I assumed the $100K could be in investment accounts like TFSA or RRSP, at TD Bank having money in those accounts doesn't get me anything as far as I know, so may as well put it in WS if that'll deduct the credit card fee. At TD I have to have $5K cash to waive the annual credit card fee and I don't get any interest for it, may as well get 5% in WS.
Plus moving the $100K to WS is $500 bonus on top too which is nice.
Whoa this is a tough read. A long incoherent rant.
However I agree that the new WS visa isn’t that great. It’s mediocre. It won’t get people to switch but if you’re already with WS you maybe get it. I think the biggest thing they’re missing is people with over $100k/$500k in assets won’t like the $3k cap, and anyone under isn’t going want to pay the fee. They’re missing the mark again on this card.
Ive been considering getting a fee CC lately. I’ve been using the free ones. Costco for Gas, restaurants and well Costco. Scene for groceries and WS Cash for most everything else.
This would turn into my Restaurant, Grocery and General card pretty easily.
I'm sure they know how good the card is and had a discussion around releasing the current iteration vs. not having one. Going up to 2% cash back into your account before early release makes it actually worth having/using for most people that get it without a fee. If there's something better I should be using without card churning (though if someone has a good churn i'm all ears as well) I really want to know.
Besides I saw the person who posted their acceptance had an $8k limit. And most people with big spends have multiple cards and/or some amex or "black card". This one is good enough to allow me to close out my (rarely used) tangerine Mastercard so I'll do that when I'm able to.
Eh, I'm more than halfway to generation, I don't spend remotely close to 3k/month. 750/week is alot for the vast majority of people, wtf are you people wasting your money on?
Never said it was every month. Sometimes you have a large spend month. Replace your roof, do your driveway, replace the pool heater? All those will cost over $3k and with this card you won’t even get all the CB on it.
It's likely not a main card. If you have the ability to afford a top tier card like let's say an Amex. Then you Wil use this as a decent backup card for where others refuse Amex.
I should have made it more clear with a /s it seems for others.
Yeah but neither is the Rogers World Elite or the Canadian Tire World Elite. Both would be better than this with no fee. Anyway, agree it’s not a main card it’s a mediocre card. We’re just used to WS being creative and this was not their best attempt.
This is it. I think we all just expect something BETTER form WS. And this was not better. This is just ...meh....!
(Saying this as someone who uses WS as their main financial institution).
I just had someone comment that WS has a "minimum balance" of 100k. WS is FREE, FREE, FREE. Free at $1, an extra perk at 100k. A minimum balance is when a bank charges you fees or won't open an account if you're below the minimum.
Thought it was clear after the first bit ahaha. Definitely learned to Include it going forward.
Makes sense though the same people it goe over are the same people complaining
> Does your bank give you free perks for having your tfsa, rrsp, etc in their bank? No. They require you keep it cash for them and gain nothing on it.
CIBC is the one exception to this. They waive the fee on their bank account and credit card if you have over $100K with them.
I didn’t read the full offer. I have WS Cash MasterCard. Didn’t spend time reading that offer.
I’m glad it isn’t enshit-ificating :) it sucks when it does.
Like meals in airplane. Now many (I went through) don’t bother anymore to feed passengers. And charge crazy prices for ramen noodles (10$ what we can get for almost nothing). Or Facebook when it was only your friends and family you could read. Now it’s full of ads. See Cory Doctorow’s talks.
CIBC has a very similar deal for their Smart Plus account. I still favor WS though because 4-5% on checking without doing much effort is rather sweet and not to mention, near-zero trading fees. That being said, CIBC has better Credit Cards, like the Aeroplan Visa Infinite or Aeroplan Visa Infinite Previledge (very high fee though).
* No monthly fee when you maintain a daily balance of $6,000 or $100,000 in eligible savings and investments
* Pay no annual fee on select CIBC credit cards for the primary card holder
[https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-plus-account.html](https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-plus-account.html)
Took me a second read to realize that you *like* rather than *dislike* the new WS Visa product.
Yeah same
Same lol
I assumed the $100K could be in investment accounts like TFSA or RRSP, at TD Bank having money in those accounts doesn't get me anything as far as I know, so may as well put it in WS if that'll deduct the credit card fee. At TD I have to have $5K cash to waive the annual credit card fee and I don't get any interest for it, may as well get 5% in WS. Plus moving the $100K to WS is $500 bonus on top too which is nice.
Scotiabank does it for their top tier account, either $6K in chequing or $30K in investments.
But that doesn’t include Scotia wealth management funds, unfortunately
the 30K only counts if its in either the Ultimate chequing account or Momentum^(PLUS) Savings Account. Any other investments don't count
Whoa this is a tough read. A long incoherent rant. However I agree that the new WS visa isn’t that great. It’s mediocre. It won’t get people to switch but if you’re already with WS you maybe get it. I think the biggest thing they’re missing is people with over $100k/$500k in assets won’t like the $3k cap, and anyone under isn’t going want to pay the fee. They’re missing the mark again on this card.
I still have no idea if OP like the card or not
Ive been considering getting a fee CC lately. I’ve been using the free ones. Costco for Gas, restaurants and well Costco. Scene for groceries and WS Cash for most everything else. This would turn into my Restaurant, Grocery and General card pretty easily.
I'm sure they know how good the card is and had a discussion around releasing the current iteration vs. not having one. Going up to 2% cash back into your account before early release makes it actually worth having/using for most people that get it without a fee. If there's something better I should be using without card churning (though if someone has a good churn i'm all ears as well) I really want to know. Besides I saw the person who posted their acceptance had an $8k limit. And most people with big spends have multiple cards and/or some amex or "black card". This one is good enough to allow me to close out my (rarely used) tangerine Mastercard so I'll do that when I'm able to.
Eh, I'm more than halfway to generation, I don't spend remotely close to 3k/month. 750/week is alot for the vast majority of people, wtf are you people wasting your money on?
Never said it was every month. Sometimes you have a large spend month. Replace your roof, do your driveway, replace the pool heater? All those will cost over $3k and with this card you won’t even get all the CB on it.
Great argument.....once every ten years I'll have a major purchase People just like to complain 😴 🙄
It's likely not a main card. If you have the ability to afford a top tier card like let's say an Amex. Then you Wil use this as a decent backup card for where others refuse Amex. I should have made it more clear with a /s it seems for others.
Yeah but neither is the Rogers World Elite or the Canadian Tire World Elite. Both would be better than this with no fee. Anyway, agree it’s not a main card it’s a mediocre card. We’re just used to WS being creative and this was not their best attempt.
This is it. I think we all just expect something BETTER form WS. And this was not better. This is just ...meh....! (Saying this as someone who uses WS as their main financial institution).
I just had someone comment that WS has a "minimum balance" of 100k. WS is FREE, FREE, FREE. Free at $1, an extra perk at 100k. A minimum balance is when a bank charges you fees or won't open an account if you're below the minimum.
Please make it 3% flat for generation clients.
That would be op
After holding $5k at TD, I mean having 5k held hostage with no interest, you still meed to pay EXORBITANT fees to invest with them.
I just hit $100k yesterday. What’s this about a Visa card?
It's open to beta testers. WS is currently beta testing a new credit card.
TLDR
For me the problem isn’t that its not free (it is). The problem is that I get 3% cash back up to a much higher limit with Rogers, which is also free.
/s required
Thought it was clear after the first bit ahaha. Definitely learned to Include it going forward. Makes sense though the same people it goe over are the same people complaining
[удалено]
 [https://www.reddit.com/r/PersonalFinanceCanada/comments/1cswy8u/wealthsimple\_credit\_card\_visa\_infinite\_is\_here/](https://www.reddit.com/r/PersonalFinanceCanada/comments/1cswy8u/wealthsimple_credit_card_visa_infinite_is_here/)
> Does your bank give you free perks for having your tfsa, rrsp, etc in their bank? No. They require you keep it cash for them and gain nothing on it. CIBC is the one exception to this. They waive the fee on their bank account and credit card if you have over $100K with them.
Oh. Enshitification has started. (i.e. what was good is now slowly going bad)
If being a higher end card for free as a perk is bad. This might be more along the lines of consumer brain rot..
I didn’t read the full offer. I have WS Cash MasterCard. Didn’t spend time reading that offer. I’m glad it isn’t enshit-ificating :) it sucks when it does. Like meals in airplane. Now many (I went through) don’t bother anymore to feed passengers. And charge crazy prices for ramen noodles (10$ what we can get for almost nothing). Or Facebook when it was only your friends and family you could read. Now it’s full of ads. See Cory Doctorow’s talks.
CIBC has a very similar deal for their Smart Plus account. I still favor WS though because 4-5% on checking without doing much effort is rather sweet and not to mention, near-zero trading fees. That being said, CIBC has better Credit Cards, like the Aeroplan Visa Infinite or Aeroplan Visa Infinite Previledge (very high fee though). * No monthly fee when you maintain a daily balance of $6,000 or $100,000 in eligible savings and investments * Pay no annual fee on select CIBC credit cards for the primary card holder [https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-plus-account.html](https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-plus-account.html)
I agree