How to get wealthsimple cash card? Wealthsimple has just released an updated and very different version of Wealthsimple Cash. Now WealthSimple Cash is Canada’s first peer-to-peer payment app—and it’s free! Read on to learn about the changes to WealthSimple Cash and see if it’s a good fit for your wealth management needs.
What Is Wealthsimple Cash Card?
In January 2020, Wealthsimple launched a new high-interest savings account called Wealthsimple Cash. No charges over or above the normal interest rate shown on the account. When it’s released, WealthSimple Cash will soon launch a tungsten prepaid card that will work like a debit card and allow free ATM withdrawals.
Now, Wealthsimple has just released what they call the latest version (or reinvention) of wealthsimple cash app. It’s an app that acts as a peer-to-peer payment platform that lets you send money to friends and family (anyone in your contact list) for free.
How does Wealthsimple Cash App work?
To use WealthSimple Cash, all you need to do is download the app and set up an account (or use the WealthSimple account you already have and link it to the WealthSimple Cash app). Then you add money to your WealthSimple Cash account, choose a unique dollar sign handle and link your contact list – which you can import from your phone.
You can send and receive money instantly from anyone in your contact list (if they have WealthSimple Cash). Use WealthSimple Cash to pay restaurant bills, vacation expenses or your dog walker.
You can use the WealthSimple Cash app just like you do bank e-transfers. The only difference is that receiving and withdrawing funds requires no secret questions and answers and the money comes instantly instead of hours. Best of all, WealthSimple Cash is free.
Wealthsimple Cash Card Benefits
- The WealthSimple Cash Card has no annual fee.
- No minimum balance required
- No forex transaction fees or rejected transaction fees
- Earn up to 5% cashback on restaurants, bars and food delivery services
- WealthSimple Cash app helps make payments easily and receive money instantly.
- In addition to your physical card, you get access to a virtual card through the Cash app.
- Apple, Samsung and Google Pay can be linked to this account.
- Cash can be withdrawn from ATM with physical card.
Wealthsimple Cash vs. Normal Credit Cards
WealthSimple’s prepaid Visa “Cash Card” works essentially like a debit card. It has no interest rates, no annual fees and won’t affect your credit score.
Cash card users get 1% cashback on all purchases. You can easily find other free, non-prepaid credit cards that will beat that rate. But it arguably undercuts Coho’s main prepaid Visa competitor, which only offers 0.5% cashback.
That 1% cash back can go directly to your cash balance, or you can use WealthSimpleTrade to automatically invest it in stocks or crypto.
You can use the card to withdraw cash from an ATM for a fee (usually $3).
Wealthsimple Cash Card Transaction limits
Since it is a prepaid cash card, any purchases require advance funds in the account. Limit per day and per transaction is unlimited.
The maximum spending limit is 10,000 CAD (per day plus transactions). ATM withdrawal limit is 500 CAD per transaction and up to 1000 CAD per day. The balance is visible in the Cash app.
Wealthsimple Cash Card Drawbacks
Limited Cash Back: Cash back earned only from restaurants, bars and food delivery services and not on all purchases.
Credit Score: Prepaid cards are not applicable for good credit score.
Wealthsimple Cash Card Cashbacks
WealthSimple Cash Card offers 5% cashback on purchases from restaurants, bars and food delivery services. This cashback is only available during a specific period between 12:00 AM EST (Friday) and 11:59 PM EST (Sunday). The Cash app lets you see where the cashback comes from.
How to apply for Wealthsimple Cash Card?
Following are the steps to apply for WealthSimple Cash Card:
- Open Wealthsimple Cash Account
- Download the WealthSimple Cash app and link it to your WealthSimple Cash account.
- Fund your cash account through the app.
- Request a physical card, which will arrive in the mail within a few days.
- To activate the physical card and set up a PIN, call +1 877-868-0854
- Import your contact list into the app to make payments and receive funds instantly.
Is Wealthsimple Cash Safe?
Like the rest of WealthSimple, Cash is protected by the Canada Deposit Insurance Corporation (CDIC). This means that if Wealthsimple goes bankrupt, your money is insured up to $100,000.
But given Wealthsimple’s success (and ownership of Power Corporation),The company isn’t going anywhere anytime soon.
Wealthsimple also promises never to sell customer information.
There are no fees for using the WealthSimple Cash Card.
Your WealthSimple Cash or WealthSimple Save account balance is held in trust for you by members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects deposits in member institutions in the event of failure of CDIC member institutions.
What is the WealthSimple Cash Card? It is a prepaid card that is linked to your cash account. You can use it anywhere MasterCard credit is accepted – just tap or enter it as you normally would. There are also no monthly fees, no account minimums, and it won’t affect your credit score.
Like the rest of WealthSimple, Cash is protected by the Canada Deposit Insurance Corporation (CDIC). This means that if Wealthsimple goes bankrupt, your money is insured up to $100,000. But given Wealthsimple’s success (and Power Corporation’s ownership), the company isn’t going anywhere anytime soon.
Conclusion – WealthSimple Cash Card Review
The above curated information comes from careful research as I have not had the opportunity to purchase the Wealthsimple Cash Card. The card above is Canada’s first P2P payment app that recently issued a physical card with no annual fee. So, WealthSimple Cash Card is one of the best prepaid credit cards in Canada.
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