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.
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 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.
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 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.
The following are the steps to apply for the Wealthsimple Cash card:
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.