Wealthsimple Cash Card — Is that good to have?

Today, We will get into the famous Canadian Fintech app, Wealthsimple Cash! It is a peer-to-peer money transfer service if we use a simple way to explain.

Features of Wealthsimple Cash app:

1. No monthly account fee
2. Instant deposit up to $250 or if you have visa debit, you can do instant deposit up to $500 -Which is low in my opinion or wait 3–5 business days more than $250.
3. Sending and receiving money is completely free
4. No fees for deposits or withdrawals

Wealthsimple Cash Card:

First of all, I want to underline that you can’t get detailed information about this product in the app which made me a little frustrated. Because I like to read details about the product (if it is credit or debit cards) because I want to know what I truly get into when I sign up for it. I think its fair to ask but I can understand Wealthsimple culture to make it as simple as possible for the everyday user which I am portably not :)

After, I dig into the internet for a couple of hours I find the information I need whether singing up or not. I decided to give it a try.

Let’s get it to Wealthsimple Cash Card! It is a Visa prepaid debit card. Yes, it is not a credit card which was surprised me. I assumed it was a credit card at the beginning of the research. So, you have to have enough balance in-app to do the purchase you want which can be a little annoying in some situations. Also, there is no credit bureau check or affects on your credit score which is great.

Features of Card:

1. 5% cashback on weekends (Friday-Sunday) at restaurants including takeout- only 12 days in months/with no other cashback opportunity
2. No Foreign exchange fees (only paying currency conversion and visa fees)-We don’t know how good the conversion rate???
3. ATM cash withdrawals (with any ATM having a visa logo)- How many of them??
4. Tap up to $250 for most purchase
5. No fee initiations fee or monthly card fees- There is one fee which is ATM withdrawal fee (usually about $3.00)
6. Spending Limits: No Transactions limits, Maximum $10k per transaction and per day, ATM withdrawals 500 per transaction and $1k per day.
7. No extra card user- One per account per person.
8. Instant approval after application (which is only a couple of clicks) and start using the virtual card — Love this process. I recommended to all the card issuers to take this advice into account.

Wealthsimple Cash card Design and Package:

You can easily apply (literally a couple of clicks) the card from the app and instantly get approved and start to use it. This card is virtual which means you need to wait to receive your physical card but a virtual card can do everything which a physical card does as long as you add your virtual card to your apple wallet or android pay.

Taken from iPhone in Canada Blog

When you receive the card, you can easily realize how Wealthsimple design and culture reflect card package and card as well.

Taken from Wealthsimple.com

I think Wealthsimple Cash Card looks amazing and COOOL! You can even apply for the card just to have it in your wallet.

Only downsize for Wealthsimple cash card is cheap material it’s made. When you touched it, you can feel the cheap texture of plastic that decreases your enthusiasm for it. On the other hand, the design of the card and features will pump your hype to the roof.

Safety:

All cash balances from this app are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC insures eligible cash balances payable in Canada up to $100,000 per client per member institution with each insured category. To sum up, your money in Wealthsimple Cash up to $100,000 is insured by CDIC so it is safe as banks or other finical institutions.

! Extra Information: Please check if the institution that you will or want to deposit any money is CIDC members before depositing in order to ensure if the institution is disappear or bankrupt, you will have your money back up to $100k.

Wealthsimple Cash requires to have two-factor authentication for extra security, which is the industry standard and good to have.

What are the advantages/disadvantages of having one:

5% cashback on weekends at restaurants including takeout

• But only 12 days in months with no other cashback opportunity

No Foreign exchange fees

ATM cash withdrawals

• But ATM withdrawal fee (usually about $3.00)

No fee initiations fee or monthly card fees except ATM fees

Understandable spending limits

No monthly account, deposit/withdrawals, and sending/receiving money fees

CIDC member institution

Final Thought, I would consider using Wealthsimple Cash because no fees to have it one, 5% cashback at restaurants, no Foreign exchange fees, cool-looking card design, and free money sending and receiving. There is a downside that this service is only available for Canadian residents. This will be unfortunate for my friends all around the world. Is that good to have? Yes, definitely!

If you are considering to sing up with a $10 BONUS, there is a link below ↓

DOWNLOAD Wealthsimple cash 💸 (get $10 instantly bonus): http://ws.cash/invite/$mege_35

Or Use my code BWZADH — don’t wait!

Disclaimer: Every information and number I provided are good by the time I am writing, in the future, that information and number are subject to change by the card issuer. Do your research about numbers and information before you decide. All credit cards I’ve been mentioning here are Canadian Cards.

You can find more detailed info at the link below ( Official Wealthsimple Cash page)https://www.wealthsimple.com/en-ca/product/cash

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