Quick WealthSimple Cash Card Review and SETUP

Do you need a safe and easy way to manage your money? The Wealthsimple Cash Card might be the perfect choice.

The Wealthsimple Cash Card is one of the best cards in Canada. You can use it to buy things and get money without needing a bank account or credit score.

This article will tell you about the Wealthsimple Cash Card. It will help you decide if this card is good for you.

Outline:

• What is the Wealthsimple Cash Card?
• How Does the Wealthsimple Cash Card Work?
• What Are the Fees Associated with the Wealthsimple Cash Card?
• Can You Withdraw Cash From Wealthsimple Card?
• How Do You Get A Wealthsimple Cash Card?
• Can I Use Wealthsimple Cash Card Online?
• Eligibility To Get A Wealthsimple Cash Card
• Is Wealthsimple Cash Card Safe?
• What Are the Pros and Cons of the Wealthsimple Cash Card?
• What is the Difference between Wealthsimple Cash Card, KOHO Mastercard, and EQ Bank Card
• Frequently Asked Questions (FAQs)
• Conclusion 

What is the Wealthsimple Cash Card?

The Wealthsimple Cash Card is a card that helps people manage their money. It is easy to use and makes it simple to keep track of your money.

The Wealthsimple Cash Card, also known as Wealthsimple Mastercard, is offered by Wealthsimple Payments Inc. in partnership with Mastercard and People’s Trust Company.

Unlike traditional banks, the Wealthsimple Cash Card is fee-free, meaning you won’t be charged any monthly maintenance, annual, or foreign exchange fees when using your card. Plus, you can earn cashback. 

Additionally, you can receive and make payments instantly with your Wealthsimple cash card.

How Does the Wealthsimple Cash Card Work?

The Wealthsimple Cash Card works like any other prepaid card, with key differences. Once you’ve signed up for the card and received it in the mail, you can activate it through the Wealthsimple app.

From there, you can use it to make purchases anywhere Mastercard is accepted.

One unique feature of the Wealthsimple Cash Card is that it automatically categorizes your spending into different categories, such as groceries, transportation, and dining.

This can help you stay on top of your spending and identify areas where you may want to cut back.

Another benefit of the Wealthsimple Cash Card is that it offers 1% cash back on all purchases. This may sound like little, but it can add up over time, especially if you use the card for everyday expenses.

Remember that the Wealthsimple Cash Card is linked to your Wealthsimple Cash account, which functions like a hybrid checking and savings account. This means that your card balance will be limited to the funds you have in your Wealthsimple Cash account.

The Wealthsimple Cash Card is a convenient, easy-to-use debit card with unique features and benefits. However, there may be the right choice for some, depending on your financial needs and goals.

What Are the Fees Associated with the Wealthsimple Cash Card?

One of the most significant advantages of the Wealthsimple Cash Card is its free use. That’s right; no monthly fee, foreign exchange, or ATM fees are associated with this card.

This makes it an excellent choice for those who want to avoid the high fees associated with traditional banks.

Also, there are no minimum balance requirements. This means you don’t have to maintain a specific balance in your account to avoid fees.

Even though the Wealthsimple card doesn’t charge any fee, you might be required to pay the standard ATM fee, which is about $3.00 when you withdraw at an ATM.

The Wealthsimple Cash Card is an excellent choice for those who want to avoid high fees and unnecessary charges associated with traditional banking services.

Can You Withdraw Cash From Wealthsimple Card?

You can withdraw cash from your Wealthsimple Cash Card at any ATM that accepts Mastercard. Remember that ATM fees may be associated with withdrawing cash, so it’s best to check with your bank to see their fees.

It’s important to note that there is a daily limit of $500 CAD for ATM withdrawals with the Wealthsimple Cash Card.

Overall, while the Wealthsimple Cash Card is not a traditional bank account, it offers the convenience of withdrawing cash when needed.

How Do You Get A Wealthsimple Cash Card?

Getting your hands on a Wealthsimple cash card is quick and easy. Here’s what you need to do:

1. Open a Wealthsimple account:

The first step in getting your cash card is to create an account with Wealthsimple. This will allow you to access their investing services and other features.

2. Apply for the cash card:

To apply for a cash card with Wealthsimple, you must first create an account. After logging in, navigate to the “Cash” tab and choose the “Apply for Cash Card” option. Then, follow the provided instructions.

3. Verify your identity:

You need to give some personal information for the card. This helps protect you from people trying to steal your money or do other bad things.

4. Wait for the card to arrive:

After you are approved, you should get your card by mail. It usually takes 10-14 days. When it arrives, turn it on so you can start using it right away.

Can I Use Wealthsimple Cash Card Online?

Yes, you can use the Wealthsimple Cash Card online. This card is a Mastercard debit card, meaning it can be used anywhere it is accepted.

You can use it to purchase online, just like any other debit or credit card from other financial institutions.

It comes in the form of a virtual and physical card. The virtual card is excellent for online transactions.

Using the Wealthsimple Cash Card online is also convenient because you can track your spending in real-time using the Wealthsimple app.

You’ll be able to see how much you’re spending on various purchases and adjust your budget if necessary.

Plus, you’ll earn 1% cash back on all purchases the card makes, which can add up over time.

However, remember that, unlike some credit cards, the Wealthsimple Cash Card has no fraud protection when shopping online.

So, keeping your card information secure and using it only on trusted websites is essential. If you notice any unauthorized charges on your card, report them to Wealthsimple immediately.

Eligibility To Get A Wealthsimple Cash Card

Before considering signing up for the Wealthsimple Cash Card, it’s important to note that there are specific eligibility requirements you must meet to qualify. They are as follows:

• You must be a Canadian resident and reside in Canada
• You must have a valid Social Insurance Number (SIN).
• You must reach your province’s age requirement to open an investment account.
• You must be the identity requirements for non-registered accounts.

Is Wealthsimple Cash Card Safe?

As with any financial tool, safety is always a concern. Fortunately, the Wealthsimple Cash Card is incredibly safe to use.

A trusted company issues the card, People’s Trust Company, a Canadian financial organization in British Columbia that issues other prepaid cards like Mogo and KOHO.

The Canadian Western Trust Bank (CWB) looks after your money with the Wealthsimple Card. CWB is part of the Canada Deposit Insurance Company (CDIC). This means that your cash deposits are safe and protected up to $100,000 if CWB goes out of business.

What Are the Pros and Cons of the Wealthsimple Cash Card?

Now that we’ve discussed the Wealthsimple Cash Card, how it works, and other essential aspects, let’s dive into the pros and cons of this payment option.

Pros

1.     No monthly or annual fees:

The Wealthsimple Cash Card is different from regular banks. It has no monthly fees. This means you don’t have to pay extra money every month.

2.     Free ATM withdrawals

If you have a Wealthsimple Cash Card, you can get money from any ATM in Canada without having to pay extra. But the ATM may still charge its standard atm withdrawal fee.

3.     Competitive exchange rates

When you travel outside of Canada, you can use your Wealthsimple Cash Card to pay for things in stores that take Mastercard.

4.     Easily manage finances

The Wealthsimple app offers budgeting tools, transaction monitoring, and a financial health overview for those who use the Wealthsimple Cash Card to manage their finances and bill payments

5.     Offers cashback

The Wealthsimple Cash Card provides 1% cash back on every purchase made using the card. While the percentage may seem small, it can add up significantly over time if you use the card for regular purchases.

Cons

1.     Limited availability

The Wealthsimple Cash Card is only available to people in Canada who meet the age requirement set by their province.

2.     No overdraft protection:

The Wealthsimple Cash Card does not protect you if you do not have enough money in your account. You might not be able to buy things with the card if there is not enough money in your account.

3.     Limited metal card

The metal card is only available to some people. So if you were hoping to get a Wealthsimple cash card made of tungsten, you might not be able to get one.

4.     Can’t build a credit score 

The Wealthsimple cash card will not help you build your credit score. It is like other cards that do not change your credit score. So if wealth simple is all you use when you do your credit check your score might stay the same

What is the Difference between Wealthsimple Cash Card, KOHO Mastercard, and EQ Bank Card?

Before stating the differences, let’s briefly introduce what KOHO Mastercard and EQ Bank Card stand for.

KOHO Prepaid Mastercard

The KOHO prepaid Mastercard is a reloadable prepaid card with no annual fee. It also comes with a free budgeting app that helps you manage your finances.

The KOHO card provides rewards of up to 5% cash back on debit purchases and comes with a welcome bonus of a $20 cashback promo code, zero interest rate, and no minimum income requirement.

The KOHO Card is free. You can pay extra to get the KOHO Premium card. It has extra features, but you might have to pay some fees for it.

EQ Bank Card

The EQ Bank Card is another prepaid card that charges no annual fee, no monthly account, or FX fees. It offers 2.50% interest on your balance, and you stand to enjoy free ATM withdrawals anywhere in Canada.

The Wealthsimple Cash Card gives you a high-interest rate for saving and also 0.50% cash back on all your purchases. Here is a table that compares the Wealthsimple Cash Card, KOHO Prepaid Mastercard, and EQ Bank Card.

Differences	Wealthsimple Cash Card	KOHO Prepaid Mastercard	EQ Bank Card
Monthly fees	$0	$0, while KOHO Premium charges $9	$0
Earn cash back	Unlimited 1% cash back on all purchases	Up to 5% cash back	Unlimited 0.5% on all purchases
FX fees	Free	1.5% (free for KOHO Premium)	Free
Earn interest on your balance	Non	Up to 2%	2.50%
Availability of Mobile app	Yes	Yes	Yes
Availability of Virtual card	Yes	Yes	No
Apple/Google Pay	Yes	Yes	Yes
Availability of Budgeting tool	No	Yes	No
Card type	Mastercard	Mastercard	Mastercard
Welcome bonus	None	$20 bonus	none

Source- Savynewcanadians.com

Frequently Asked Questions (FAQs)

Is Wealthsimple Cash Card metal?

No, the regular Wealthsimple Cash Card is plastic. This is not to say that Wealthsimple Cash Cards do not come in metal forms. They do, but it is limited to some users. It is not readily available like the plastic ones.

How to Use the Wealthsimple Cash Card

There are a lot of ways to use a Wealthsimple cash card. You can use it wherever MasterCard is used. Also, you can use the virtual cash card to pay for purchases.

You can sign up online if you don’t have a Wealthsimple Cash account. You will be given a welcome bonus. After the signup, you can use your virtual cash card online while waiting for the physical card to arrive.

Does Wealthsimple Cash Offer A Sign-Up Bonus?

Yes, you get a cash bonus of around $5 to $3000 when you successfully sign up for a new Wealthsimple account and fund it.

Does Wealthsimple Cash Card Affect Your Credit Score?

Unlike the regular prepaid card, Wealthsimple Cash Card does not affect your credit card.

Conclusion

If you’re looking for a prepaid card with some of the highest cashback rewards, no annual fees and great customer service, then Wealthsimple Cash Card is the perfect choice. You can earn up to 1% cash back on all purchases made using your card and get free ATM withdrawals anywhere in Canada.

Plus, it will not affect your credit score like other cards might. With its features, convenience and affordability, there are plenty of reasons why I would recommend this card to anyone who wants an easy way to manage their finances without worrying about high-interest rates or hidden fees.