Wealthsimple Prepaid Mastercard 2026 Review

Mika L.
Written by Mika L.
Financial Content Writer
Mat C.
Edited by Mat C.
Managing Editor & Senior Developer

Wealthsimple Prepaid Mastercard3.5/5

Wealthsimple

Annual fee
CA$0
Rewards rate
0%-0%
Welcome Bonus
CA$25
Apply Now →on Wealthsimple's website

  • No rewards breakdown available

Welcome Bonus:

New clients can receive a $25 cash bonus upon signing up and funding a new account with at least $1 within 30 days.

Reward Rate:

No cash back rewards after October 1, 2025.

The Wealthsimple Prepaid Mastercard is designed for budgeting, allowing users to spend only what they load onto the card. While it no longer offers cash back rewards, its no-fee structure and ease of use make it a practical choice for those looking to manage their spending effectively.

Pros:

  • No annual fees
  • No foreign transaction fees

Cons:

  • No cash back rewards post-October 2025
  • Limited features compared to credit cards
Apply now →

The Wealthsimple Prepaid Mastercard is a suitable option for individuals seeking a straightforward budgeting tool without the complexities of credit card debt, as it allows users to control their spending by only using the funds they preload. Its no-annual-fee structure makes it an accessible choice for those who prioritize financial discipline over rewards.

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