Wealthsimple is doubling the annual fee on its Visa Infinite credit card, raising it from $120 to $240 starting October 9, 2025. The fee will be billed at $20 per month, except in Quebec where it will be charged annually.
The change means cardholders will need to spend at least $12,000 per year at the standard 2% cashback rate just to break even if they don’t qualify for a waiver.
Who gets the waiver
The fee is waived for Wealthsimple clients with Premium or Generation status, or Core clients who direct deposit at least $4,000 a month into a Wealthsimple chequing account. For Wealthsimple Core clients and everyone else, the fee will take effect with their October statement.
- Wealthsimple Core client: under $100,000 invested
- Wealthsimple Premium client: $100,000 or more invested across Wealthsimple accounts
- Wealthsimple Generation client: $500,000 or more invested across Wealthsimple accounts
How the Wealthsimple Visa Infinite stacks up against other credit cards
By comparison, many Canadian premium rewards cards charge lower annual fees while offering flexible travel perks — such as the Scotiabank Gold American Express ($120) or Amex Cobalt ($156). Plus, many premium cards offer higher earn rates, particularly in specific categories, such as groceries and travel.
According to Statistics Canada, Canadians already spend an average of about $700 per year in credit card fees and interest charges, meaning the Wealthsimple hike may prompt households already feeling a strain to consider other credit card options.
Key perks of the Wealthsimple Visa Infinite
There are a few key benefits offered to Wealthsimple cardholders, including:
- 2% Unlimited Cash Back on All Purchases: You earn 2% cash back (flat) on everything you buy (excluding refunds, adjustments, and “cash-like” transactions).
- No Foreign Transaction Fees (FX Fees): When you spend in another currency (e.g. travelling, online foreign merchants), there’s no extra foreign-transaction fee.
- Premium Insurance Coverage: The card comes with several insurance benefits. Key ones include: Out-of-province/country emergency medical insurance (up to CAD $1,000,000, subject to conditions); trip cancellation / interruption insurance; delayed & lost baggage insurance; purchase security & extended warranty (doubling of manufacturer’s warranty in many cases; protection for loss, theft, or damage for new purchases); mobile phone insurance (repair or replacement up to a certain amount if you pay the phone bill with the credit card)
- Visa Infinite Brand Perks: As a Visa Infinite card, it includes standard Visa Infinite benefits, such as: Access to Visa Infinite offers (hotel collections, dining events, etc.); Visa Infinite Luxury Hotel Collection benefits at over 900 locations worldwide; concierge service (assistance with travel plans, restaurant bookings, gifting, etc.) available 24/7.
Current cardholders express frustration online
The fee hike has stirred frustration among Reddit users in r/Wealthsimple Reddit forum.
“Not going to lie, if the fee wasn’t waived, I wouldn’t get this card,” one user wrote. Another argued the move makes the card “no longer competitive” unless you qualify for the waiver.
Others suggested the increase is strategic. “Every Wealthsimple service seems to be built to get you in and stick to Wealthsimple,” one commenter noted.
Another summed it up bluntly: “It’s incredible! The card hasn’t even been out a year yet and already the fees are doubling.”
What it means for Canadians
For cardholders who don’t meet the waiver requirements, the Wealthsimple Visa Infinite may offer limited value compared to competitors. Even at the previous $120 fee, some Redditors said the card was “a tough value proposition” — now, with an annual fee doubling, many are rethinking whether to keep the card.
As a result, Wealthsimple’s move could push Canadians to reconsider how they balance convenience, loyalty perks and annual fees when choosing a credit card.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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