The Globe and Mail reports in its Friday edition that when fintech Wealthsimple Technologies unveiled its new credit card in June, it quickly became one of its most sought-after products. The Globe's Meera Raman writes that the card -- which offers 2-per-cent cash back on all purchases and no foreign exchange fees -- had more than 200,000 Canadians on its wait-list within weeks, the company said. Four months later, many are still waiting. On Reddit, users have voiced frustration that the rollout seems uneven. Some customers said they have had the card for months, while others who joined the wait-list early said they still have not been invited to apply. When the Visa card was announced, Wealthsimple told clients who wanted the card that they would need to join a wait-list. At the time, it did not explain how invitations would be issued. While institutions typically allow people to apply for credit cards on a first-come, first-served basis, the company chose to prioritize longtime and high-value clients, it said. That was not communicated until several weeks after the launch. Wealthsimple is now acknowledging that it could have been transparent about the rollout. Demand for the card was overwhelming, the company said.
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