a no-fee 2% card or a strong category card would beat. The card’s case rests entirely on clearing the fee through Premium or Generation status or the direct-deposit condition.
Good fit if
- You are a Wealthsimple Premium or Generation client, or direct-deposit $4,000 a month, so the $20 monthly fee is waived and the 2% is free.
- You want a flat 2% on everything with no categories to track, plus no foreign transaction fees on international spend.
- You like cash back deposited straight to a Wealthsimple account, where it can be invested or spent without a redemption portal.
Less useful if
- You cannot clear the $20 monthly fee: paying it drops the effective return below what a no-fee 2% card returns.
- You want airport lounge access: that is on the Visa Infinite Privilege version, not the standard card.
- You want transferable travel points: cash back deposited to Wealthsimple does not convert to Aeroplan, Avios, or any airline or hotel program.