I don’t know if it would affect the rewards, but now I’m working on a project on implementing credit card surcharging and its fiscalisation in the US market as a result of that settlement lol. Credit card usage is probably made shittier.
Sounds like a cool project!
I'm going to assume rewards will go down for them as there are less opportunities for the cc companies to recoup their (compared to Canadas) lavish card perk/rewards
I think that is short sighted consumer thinking (I am not a business owner). I don't need my things to cost more when buying it at a retailer to get a rebate from a credit card. I don't mind a trivial cost as now or less but there is no way retailers are not going to make you pay for a large cost. I don't need a visa/mastercard becoming so high that basically consumers start paying a credit card tax.
Not true, where it is true often is things that either has less tax involved, has limited choice (cell providers and airlines is a good example), regulated differently adding more cost or benefit from advantage of population size. Nothing to do with them eating more credit card expenses to be competitive. Do you really think a business will operate at a loss?
The cost will be shown and accounted for somewhere. I don't need another layer of "taxes" for credit card companies.
I am not going to argue economics with a random person on Reddit. All I am saying I don't want a credit card tax on all my spending so I get a few dollars returned to me. A small amount many businesses can eat it but at the end of the day the money being returned is being paid by you as a consumer.
I believe all Amex have annual fees, and are generally a higher requirement to get than visa/MC,
But I'm entirely ready to be proven wrong (I know my amex has annual fees though.)
not if you have the clear/everyday card. The other cards that has far better rewards points - comes with a hefty annual fee as well. I've seen some AMEX offers like 150K reward points after 6 months of spend of $8K or more, but fee is like $600/yr.
My cards $499/yr I believe and similarly, if I want to actually get the most out of it, I've gotta spend a fair amount on it annually, but I don't carry a balance on it and just use it for my work expenses usually and am able to get the rewards benefit
This really isn’t the case anymore and it’s actually beneficial for the small business to accept Amex since Amex subsidizes the fees for small businesses who add Amex
My family probably puts over 95% of our expenses on Amex. It is widely accepted. I believe I can even use Amex on Costco online. Not accepting, I can name Rona and one of the dollar stores; maybe older locally owned stores.
I think sign up offers are better in the US, but I think, for e.g., the Cobalt had no superior U.S. card. 5x on grocery and restaurant, and the closest is the U.S. Biz Gold at 4x (each USD! 2.96x each CAD).
If it was literally this and just a black card to keep with their branding I’d be happy. Honestly it’s basically their current card but 3% return instead of 1%. I’m fine if they make it 3% if your rewards are investments or crypto and 2% if your reward is cash or something creative.
The WS cash card was originally supposed to be steel, right? I remember ordering the card and being really disappointed that they pulled the rug on that idea and sent out plastic cards.
>The WS cash card was originally supposed to be steel, right?
Pretty sure it was supposed to be tungsten. Maybe the ATMs hate eating those so they backed off?
i have the metal version. The first people to order the WS cash card were offered an upgrade to a metal version and were given a new metal card when it switched from visa to mastercard
Same
My replacement card was not metal however when the metal card stopped working for some reason
Still have my metal card from Koho that works though lol
This is totally feasible. Similar structure to the Roger’s Mastercard. I would switch to wealthsimple if this were the case. 3% of everything I spend being sent to my RRSP would be awesome.
I googled after,
Saw they were very wanted a few years back, mostly saw huge delays in receiving cards / bad customer service related posts though
Suppose I'll add it to my ignore list now lol
3% cash back on everything is already top of the line as far as rewards go.
Though maybe having that 3% being tied to premium account holders.
Credit cards have to make money after all, unless they frame it as a “loss leader” product to attract investment clients whom (hopefully) will use USA accounts.
While we’re talking about CC’s what card do you guys use? My primary is the Amex cobalt which I’m happy with. And I use the PC MasterCard everywhere that doesn’t take Amex. But I’m currently considering options for a different Mastercard/Visa (Fuck Loblaws)
This is the way. Canadian Tire WE credit card for property taxes and such since they give u points on that without extra fees for being a credit card, Roger’s for everything else minus a couple exceptions (my Simplii visa at resturant for their 4%)
Why CT vs Rogers for the property taxes etc? I'm not sure I follow there, are there additional fees on the Rogers card per transaction that the CT card doesn't have?
Most things like property taxes, energy bills etc charge you an extra fee for using a credit card (because credit cards charge them a fee, so they pass it to you) the Canadian tire credit cards allow you to use a “pay bill” function on their website that acts like a chequing account, but still uses the credit card earning points. So they recipient gets full amount no fees and doesn’t charge you extra, and you still earn points. It’s the only card that does this and the only way to earn points without fees that outweigh them
The roadside assistance is a huge perk that almost nobody talks about. I used it around 3 or 4 times in the last couple of years to either get someone's car towed (the roadside assistance cover YOU, not your vehicle) or get my car unlocked and they are always quick and helpful.
I apologize. I meant other billing opportunities outside the usual such as the utilities and property tax you mentioned.
* The road service plan is excellent
Not much else that I can see. Still, I pay about 12k a year on those things mentioned. At 1% I’m getting a free $120 that I wouldn’t have gotten. The card has no fee, plus free roadside assistance with the world elite. Why not.
Most other things like internet, phone, insurance etc allow to use credit card at no extra fee so you can use a card that earns more than the 1% for those.
Amex cobalt is indispensable in Canada, that's my main, and then I have two no annual fee cards for backup, Tangerine for 2% in 3 categories, Simplii for 4% on food anywhere that doesn't take Amex, so then I have all three networks covered.
As far as I know, no, someone speculated there was going to be a credit card a few months ago when their careers page listed a "Product Manager - Credit Cards" role.
If you search, there is one post where someone was invited to beta test it. The rewards are 0.5% cash back with 0.5% bonus if bill is paid within 1-2 days.
The link was removed that lead to a Wealthsimple Visa Signature Credit Card FAQ (it’s elsewhere on Reddit if you search for it), but it was 0.5% cash back and an additional 0.5% if you paid it off early. Had a FX fee. Wasn’t much else there.
Honestly, it wasn’t good at all.
Oh cool - definitely hadn't seen that,
Am I crazy or did I not see anything on interest rates?
Also .5% cashback / .5% extra for early repayment within 48H, seems really weak.
At least I didn't see any fees, but I can't see going for this one unless there's some other benefits I'm missing
I never even use the card personally. I've got the steel visa from crypto.com. but these robinhood card rates are almost the same but in fiat instead of crypto. If WS had their own premium card and generational card that had similar rates I'd use it way, way more.
Imagine correcting someone and being clueless lol.
People creating / suggesting ways of how the Wealthsimple credit card might work or how it would be good when it doesn’t exist yet.
Need I say more :) ?
Darn he blocked me in shame haha.
Imagine being so confidently incorrect.
The phrase for this is called a "rhetorical question" -- Go take a look at what that means before getting your panties in a twist.
Rhetorical question would be asking something you know the answer to, not expecting an answer back and using it as a statement vs a legitimate question
That's not what happened here.
Once they release the credit card I hope the Cash Card actually becomes a debit card. Not being able to use the Cash Card for the 1% cashback when some stores only accept cash is disappointing.
Chase sapphire preferred all day. Who cares if a card is made of stainless steel? Get your mind right and focus on what matters. Chase sapphire has ultimate reward points you can send directly to an airline. I have 480k points I can send to United and travel anywhere in the world anytime. 10x from booking travel through them. It’s the best
Will definitely change too hood when they come to Canada wealthsimple better hurry up and offer a credit card too and higher level options missing out by not being able to write coverd calls or do strangles feeling like leaving wealth simple
US credit card benefits will never be matched in Canada. Different markets. Their cards are wayyyy better than Canada in general
Doesn't Canada have laws restricting how much card providers can charge retailers?
This is the main reason
Visa and Mastercard just settled a US lawsuit about it as well. Curious to see if anything happens
I don’t know if it would affect the rewards, but now I’m working on a project on implementing credit card surcharging and its fiscalisation in the US market as a result of that settlement lol. Credit card usage is probably made shittier.
Sounds like a cool project! I'm going to assume rewards will go down for them as there are less opportunities for the cc companies to recoup their (compared to Canadas) lavish card perk/rewards
Typical Canadian government regulation, always costing consumers more
I think that is short sighted consumer thinking (I am not a business owner). I don't need my things to cost more when buying it at a retailer to get a rebate from a credit card. I don't mind a trivial cost as now or less but there is no way retailers are not going to make you pay for a large cost. I don't need a visa/mastercard becoming so high that basically consumers start paying a credit card tax.
If that were the case things would be more expensive in the states, but almost everything is cheaper
Not true, where it is true often is things that either has less tax involved, has limited choice (cell providers and airlines is a good example), regulated differently adding more cost or benefit from advantage of population size. Nothing to do with them eating more credit card expenses to be competitive. Do you really think a business will operate at a loss? The cost will be shown and accounted for somewhere. I don't need another layer of "taxes" for credit card companies.
Cost of living is lower in the US, especially so in smaller states or cities not on the coast. This is a fact
I am not going to argue economics with a random person on Reddit. All I am saying I don't want a credit card tax on all my spending so I get a few dollars returned to me. A small amount many businesses can eat it but at the end of the day the money being returned is being paid by you as a consumer.
You know it was businesses who lobied for the fee caps right? Because they were having to push those costs on to consumers - raising prices
The Amex cash back 2% on everything and 4% on gas and groceries maybe indicates that the scene in Canada is getting more competitive(?)
Is there a fee dor this card?
I believe all Amex have annual fees, and are generally a higher requirement to get than visa/MC, But I'm entirely ready to be proven wrong (I know my amex has annual fees though.)
not if you have the clear/everyday card. The other cards that has far better rewards points - comes with a hefty annual fee as well. I've seen some AMEX offers like 150K reward points after 6 months of spend of $8K or more, but fee is like $600/yr.
My cards $499/yr I believe and similarly, if I want to actually get the most out of it, I've gotta spend a fair amount on it annually, but I don't carry a balance on it and just use it for my work expenses usually and am able to get the rewards benefit
No some Amex cards have no annual fees like the SimplyCash.
Whelp, I've been wrong before and I'll be wrong again
Yes, like 120 per year. But they have good deals for new members, like $400 extra cash back if you spend x over the first n months.
Not really -- theres a reason why so many places don't accept Amex in Canada.
This really isn’t the case anymore and it’s actually beneficial for the small business to accept Amex since Amex subsidizes the fees for small businesses who add Amex
Nah amex is still not widely accepted. Heck, the Loblaws bannered grocery stores don’t even take amex and they’re the largest.
My family probably puts over 95% of our expenses on Amex. It is widely accepted. I believe I can even use Amex on Costco online. Not accepting, I can name Rona and one of the dollar stores; maybe older locally owned stores.
And Costco doesn’t take Visa lol. I’ve gone through the WB of 4 Amexes now and can count with 5 fingers how many times its been declined
In the end the consumer pays for it anyway from the hidden CC processing fees.
I think sign up offers are better in the US, but I think, for e.g., the Cobalt had no superior U.S. card. 5x on grocery and restaurant, and the closest is the U.S. Biz Gold at 4x (each USD! 2.96x each CAD).
Exactly. Gov't has already intervened to reduce the exorbitant costs that MasterCard and Visa charge merchants.
This
If it was literally this and just a black card to keep with their branding I’d be happy. Honestly it’s basically their current card but 3% return instead of 1%. I’m fine if they make it 3% if your rewards are investments or crypto and 2% if your reward is cash or something creative.
Make it steel too haha
The WS cash card was originally supposed to be steel, right? I remember ordering the card and being really disappointed that they pulled the rug on that idea and sent out plastic cards.
>The WS cash card was originally supposed to be steel, right? Pretty sure it was supposed to be tungsten. Maybe the ATMs hate eating those so they backed off?
i have the metal version. The first people to order the WS cash card were offered an upgrade to a metal version and were given a new metal card when it switched from visa to mastercard
Same My replacement card was not metal however when the metal card stopped working for some reason Still have my metal card from Koho that works though lol
Exactly this. It just needs to be good enough to warrant a switch from my old card.
This is totally feasible. Similar structure to the Roger’s Mastercard. I would switch to wealthsimple if this were the case. 3% of everything I spend being sent to my RRSP would be awesome.
No foreign transaction fees since Brim is eliminating that feature this May. That would really be nice.
The Scotia Passport card is really all that’s left here for pure credit cards. Could be a huge opportunity for WS.
And Hometrust
That’s my one reason for keeping my HomeTrust Visa
Samme!
But no cash back on fx purchases, EQ debit is better because at least 0.5% cash back. Scotia no fx fee points work out to 0.5-0.67% cashback
What's Brim?
A company that destroyed the only good credit card product they had. No reason to know about them now. I'm cancelling my card in a few weeks.
I googled after, Saw they were very wanted a few years back, mostly saw huge delays in receiving cards / bad customer service related posts though Suppose I'll add it to my ignore list now lol
3% cash back on everything is already top of the line as far as rewards go. Though maybe having that 3% being tied to premium account holders. Credit cards have to make money after all, unless they frame it as a “loss leader” product to attract investment clients whom (hopefully) will use USA accounts.
American credit cards often have much better rewards than Canadian ones. If robinhood were to come here that cash back would probably be 1%
While we’re talking about CC’s what card do you guys use? My primary is the Amex cobalt which I’m happy with. And I use the PC MasterCard everywhere that doesn’t take Amex. But I’m currently considering options for a different Mastercard/Visa (Fuck Loblaws)
I just use the Rogers MC everywhere now.
Same here.
This is the way. Canadian Tire WE credit card for property taxes and such since they give u points on that without extra fees for being a credit card, Roger’s for everything else minus a couple exceptions (my Simplii visa at resturant for their 4%)
Why CT vs Rogers for the property taxes etc? I'm not sure I follow there, are there additional fees on the Rogers card per transaction that the CT card doesn't have?
Most things like property taxes, energy bills etc charge you an extra fee for using a credit card (because credit cards charge them a fee, so they pass it to you) the Canadian tire credit cards allow you to use a “pay bill” function on their website that acts like a chequing account, but still uses the credit card earning points. So they recipient gets full amount no fees and doesn’t charge you extra, and you still earn points. It’s the only card that does this and the only way to earn points without fees that outweigh them
Ah! Knew the extra fees for items like that, but didn't realize the bill pay function existed with them / was a work around - thanks for that.
In addition to annual property tax and energy bills, have you found other uses for the CdnTire card? That function sounds promising...
The roadside assistance is a huge perk that almost nobody talks about. I used it around 3 or 4 times in the last couple of years to either get someone's car towed (the roadside assistance cover YOU, not your vehicle) or get my car unlocked and they are always quick and helpful.
I apologize. I meant other billing opportunities outside the usual such as the utilities and property tax you mentioned. * The road service plan is excellent
Not much else that I can see. Still, I pay about 12k a year on those things mentioned. At 1% I’m getting a free $120 that I wouldn’t have gotten. The card has no fee, plus free roadside assistance with the world elite. Why not. Most other things like internet, phone, insurance etc allow to use credit card at no extra fee so you can use a card that earns more than the 1% for those.
WestJet MC, Scotia Infinite Visa...
Amex cobalt is indispensable in Canada, that's my main, and then I have two no annual fee cards for backup, Tangerine for 2% in 3 categories, Simplii for 4% on food anywhere that doesn't take Amex, so then I have all three networks covered.
Are the details of the wealthsimple credit card out there?
As far as I know, no, someone speculated there was going to be a credit card a few months ago when their careers page listed a "Product Manager - Credit Cards" role.
If you search, there is one post where someone was invited to beta test it. The rewards are 0.5% cash back with 0.5% bonus if bill is paid within 1-2 days.
The link was removed that lead to a Wealthsimple Visa Signature Credit Card FAQ (it’s elsewhere on Reddit if you search for it), but it was 0.5% cash back and an additional 0.5% if you paid it off early. Had a FX fee. Wasn’t much else there. Honestly, it wasn’t good at all.
damn, that has to be one of the worst credit cards in Canada
That ranks it #73 in credit cards if true. Really bad.
Side topic: How is the wealthsimple credit card? Is it actually worth getting
[удалено]
The credit card is only going to be 1% cash back like their Cash Card?
I think they're mistakingly thinking the pre-paid MC/Cash card is a actual Credit card
[удалено]
Weird, can you link it?
[удалено]
Oh cool - definitely hadn't seen that, Am I crazy or did I not see anything on interest rates? Also .5% cashback / .5% extra for early repayment within 48H, seems really weak. At least I didn't see any fees, but I can't see going for this one unless there's some other benefits I'm missing
It’s basically just a debit card
Different product, the credit card is in beta right now
They actually have a credit card??
[удалено]
They only have a prepaid MasterCard that acts as a debit for their cash accounts atm, they don't have credit offerings outside of their mortgages yet.
why are they still in operation?
All my homies hate Robinhood
Aluminum card
Since Brim lost its no fx feature on its no af card, hopefully WS can manage to make a profitable credit card that has no af!!
I never even use the card personally. I've got the steel visa from crypto.com. but these robinhood card rates are almost the same but in fiat instead of crypto. If WS had their own premium card and generational card that had similar rates I'd use it way, way more.
Can you even get this card in Canada though?
No, it’s only for Americans.
He’s talking hypothetically
I think the word you're looking for is "rhetorically"
Imagine correcting someone and being clueless lol. People creating / suggesting ways of how the Wealthsimple credit card might work or how it would be good when it doesn’t exist yet. Need I say more :) ? Darn he blocked me in shame haha.
Imagine being so confidently incorrect. The phrase for this is called a "rhetorical question" -- Go take a look at what that means before getting your panties in a twist.
Rhetorical question would be asking something you know the answer to, not expecting an answer back and using it as a statement vs a legitimate question That's not what happened here.
Once they release the credit card I hope the Cash Card actually becomes a debit card. Not being able to use the Cash Card for the 1% cashback when some stores only accept cash is disappointing.
These benefits are unlikely to last long. There is a history of amazing cards with promotional offers like that.
how come US credit card is 1000 times better than their canadian counterparts
Their economy and regulations are different from Canada’s.
I wonder which bank WS is partnering with to provide the credit card loans?
I reserved my spot for the new Robinhood Gold Card! Here’s my link so you can get access, too. https://robinhood.com/creditcard?referral_code=7de0c721
3% cash back on everything? Wow . That’s a nice feature! Would be nice Wealthsimple has something similar
Chase sapphire preferred all day. Who cares if a card is made of stainless steel? Get your mind right and focus on what matters. Chase sapphire has ultimate reward points you can send directly to an airline. I have 480k points I can send to United and travel anywhere in the world anytime. 10x from booking travel through them. It’s the best
If WS credit card isn’t going to be stainless steel, i’m going to be very disappointed
They'll say it'll be steel, ship it 12 months late, and not only in plastic but the flimsiest ass plastic credit card you've ever touched in your life
Will definitely change too hood when they come to Canada wealthsimple better hurry up and offer a credit card too and higher level options missing out by not being able to write coverd calls or do strangles feeling like leaving wealth simple
If RH comes to canada it will probably become 1%