Who doesn’t spend $500 a month these days? Cellphone, gas & groceries would be that much or more. The fees are waived if you auto deposit your paycheque ($4k/moth or more).

From the FAQ….

How is the Wealthsimple credit card different from the Wealthsimple prepaid Mastercard? The credit card is a way of borrowing money, while the prepaid card is spending your own money that is already in your chequing account. When applying for the credit card, a credit check is required and using the card will affect your credit score — good payment history helps, while missed payments may affect your score negatively.

The cash back rewards are higher on the credit card, and it comes with some additional benefits like insurance and access to the Visa Infinite perks.

One other benefit that never gets mentioned and people don’t realize. Credit cards are safer for you as the consumer when it comes to fraud. If your card is compromised by a shady vendor it’s not your money that gets stolen. It’s the credit card company’s. It’s up to them to get it back. Using a debit card means it’s YOUR money that gets stolen and it’s up to you to fight to get it back. Meanwhile, your car payment or rent might bounce because your chequing account has been emptied.