The Wealthsimple Card Explained (2021)

The Wealthsimple cash card explained. (2021)

Timeline:
0:00 The Wealthsimple card
1:16 What is the Wealthsimple card?
1:36 How does the card work?
2:32 What are the maximum spending limit and transaction fees?
2:55 Conclusion and additional information
4:09 Ending

Website for more info on the card

Link to get $25 from Wealthsimple cash

Link to get $50 from Neo Financial

Hi, this is Abdullah Virk, and today I’ll be talking about the Wealthsimple Cash Card, a card created by wealth simple to be simple and easy to use right from the cash app using the virtual card or the physical metal card they’ll send you in the mail.

Currently, the wealth simple cash card is in beta, so they’ll reach out to you if you’re interested in signing up. Now only a tiny amount of people have access to it. The Wealthsimple website says it’ll take around three weeks for the physical card to arrive in the mail.

Now I’ll talk about using the card; currently, the perks are somewhat limited since the card is new, but I expect to see more features added; you will get 5% cash back on purchases from restaurants only during weekends, so Friday to Sunday. There are zero transaction fees even on purchases in foreign currencies. There are no foreign exchange transaction fees or declined transaction fees. The only fee you could get is an atm withdrawal fee of about $3 when you make a withdrawal from an atm.

The wealth simple cash card is a prepaid Visa card, meaning when you purchase items and insert the card into the terminal, you’d need to select credit. The card uses Visa’s payment system and would be accepted if Visa is accepted in the place. Since the card is a prepaid card, it will not affect your credit score at all. You would first deposit money into the cash app.

Then you could spend money and get cashback from purchases at restaurants using the virtual card, which would be in the cash app. The virtual card can be added to your Digital wallet, and the physical card you could use as a credit card. The virtual card and physical card have different numbers and aren’t the same, and according to the Wealthsimple website, it’s normal.

The maximum spending limit is $10,000 per transaction and $10,000 per day; for ATM withdrawals, the limit is $500 per transaction and $1,000 per day.

Overall, Wealthsimple’s first attempt at making a card is good, and although the perks and features are limited in the coming months, I think they’ll add more features that will make it more compelling to get.

Currently, if you’re interested in getting the card, you can go in the cash app, and there will be a card icon on the top right of the app, and it’ll say tell me when it’s here, and they’ll notify you if you’re eligible via email.

So that’s the wealth simple cash card, and I hope it gets better over time. Once I get my hands on it, I’ll make sure to share it on the channel. So thanks for watching, and make sure to like and subscribe to see more videos like this, and I’ll see you in the following video.

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#Wealthsimple

[indytiberius]

Does Wealthsimple Cash currently have an interest rate (like a savings account)? I remember them saying it would be a hybrid account with 0.5%-0.75% annual interest, and a lot of websites also mention it but it's not listed on the official website or in the app.