Wealthsimple Inc. is broadening its financial offerings with the launch of its first credit card and line of credit, aimed at challenging Canada's major banks. The credit card provides a 2% cash back incentive, while the line of credit features competitive rates starting at 4.45%. Wealthsimple, which began primarily focused on automated investment management, emphasizes its non-bank status allows for innovative approaches in financial services without the constraints of traditional banking. Their new services include features like mobile cheque deposits and bank draft delivery, catering to diverse consumer needs.
What we want to do is continue to lean into the fact that because we don't have a banking licence, we can do interesting and different use cases.
New credit card customers will not be charged additional conversion or FX fees when spending money in foreign currencies.
Clients will also be able to have bank drafts shipped at no cost to recipients.
Wealthsimple's new offerings Wednesday include its credit card with two per cent cash back, while it says its line of credit will have rates as low as 4.45 per cent.
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