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Wealthsimple Launching Credit Card, Lines of Credit in Push to Take on Big Banks
- On June 11, 2025, Wealthsimple unveiled its inaugural credit card offering a 2% cash rewards rate, along with a line of credit featuring interest rates starting at 4.45%, as part of its strategy to challenge major Canadian banks.
- The launch follows Wealthsimple's expansion since 2020 from automated investing into retail banking-like services without a banking license, relying on partner banks holding deposits insured up to $1 million.
- Wealthsimple underwrites its own loans and issues its credit card directly, reducing reliance on partners, while offering fee structures that undercut competitors and provide benefits like free ATMs and no foreign exchange fees.
- The fintech holds about $70 billion for over three million customers, with about 25% signed up for combined spending and savings accounts, and sees sustained demand despite lower interest rates, citing a survey showing 25% of Canadians dissatisfied with current banking.
- Although Wealthsimple does not intend to become a traditional bank, it is working to compete with Canada’s six major lenders that control the majority of financial assets by combining banking and investment services within a single platform.
21 Articles
21 Articles
castanet.net
Wealthsimple launching credit card, lines of credit in push to take on big banks
Wealthsimple Inc. announced its first credit card and a line of credit Wednesday as it ramps up efforts to challenge the dominance of Canada’s big banks.
Flin Flon Reminder
Wealthsimple launching credit card, instant loans in push to take on big banks
TORONTO — Wealthsimple Inc. announced its first credit card and a line of credit Wednesday as it ramps up efforts to challenge the dominance of Canada’s big banks.
Wealthsimple Aims At Banks With New Credit And Loan Tools - Data Intelligence
Fintech Product Launch | June 12, 2025 Image: Wealthsimple Presents: The End of Banking (WS Newsroom) Fintech Wealthsimple Rivals Big Banks with 2% Cashback Credit Card Launch and Low Interest Line of Credit On June 11, 2025, Wealthsimple hosted their first ‘Wealthsimple Presents: The End of Banking?” public event in Toronto where they announced the launch of two new financial products that will compete head-on with Canada’s largest banks and f…
Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services - MoneySense
Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including two new cash back options: a new-ish credit card and a revamped savings account. Why now? Why another credit card and chequing account? And what’s happeni…
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