200,000 Canadians on Wealthsimple Credit Card Waitlist: Priority for High-Value Clients Sparks Frustration

Toronto-based fintech Wealthsimple Technologies Inc. launched its new Visa credit card in June, offering 2% cash back on all purchases and no foreign transaction fees.
Within just a few weeks, the company said more than 200,000 Canadians joined the waitlist.

But four months later, many customers are still waiting.

Waitlist Confusion and Lack of Transparency

Users on Reddit have voiced frustration over what they call an inconsistent rollout — some received cards months ago, while others who signed up early are still waiting.
Initially, Wealthsimple did not clarify how cards would be prioritized. Later, the company admitted that long-term and high-net-worth clients were given priority access.

“We should have been clearer about how the waitlist worked,” said Timur Kalimov, vice president of product at Wealthsimple. “Many assumed it was first come, first served, but it never was.”

An August email from the company acknowledged demand had been twice as high as expected.

Experts: “Unusual” Rollout Pace

Financial expert and Globe and Mail columnist Barry Choi described the surge in interest as “extraordinary,” especially for a fintech with about three million users.
However, he called the card’s rollout speed “highly unusual,” even compared with peers in the digital banking space.

Wealthsimple told customers it still plans to issue 100,000 cards by year-end, though some applicants may not receive theirs as scheduled.

Priority List Revealed: High-Value Clients First

According to company emails, the first batch of invites went to:

• Generation members with at least $500,000 in assets, and

• Premium members with $100,000+ in assets and monthly direct deposits of at least $4,000.

“We want to reward clients who’ve trusted us with their assets and paycheques,” Kalimov explained.

“Pay-to-Skip”: Deposit $25,000 to Jump the Line

Wealthsimple later offered a way to bypass the waitlist: users who deposit $25,000 could skip the queue and enjoy a limited-time 5% cash back promotion.
At the same time, the card’s annual fee doubled from $120 to $240, though higher-income users can still qualify for fee waivers.

Kalimov said the adjustment was meant to ensure “a sustainable product model,” adding that the card represents “a first-of-its-kind Visa issued by a non-bank.”

Loyal Customers Losing Patience

Even longtime clients are losing patience.
Nick So, a Vancouver-based Generation member since 2016, joined the waitlist immediately but never received an invitation.

“I planned to use the card for overseas travel to avoid FX fees,” he said. “After months of waiting and no response from customer service, I switched to another bank’s card.”

Choi noted, “That’s the danger of slow rollouts — switching to a competitor takes seconds.”

A Fintech Giant in the Making

Despite the backlash, Wealthsimple continues to grow rapidly.
The company recently raised $750 million, valuing it at $10 billion — one of Canada’s largest venture funding rounds in recent years.
Just a week earlier, Wealthsimple announced that its assets under management (AUM) surpassed $100 billion, nearly doubling from last year.

Source

• The Globe and Mail – Wealthsimple credit card launch draws long wait list frustration

• https://www.theglobeandmail.com/investing/personal-finance/article-wealthsimple-credit-card-launch-draws-long-wait-list-frustration/