Wealthsimple Cash Card Review – Pros, Cons, Eligibility, How to Apply, Cashback
If you are a person who loves to spend but has trouble keeping tabs on it, prepaid cash credit cards are for you. Prepaid cash cards are quite different from credit cards. It requires funding in advance from the cardholder to avail the card. It helps to limit your spending money and allows the cardholder to be conscious of the exact amount spent.
As Warren Buffet once said, “Do not save what is left after spending but spend what is left after saving”.
In the current Wealthsimple Cash Card Review, we look at one of the best prepaid cash cards in Canada, Wealthsimple cash card.
Card Name & Card issuer: Wealthsimple Cash Card Review – Wealthsimple
Wealthsimple kept the millennials in mind while establishing this institution. It is an online investment management service that paves a clever way in investing, saving, and spending their clients’ money. The headquarters situated in Toronto, Canada, is headed by CEO Michael Katchen.
Wealthsimple Cash Card Review
Wealthsimple cash is a free peer-to-peer payment app that recently released a physical card for the same. The card is a prepaid Visa cash card through which purchases can be made by the funds paid into your Wealthsimple cash account.
The card helps in easy paying and receiving funds from various contacts. The refunded money is visible once the process has been completed.
Another advantage of this card is that it has no foreign exchange transaction fees or declined transaction fees. The only fees extracted are the standard ATM withdrawal fees (about$3.00) and currency conversion fees, when purchases are made outside the CAD currency.
The Wealthsimple Cash card has no annual fee.
Wealthsimple Cash Card Transaction limits
Since it is a prepaid cash card, it requires funding in the account in advance to make any purchases. The transaction limit per day and per transaction is unlimited. The maximum spending limit is 10,000 CAD (per day and transaction). The ATM withdrawal limits are up to 500 CAD per transaction and 1000 CAD per day. The amount balance is visible in the Cash app.
Wealthsimple Cash Card Cashbacks
Wealthsimple cash card applies 5% cashback on purchases from restaurants, bars, and food delivery services. This cashback is only available in a certain period between 12:00 am EST(on Fridays) and 11:59 pm EST(on Sundays). The Cash app allows you to view from where the cashback came in.
How to apply for Wealthsimple Cash Card?
The following are the steps to apply for the Wealthsimple Cash card:
- Open a Wealthsimple Cash account
- Download the Wealthsimple Cash app and link it with the Wealthsimple cash account.
- Add money into your cash account via the app.
- Request for a physical card, which will arrive via mail within a few days.
- To activate the physical card and to set the PIN, call +1 877-868-0854
- Import your contact list into the app to make payments and receive amounts instantly.
Wealthsimple Cash Card Benefits
- The Wealthsimple Cash card has no annual fee.
- No minimum balance required
- No foreign exchange transaction fees or declined transaction fees
- Cash backs up to 5% earned from restaurants, bars, and food delivery services.
- Wealthsimple cash app helps in easy payment and receiving of money instantly.
- Along with your physical card, you receive a virtual card via the Cash app.
- Apple, Samsung, and Google Pay can be linked to this account.
- The physical card can withdraw money from an ATM.
Wealthsimple Cash Card Drawbacks
- Limited cash backs: The cash backs earned are only from restaurants, bars, and food delivery services and not for all purchases.
- Credit score: Prepaid cards are not applicable for a good credit score.
Conclusion – Wealthsimple Cash Card Review
The above-curated information is from meticulous research as I have not earned the opportunity to purchase the Wealthsimple Cash card. The above card is Canada’s first P2P payment app, which recently released a physical card with no annual fees. Thus, the Wealthsimple Cash card is one of the best prepaid credit cards in Canada.