Published 11/11/2024 Updated 06/12/2025 | BeCred

How to apply for Wealthsimple Cash and Card?

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Here’s the scoop on how to get started:

  1. Grab your phone: Yeah, Wealthsimple is all about that app life, so make sure you have your phone handy.
  2. Download the Wealthsimple app: Head to the App Store or Google Play and search for “Wealthsimple.” It should pop right up.  
  3. Open an account: They’ll walk you through the signup process. You’ll need to provide some basic info like your name, email, and all that jazz. Pretty standard stuff.
  4. Verify your identity: They might ask you to snap a photo of your ID, just to make sure you’re legit.
  5. Order your card: Once you’re all set up, you can request a Wealthsimple Cash card right in the app. They’ll ask for your address and all that.  
  6. Wait for it to arrive: It usually takes a week or two for the card to show up in your mailbox.

Is Wealthsimple Safe to Use?

Security is a top concern for any financial tool, and Wealthsimple does not disappoint. As a registered Canadian financial institution, it is a member of the CDIC, ensuring your funds are protected up to $100,000. This coverage applies to the Wealthsimple Cash card and not investment accounts.

With no monthly or annual fees and the ability to split bills with friends (provided they also use Wealthsimple), the platform offers a secure and cost-effective way to manage your finances.

App Features and Usability

The Wealthsimple app, while beautifully designed, can sometimes be confusing. The company is working to merge all its products into one app, which is a positive step but still a work in progress. Users can manage their spending, view transactions, and send e-transfers, but the lack of advanced savings features sets it back compared to competitors.

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If you’re someone who values simplicity and straightforward banking, the app does its job. However, those looking for more advanced features might find it lacking.

Final Thoughts and Recommendations

Overall, Wealthsimple Cash remains a strong contender for those seeking high-interest savings accounts coupled with convenient card benefits. The increased CDIC coverage and ATM fee refunds significantly enhance its value proposition.

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Credit card approval in Canada typically depends on your credit score, income, existing debts, and credit history. Lenders review your financial profile to determine whether you qualify and what credit limit they can offer.

Many basic credit cards can be approved with a score around 600 or higher. Premium cards may require a stronger score, often above 700. Some secured credit cards are available for people with little or no credit history.

Yes. Many Canadian banks offer special credit card programs for newcomers who may not yet have a Canadian credit history. These programs often include starter credit limits to help build credit over time.

You can build your credit score by paying your balance on time every month, keeping your credit utilization low, and avoiding missed payments. Responsible use over time helps strengthen your credit profile.

Paying the minimum keeps your account in good standing, but interest will continue to accumulate on the remaining balance. Over time this can increase the total amount you pay for your purchases.

Some credit cards charge annual fees in exchange for rewards, travel benefits, or higher credit limits. However, many Canadian banks also offer no-fee credit cards with basic features and cashback options.

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Discover the PC Financial Mastercard

Earn PC Optimum™ points on everyday purchases like groceries and fuel. Apply for the PC Financial Mastercard and start earning rewards wherever you shop.

APPLY NOW * You will remain on the current website

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