Two cards, one reward: 2% back on every purchase, no categories, no caps, and no foreign transaction fees. What is left to work out is the spending level at which $240 pays for itself — and the one case where the reward disappears entirely.
Both pay exactly the same cash back. What changes is the income required and the services layered on top — lounge access, higher insurance limits. Nobody should pick the Privilege card expecting more cash back: there is none.
| Criterion | Visa Infinite + | Visa Infinite Privilege |
|---|---|---|
| Cash back | 2% on everything | 2% on everything |
| Personal income required | $80,000 | $200,000 |
| Household income required | $150,000 | — |
| Alternative route in | — | $50,000 annual spend, or $400,000 in assets |
| Fee | $20 a month | $20 a month |
| Foreign transaction fee | 0% | 0% |
Taken from Wealthsimple's product pages on September 21, 2026. Thresholds change without notice.
One detail that matters: the card assumes an open Wealthsimple account. If you do not have one yet, this is the moment to apply the code while opening the account — once the account exists, that window has closed.
Above $100,000 in assets at Wealthsimple, the card ships in metal. That is cosmetic, but it is the same threshold that waives the fee, so it is worth knowing.
Wealthsimple publishes 2% and $240. The number that connects them is missing: you need to spend $12,000 a year on the card for the cash back to cover the fee exactly. Below that, you are paying for the privilege of paying.
| Annual spend | Cash back at 2% | Fee | Net |
|---|---|---|---|
| $6,000 | $120 | $240 | −$120 |
| $12,000 | $240 | $240 | $0 |
| $24,000 | $480 | $240 | +$240 |
| $40,000 | $800 | $240 | +$560 |
| $12,000 with the fee waived | $240 | $0 | +$240 |
Calculated at 2% of total spend. Cash back does not apply to cash-like transactions, refunds, or fees.
The last row is the interesting one: waive the fee and the break-even point disappears, making the card profitable from the first dollar. That is where the decision actually sits — not on the size of the reward.
The fee is $20 a month, or $240 a year. In Quebec it is billed annually rather than monthly. Three situations remove it, and only one is within reach for most people.
The annual rate is 20.99% on purchases and 22.99% on cash advances. Miss a minimum payment and they rise to 25.99% and 27.99%.
Set against 2% cash back, the comparison is brutal. Carrying a balance for a single month costs roughly 1.75% of that balance in interest — nearly the entire year's reward on the same amount. Carry it two months and the card loses money, whatever you spend.
The cash back itself is not taxable — it is a discount on a purchase, not income. The referral bonus follows different rules, and what the CRA expects from a rebate draws the line clearly.
Most Canadian cards add 2.5% to any purchase in a foreign currency. This one adds nothing, and still pays its 2% back on those purchases.
| Foreign spend | Typical card at 2.5% | Wealthsimple card | Difference |
|---|---|---|---|
| $2,000 trip | −$50 | +$40 | $90 |
| $5,000 a year | −$125 | +$100 | $225 |
| $10,000 a year | −$250 | +$200 | $450 |
The typical card loses 2.5% to conversion; the Wealthsimple card charges nothing and pays 2%. The difference stacks both effects.
At $10,000 of annual foreign spend, that gap alone exceeds the card's fee. It is the one case where it needs no further argument.
No. No categories to activate, no cap, no quarterly rotation. The same 2% applies to groceries, gas and foreign purchases. Three exceptions: cash advances and cash-like transactions, refunds, and fees themselves earn nothing.
Yes. The card requires an eligible Wealthsimple account, Canadian residency and legal age. That is why the order matters: the referral code applies when the account is opened, not when the card is requested.
New Wealthsimple clients get a welcome boost of up to 5% back for their first 30 days, after which the rate returns to 2%. The boost depends on the profile; the permanent 2% does not vary.
Not in cash back: both pay 2%. The Privilege adds services — lounge access, higher insurance limits — and requires $200,000 in personal income, or $50,000 in annual spend, or $400,000 in assets. If you choose it, choose it for the services.
The amount is the same, the billing differs: $20 a month elsewhere in Canada, $240 charged annually in Quebec. Both waiver routes — $100,000 in assets or $4,000 a month by direct deposit — apply the same way.
Yes, since October 2026: it is reported to TransUnion, past payments included. It is a recent change and it works both ways — a past late payment surfaces too. The subject deserves its own page, and it has one.