Wednesday, September 15, 2021

Wealthsimple Cash Introduction

Deal Link: https://www.wealthsimple.com/en-ca/learn/cash-card-x-waterloo
Updated on Sep 15, 2021: Students of University of Waterloo can get 10% cash back every time when they use their Wealthsimple Cash card at these locations near campus before Oct 31, 2021:
  • Williams Fresh Cafe | 160 University Ave W #2
  • Starbucks | 247 King St N
  • Campus Pizza | 160 University Ave W #2
  • Lazeez | 170 University Ave W
  • iPotato | 170 University Ave W
  • Ken Sushi House Phillip Square | Blair House, 256 Phillip St
  • Marble Slab Creamery | 158 University Ave W
  • Sweet Dreams Teashop | 158 University Ave W
  • The Alley | 170 University Ave W
  • Mel’s Dinner | 140 University Ave W
If you want to sign up a new Wealthsimple Cash account, please use our referral code and you'll get $10 bonus when you sign up, thanks: 9V7FQW. 

 

Wealthsimple Cash is one of the Wealthsimple products. You can use it to split takeout or rent, send a friend cash for a coffee, or request money instantly. With Wealthsimple Cash there are no monthly account fee, no foreign transaction fee and no low balance fees.

Wealthsimple Cash product is offered by Wealthsimple Payments Inc., a FINTRAC and Autorité des marchés financiers registered money services business. Money in the Cash account is held in trust at a CDIC member institution. So, all balance in your Weathsimple Cash account are eligible for protection from the CDIC. 

Wealthsimple Cash allows user to send and request money (you can add personalized messages too). There will be more new features coming. If you are interested, you can see this page: https://help.wealthsimple.com/hc/en-ca/articles/360056545414

I like the upcoming Wealthsimple Cash Card feature. It is a Visa prepaid card. you can make every day purchases with the Wealthsimple Cash card — just add it to Apple and Google Pay. 

Wealthsimple Cash has a referral program. When you sign up Wealthsimple Cash via referral code, you can get $10 bonus. And you can also have your own referral code after registration. If you want, please use our referral code, thanks: 9V7FQW


Updated on Jul 12, 2021: The Wealthsimple Cash Card is almost here with features like 5% cash back at restaurant every weekend (Fri - Sun) and zero transaction fees on purchases in foreign currencies. To keep using Cash, and take advantage of these features, Wealthsimple need you to update your account. Here’s how to update: 
  1. Open the app (make sure you’re on the latest version) 
  2. Read and click accept on the update screen 
  3. It’s that simple 
What does this change mean? - For starters, it’ll give you access to all the exciting new features of Cash. However, as part of this change your account will no longer earn 0.5% interest. Finally, the funds in your Cash account will now be held with Canada Western Trust (still CDIC protected).

What if I want to keep earning interest? - That’s exactly what Wealthsimple Save account is for. It gives you a safe place to earn 0.5% interest. 
  • If you’re not interested in sending and spending features, your account will be automatically transitioned to a Save account. No action needed! Just log in to Invest on web to see your account. 
  • If you want to keep Cash and earn interest you can open a Save account by logging in on web, and move funds from your Cash account. Just make sure to do this before you update to the latest version of Cash! 

Updated on Jul 19, 2021: The Wealthsimple Cash Card is finally here. A few friends of mine told me that they can see a button "Claim my card" in the app. In order to claim the card, they need to send cash to one or two friends in Wealthsimple Cash app. As we mentioned before, you can make everyday purchases using your card with perks like:
  • 5% cash back at restaurants every weekend (Fri - Sun)
  • Zero transaction fee, even on purchases in foreign currencies
  • $0 fee for ATM withdrawals within Canada & outside of Canada. You may be charged a fee by the ATM provider.
Once you claimed the card, you will get a virtual card in one hour and it can be loaded to Apple Pay / Google Pay. You can also provide your billing address to Wealthsimple and they will send you a physical card in the mail.

Updated on Aug 25, 2021: We mentioned before that you can earn 5% cash back at restaurants every weekend (Fri - Sun) with this Wealthsimple Cash Card. Now we know more details about this 5% offer. Qualified spend for the Offer applies only to transactions that take place between 12:00am EST on Fridays and 11:59pm EST on Sundays and to the following food and restaurant categories as classified by Visa’s MCC:
  • 5812 - Eating Places and Restaurants
  • 5813 - Drinking Places
  • 5814 - Fast Food Restaurants
  • 5499 - Convenience Stores and Specialty Markets
Cash back credits are earned on net purchases only and pay out will occur within 7 business days after the Qualified Spend transaction. 

BTW, if anyone wants to leave his/her referral code below, please use the following format ONLY: "My Wealthsimple Cash referral code is, thanks: *******." Other format will be deleted. Thanks.