Wealthsimple’s prepaid Mastercard (aka the Cash Card) has stopped offering cashback on purchases, effective October 2nd, 2025. Don’t confuse this with Wealthsimple’s Visa card, which is an actual credit card, and still offers a nice 2% cashback reward.

I’ve been a fan of Wealthsimple’s prepaid Mastercard for a while now. I wrote about it over here. My favourite feature of this prepaid Mastercard is that it does not charge the usual 1.5% foreign exchange fees most other credit cards bury in their transaction costs.

The demise of the 1% bonus isn’t a deal-breaker for me but it was nice while it lasted. The card is also noteworthy because it permits ATM access globally with no fees. This isn’t a feature I’ve used, but it might be of interest.

I signed up for the waitlist for Wealthsimple’s Visa card when it was released, but the rollout has been v-e-r-y slow, and I’m still waiting for that to materialize¹. Once I get my hands on one, I will have no incentive to use the prepaid card since the Visa card also offers no-charge foreign exchange AND 2% cashback on all purchases. That’s a great deal.

1. About every third post on Reddit’s Wealthsimple sub is complaining about the slow rollout. ↩︎