Wealthsimple's Premium Cash-Back Card Offers Flat Rate Rewards
The Wealthsimple Visa Infinite+ Credit Card offers a flat rate of 2% cash back on eligible purchases, making it one of Canada's strongest flat-rate cash-back cards. However, there are some caveats to consider.
To qualify for the card, you must meet at least one of the following requirements: $80,000 in personal income, $150,000 in household income, $300,000 in total savings and investments, or $25,000 in annual credit card spend. You also need an active Wealthsimple chequing account.
The card costs $20 per month, or $240 annually for Quebec residents, unless you qualify for a waiver. To get the fee waived, you must either individually hold at least $100,000 in eligible Wealthsimple assets or net deposits, or direct deposit at least $4,000 into Wealthsimple chequing during the applicable monthly qualification period.
One of the benefits of this card is that it does not make rewards complicated. With a flat 2% cash-back rate, you don't have to remember which card earns more at which store or whether a purchase counts as groceries, dining, or something else. Additionally, there are no foreign transaction fees.