How to Apply for the Wealthsimple Credit Card

If you’re considering the Wealthsimple Credit Card, the application process is fully digital and designed to match Wealthsimple’s streamlined user experience. There are no branch visits, no paper forms, and no complicated steps everything happens inside the app.

Here’s what you need to know before applying.

Basic Eligibility Requirements

While approval ultimately depends on Wealthsimple’s underwriting criteria, applicants typically should:

• Be a Canadian resident
• Be the age of majority in their province
• Have a valid Social Insurance Number (SIN)
• Maintain a good to excellent credit score
• Meet internal income and creditworthiness assessments

Because this is a paid card ($20 per month unless waived), it is generally better suited for applicants with stable income and consistent spending habits.

Step-by-Step Application Process

1. Log Into the Wealthsimple App

If you already have a Wealthsimple account, you can apply directly within the app.

If not, you’ll first need to create an account and verify your identity.

2. Navigate to the Credit Card Section

Inside the app dashboard, locate the Credit Card section and select the Wealthsimple Credit Card option.

You’ll be shown:

• Key benefits
• Insurance coverage
• Fee details
• Terms and conditions

Make sure you review the $20 monthly fee and waiver requirements before proceeding.

3. Complete the Application

You’ll be asked to provide:

• Personal information
• Employment and income details
• Housing status
• Consent for a credit check

The process is typically fast and entirely digital.

4. Approval Decision

In many cases, applicants receive a decision quickly. If additional verification is required, Wealthsimple may request supporting documentation.

Once approved, you’ll receive:

• A virtual card for immediate use
• A physical card mailed to your address

Understanding the Monthly Fee

Before applying, it’s important to evaluate the cost structure:

• $20 per month
• $240 per year total

The fee is waived if you hold $100,000+ with Wealthsimple (Premium tier).

If you do not qualify for the waiver, you’ll need to ensure your spending habits justify the cost.

How to Maximize Value After Approval

Once approved, consider these strategies:

Use It for Everyday Spending

Because it offers flat 2% cashback, the simplest strategy is to use it for:

• Groceries
• Subscriptions
• Utilities
• Recurring bills

No need to track categories.

Take Advantage of No FX Fees

If you travel or shop in foreign currencies, prioritize this card for:

• International travel
• Online purchases in USD
• Cross-border subscriptions

Avoiding 1–3% FX fees elsewhere can significantly increase net savings.

Automate Cashback Into Investments

One of the strongest features is the ability to automatically route cashback into:

• TFSA
• Savings
• Managed investment portfolios

If your goal is long-term growth, this automation turns everyday spending into passive investing.

Monitor Break-Even Spending

To cover the $240 yearly fee with 2% cashback:

You need to spend approximately $12,000 per year.

Track your spending to ensure the card continues delivering positive net value.

Common Questions Before Applying

Does applying affect my credit score?
Yes. A credit check is typically performed during the application process.

Is there a minimum income requirement?
Wealthsimple does not publicly list a fixed income threshold, but approval depends on creditworthiness and internal criteria.

Can the monthly fee be avoided?
Yes , but only if you qualify for Wealthsimple Premium by holding $100,000+ on the platform.

Is It Worth Applying

The Wealthsimple Credit Card makes the most sense if:

• You spend at least $1,000 per month on credit
• You travel internationally
• You value automation and integrated investing
• You are already using Wealthsimple for investments

It may not be ideal if:

• You prefer no-fee cards
• Your annual spending is low
• You won’t benefit from the no-FX advantage

Final Thoughts

Applying for the Wealthsimple Credit Card is straightforward and fully digital, reflecting the company’s commitment to simplicity.

The key decision isn’t about ease of approval , it’s about math.

If your spending habits and travel patterns align with its structure, the card can deliver solid value. If not, the $20 monthly fee may outweigh the benefits.

Carefully evaluate your annual spending before applying, and ensure the numbers work in your favor.

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