Wealthsimple launches highlights
Why, now, wealth?
On the feeling of feeling like Apple’s product launch, with a live event (at Toronto’s Evergreen Brick Works) and streaming it to over 110,000 Canadians, Wealthsimple announced a new credit card and Chequing account, both announced new credit card and chip accounts under the “Banking end?” campaign. Obviously, the move is competing with the big Canadian banks.
WealthSimple told Moneysense the services its current customers want to expand on and the financial products they use elsewhere. These are some of its recent findings.
- 83% of Canadians have accounts and/or products in one of Canada’s top five banks (BMO, CIBC, RBC, Scotiabank and TD), and 38% of them have considered leaving in the past year.
- 25% are not satisfied with the current Canadian banking system, and 14% report outdated physical and digital experiences.
- 38% of Canadians pay hidden or unexpected bank fees.
- 28% of polls show that the physical branch will disappear within 10 years.
According to Paul Teshima, chief commercial officer of Wealthsimple, having an account with a sum on fintech means “the currency flows faster. In our own ecosystem, we always allow for quick movement of currency, no restrictions, no fees.” He added: [transferring of money] The problem is more common throughout the industry and if you want to transfer from your retirement account or TFSA to another institution like ours, the bank will charge a transfer fee. They charge up to $150 per account you transfer. “He called this “choice tax.”
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interest rate:
21.99% purchase, 21.99% cash advance, N/A balance transfer
Welcome quote:
$250 Value
Earn 10% cash back on all purchases in your first three months (purchasing up to $2,000). Also, earn $50 in a stated credit when you make a purchase in month 13.
Is Wealthsimple’s new credit card worth applying for?
First, you cannot apply immediately. Just like launching Wealthsimple’s first home savings account (FHSA) and other financial products, you have to sign up for a waitlist, which happened during the soft launch in the card in April. (Probably part of the buzz building and part of the boarding management.) After that, the waitlist has opened again 20,000 cards.
Second, Fortune’s card is a visa unlimited card that promises to be competitive and so far, everything is well. Its cashback reward is simple: all purchases are 2%. No layers, categories, or complex charts.
As for redemption of Mura, the reward will be attributed to your Wealth Revised Account within 7 days of your statement date, and the Wealth Simple App will notify you.
moneysense editing note:
| Cash Return Reward | Earn 2% on all purchases; there is no category, limit or expenditure cap. |
| Annual fee | $120, broken down into monthly payments, offers $100,000 customer exemption for other Wealth Simple Products/Accounts or $4,000 per month for eligible deposits. |
| interest rate | 20.99% |
| Forex | There is no FX fee, which is usually 2.5% of international purchases. |
| Click Restrictions | No faucet limit. |
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What is a wealth simple chip account?
Formerly known as Wealth Cash, Wealth Revision allows customers to earn a 1% cashback reward on all purchases using a prepaid MasterCard. It provides access to the Paycheque Fund for direct sales one day in advance and interest of 0.5% of the total account balance when setting up a qualified direct deposit.
