Wealthsimple has added a new Visa Infinite 1% credit card in beta, giving select clients a no-fee option below the current Visa Infinite+ and Visa Infinite Privilege cards.
The new card is not the same as Wealthsimple's existing 2% cash back card lineup. Wealthsimple's help centre now lists three credit card tiers:
- Visa Infinite 1% (beta)
- Visa Infinite+
- Visa Infinite Privilege
The beta card earns 1% unlimited cash back, has no annual fee, and lets cardholders choose three additional benefits from a list that can include no foreign transaction fees and several insurance options. It has lower eligibility thresholds than the 2% cards, but it also comes with fewer built-in travel perks.
Card snapshot
Here is the current beta-card structure based on Wealthsimple's help centre and the June 10 report from Rewards Canada.
| Feature | Wealthsimple Visa Infinite 1% beta |
|---|---|
| Annual fee | $0 |
| Cash back | 1% unlimited cash back |
| Welcome bonus | None currently reported |
| Personal income requirement | $60,000+ |
| Household income requirement | $100,000+ |
| Savings / investments alternative | $250,000+ |
| Annual card spend alternative | $15,000+ |
| Card material | Plastic |
| No FX fees | Selectable benefit, not automatic |
| Extra benefits | Choose 3 additional benefits |
The card is still in beta, so the details could change before wider rollout.
Eligibility is lower than the 2% cards
The main difference is accessibility.
Wealthsimple lists the following eligibility thresholds by card type:
| Requirement | Visa Infinite 1% beta | Visa Infinite+ | Visa Infinite Privilege |
|---|---|---|---|
| Personal income | $60,000+ | $80,000+ | $150,000+ |
| Household income | $100,000+ | $150,000+ | $200,000+ |
| Total savings and investments | $250,000+ | $300,000+ | $400,000+ |
| Annual credit card spend | $15,000+ | $25,000+ | $50,000+ |
You only need to meet one of the requirements for the relevant card type. For example, a client who does not meet the income threshold may still qualify through savings, investments, or annual card spend.
That creates a clearer ladder inside the Wealthsimple card lineup. The beta card is the lower-threshold product, while the 2% cards remain the higher-value options for clients who meet the stronger eligibility criteria.
No annual fee, but fewer automatic perks
The beta card is free. Wealthsimple says the Visa Infinite 1% card is free and has no monthly or yearly fees.
That is different from the Visa Infinite+ and Visa Infinite Privilege cards. Those cards can also be no-fee, but only if the client qualifies for a fee waiver. Wealthsimple currently waives the $20 monthly fee if the client has at least $100,000 in eligible assets or net deposits with Wealthsimple, or receives at least $4,000 in eligible direct deposits every 30 days into a Wealthsimple chequing account.
If the client does not meet either condition, the 2% card fee is $20 per month, or $240 annually for Quebec residents.
The beta card avoids that fee structure, but the tradeoff is a lower cash back rate and a pick-your-benefits design instead of a full set of included travel benefits.
Cash back is simple, but not high
The beta card earns 1% cash back on eligible purchases.
That is simple, but it is not a high return for a Canadian rewards card. A 1% no-fee card can still be useful for someone who wants a straightforward Visa Infinite product, especially if the selected benefits are useful. However, the card is not designed to compete with the best everyday-earn cards in Canada.
For comparison, the higher-tier Wealthsimple Visa Infinite+ and Visa Infinite Privilege cards earn 2% cash back on eligible purchases, according to Wealthsimple's benefits table. Other Canadian cards can also exceed 1% in specific categories, such as groceries, dining, recurring bills, or travel.
If the main goal is maximum return on everyday spending, this beta card is likely not the strongest option. If the goal is a no-fee Visa Infinite product with a few customized benefits, it is more relevant.
For a broader comparison, see our Canadian credit card comparison page and our American Express Membership Rewards Canada guide.
The selectable benefits are the useful part
The most unusual feature is the ability to choose three extra benefits.
Wealthsimple's benefits page says Visa Infinite 1% cardholders can choose three additional benefits from Visa and Wealthsimple's premium benefits. The selections are made during application and are locked in for a calendar year.
Rewards Canada reported the following selectable benefits from the beta details:
| Selectable benefit | Reported coverage |
|---|---|
| No foreign transaction fees | Foreign transaction fee waiver |
| Out-of-province travel medical | Up to $1,000,000 in emergency medical expenses |
| Trip cancellation / interruption | Up to $1,000 per eligible person, max $3,000 per trip |
| Delayed and lost baggage | Up to $1,000 |
| Flight delay insurance | Up to $1,000, max $2,500 per occurrence |
| Mobile phone insurance | Up to $1,000, with a $50 deductible |
| Car rental collision / loss damage | Up to 31 days, maximum $65,000 MSRP |
| Discounted airport lounge passes | Discounted access at 1,200+ lounges |
This is a practical design, but it requires care. A cardholder who chooses no FX fees, mobile phone insurance, and car rental coverage may not have travel medical or trip interruption coverage through this card. A cardholder who chooses travel insurance may give up the no-FX benefit.
That means the card should be set up around actual use, not a general idea of travel benefits.
No FX fees are not automatic on the beta card
No foreign transaction fees are one of the best-known features of Wealthsimple's higher-tier credit cards. On the beta card, the benefit appears to work differently.
Wealthsimple's benefits table says no FX fees are available as a selectable benefit on the Visa Infinite 1% beta card, while they are included by default on Visa Infinite+ and Visa Infinite Privilege.
This is the main travel decision for the beta card. If you travel often or shop in foreign currencies, selecting no FX fees could be the best use of one of the three benefit slots. If you rarely make foreign-currency purchases, another insurance benefit may be more useful.
For Canadians comparing no-FX cards, the beta card is worth watching because most no-FX Visa Infinite cards in Canada carry annual fees. The tradeoff is that one of the three custom benefit slots would need to be used for the no-FX treatment.
How it compares to the 2% Wealthsimple cards
The beta card is not a replacement for the Visa Infinite+ or Visa Infinite Privilege cards.
It is a lower-fee, lower-earn alternative:
| Feature | Visa Infinite 1% beta | Visa Infinite+ | Visa Infinite Privilege |
|---|---|---|---|
| Cash back | 1% | 2% | 2% |
| Annual fee | $0 | Waived if eligible, otherwise $20/month | Waived if eligible, otherwise $20/month |
| No FX fees | Selectable | Included | Included |
| Lounge access | Discounted passes selectable | Not the main lounge tier | 6 visits every 12 months |
| Eligibility | Lower | Mid-tier | Highest |
The Visa Infinite Privilege card remains the travel-heavy option in the lineup. Wealthsimple says that card includes access to the Visa Airport Companion program, with 6 lounge visits every 12 months after enrollment, plus other premium travel benefits.
The beta card is more modest. It may appeal to clients who want:
- no annual fee
- 1% simple cash back
- Visa Infinite-level access to selected lifestyle benefits
- a choice between no FX fees and insurance benefits
- lower eligibility thresholds than the 2% cards
It is less compelling for clients who already qualify for a no-fee 2% Wealthsimple card through assets or direct deposit.
Who should consider it
The beta card is most useful for a specific type of cardholder:
- You are a Wealthsimple client but do not qualify for Visa Infinite+ or Visa Infinite Privilege.
- You want a no-fee card and do not want to manage category multipliers.
- You want to choose a few benefits instead of paying for a full premium card package.
- You value no FX fees enough to select them manually.
- You prefer cash back over points.
It is probably less useful if:
- You already qualify for a no-fee 2% Wealthsimple card.
- You want included lounge passes rather than discounted access.
- You want a strong welcome bonus.
- You want all major travel insurance benefits included automatically.
- You want the highest return on grocery, dining, or travel spending.
Current caveats
There are a few details to watch before treating the card as final.
First, it is in beta. Wealthsimple may adjust the benefit list, public availability, or approval flow before full launch.
Second, the public Wealthsimple credit card landing page still focuses heavily on the 2% products. The clearest current beta-card details are in Wealthsimple's help centre, especially the eligibility and benefits pages.
Third, the value of the card depends on the final benefit-selection interface. If all cardholders can reliably choose the three benefits reported so far, the card has a useful niche. If the benefit list changes, the recommendation changes with it.
Compare cash back and travel cards before applying
Review Canadian credit cards side-by-side by annual fee, earn rate, insurance, and travel perks.
Bottom line
The new Wealthsimple Visa Infinite 1% beta card adds a lower-threshold, no-fee option to Wealthsimple's credit card lineup.
It is not a high-earn card. The 1% cash back rate is modest, and there is currently no reported welcome bonus. The useful feature is the ability to choose three extra benefits, especially if no FX fees, phone insurance, car rental coverage, or travel insurance match your actual usage.
For Canadians who already qualify for Wealthsimple's 2% cards with the fee waived, the beta card is unlikely to be better. For clients who do not qualify for those higher tiers, the beta card could become a practical no-fee alternative if the current benefit structure survives the beta period.
