I have been using the Wealthsimple credit card for almost half a year now. For a while, my setup was a Scotiabank black card plus the red Rogers Bank card, but recently most of my daily spending has moved to Wealthsimple.
The cash back is not necessarily the absolute highest if you optimize every category one by one. But the part I like is that, on my card, eligible purchases earn a flat 2% back. No categories to remember, no mental spreadsheet at checkout, and fewer tiny decisions every time I pay for something.
There is also a hidden little perk: Wealthsimple has a rewards storefront where you can redeem cash back toward actual products. I have seen things like iPhones, Apple Watches, AirTags, MacBooks, and other gadgets there. The surprisingly useful detail is that, in the checkout I used, there was no separate sales-tax line added on top. The price shown was the price, and my cash back could cover it.
Another nice detail is that you do not necessarily need enough cash back to cover the entire purchase. Wealthsimple lets you use cash back to cover at least 50% of the total, then pay the remaining balance. That makes the store feel a lot more practical than a typical points catalogue where you either have enough points or you do not.
For me, the more practical benefit is actually the bookkeeping. Once spending, investing, and cash back all live in Wealthsimple, it becomes easier to look at my own cash flow, spending patterns, and investment behaviour without piecing things together across a bunch of apps.
There is one important fee caveat. The card has a $20/month fee unless you qualify for a waiver. As of September 2026, Wealthsimple says the fee can be waived if you have at least $100,000 in individual assets/net deposits with them, or if you set up a qualifying direct deposit of at least $4,000/month into a Wealthsimple chequing account. Terms can change, so check the current details in the app or on Wealthsimple’s official credit card page before applying.
Referral
If this is useful and you decide to try it, my referral link is https://www.wealthsimple.com/invite/QQSF5Q. You can also use the code QQSF5Q.
In my app, the referral offer says that if you use my referral and apply for the credit card, both of us may be eligible for 5% cash back for one month. Eligibility and promotional terms can change, so please double-check the offer before applying.
Referral disclosure: I may receive a benefit if you use the code. This is just my personal setup and experience, not financial advice.