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A prepaid credit card, more accurately known as a “prepaid card”, can serve as a budgeting tool or an easy way to make convenient online or in-store purchases. Some even earn rewards.
Make the most of this widely accepted payment method by learning more about Canada’s best prepaid cards.
- A summary of our selections
- The best prepaid credit cards in Canada
- Why you should trust us
- What to know about prepaid credit cards
Best prepaid cards in Canada: Picks from our Partners
Best overall prepaid card
KOHO Premium Reloadable Prepaid Mastercard
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Annual Fee$84$9 monthly fee/$84 annual fee, + a 30-day free trial.
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Rewards Rate0.5%-8%Up to 8% at select KOHO partners. 2% on transportation, groceries and restaurants, and 0.5% on everything else.
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Min. Deposit$0No minimum purchase amount required.
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Maximum Deposit$200,000KOHO Maximum Card Balance Limit for KOHO users who have opted into earning interest is $200,000. For users who have not opted into earning interest, the maximum card balance is $40,000.
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Intro OfferFree 30-day trialTry KOHO Premium at no cost with a 30-day free trial.
Our Take
Why we like it
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
Cons
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
- An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 1.2% interest on your entire account.
- Access to a credit building service that reports your payments for only $10 per month — a rare feature for a prepaid card.
Cons
- KOHO is a tech-focused company, so if you’re uncomfortable with digital banking, it may not be the right choice.
- KOHO isn’t a credit card, which means you can’t borrow any money. You can only access the funds already in your account.
Product Details
- Up to 8% cash back at select KOHO partners.
- 2% cash back on transportation, groceries and restaurants.
- 0.5% cash back on everything else.
- Cash back is instantly added to your KOHO Savings account.
- $9 monthly fee/$84 annual fee, + a 30-day free trial.
- No foreign exchange fees.
- 1 free international ATM withdrawal per month.
- Subscribe to Credit Building for $10/month in-app.
- Earn 1.2% interest on every dollar you save in your KOHO account.
- A new look. Get an optional snappy new vertical Premium card! Accepted everywhere Mastercard is.
- Price match. We offer in-app price protection to get the absolute lowest possible price on your Purchases
- Priority customer support. Premium users always skip the line
- Personalized financial coaching on demand. Ask our in house certified financial coach any money question you have.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Best no-fee prepaid card to earn cash back and high interest
EQ Bank Card
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Annual Fee$0
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Rewards Rate0.5%Earn 0.5% cash back on everything you spend—whether it’s groceries, retail therapy, a restaurant bill, or anything else.
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Min. Deposit$0No limit.
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Maximum Deposit$10,000
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Intro OfferN/A
Our Take
Why we like it
The new EQ Bank Card provides the convenience of a chequing account, the interest-earning potential of a savings account and free cash withdrawals from any ATM in Canada.
Pros
Cons
The new EQ Bank Card provides the convenience of a chequing account, the interest-earning potential of a savings account and free cash withdrawals from any ATM in Canada.
Pros
- Earn 2.5% interest on the cash in your linked Savings Plus Account and 0.5% cash back on purchases made with your card.
- No monthly or foreign exchange fees.
- Reimbursed ATM charges when using your card to withdraw money at any bank, grocery store or convenience store in Canada.
- Can be used anywhere Mastercard is accepted.
Cons
- You’ll need to plan ahead and keep your card loaded with funds so you can use it.
- Reloading the card when travelling could be difficult if you’re in an area with spotty internet service.
Product Details
- Free withdrawals from any ATM in Canada.
- Earn 0.50% cash back on every purchase.
- Earn 2.50% interest right up until you spend.
- No FX fees, monthly fees, or other hidden fees.
- Use your card anywhere in the world where Mastercard® is accepted.
- Open and fund an EQ Bank Savings Plus Account to start.
Great for cash back on groceries, bills & services
KOHO Standard Prepaid Mastercard
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Annual Fee$0
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Rewards Rate0.5%-6%Up to 6% at select KOHO partners. 0.5% on everything else.
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Min. Deposit$0No minimum purchase amount required.
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Maximum Deposit$200,000KOHO Maximum Card Balance Limit for KOHO users who have opted into earning interest is $200,000. For users who have not opted into earning interest, the maximum card balance is $40,000.
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Intro OfferN/A
Our Take
Why we like it
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
Cons
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
- An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 1.2% interest on your entire account.
- Access to a credit building service that reports your payments for only $10 per month — a rare feature for a prepaid card.
Cons
- KOHO is a tech-focused company, so if you’re uncomfortable with digital banking, it may not be the right choice.
- KOHO isn’t a credit card, which means you can’t borrow any money. You can only access the funds already in your account.
Product Details
- Up to 5% cash back at select KOHO Partners.
- 0.5% cash back on all purchases.
- Cash back is instantly added to your KOHO Savings account.
- $0 annual fee.
- Choose from one of four card colours.
- Receive both a physical and virtual card. For new users, you can start adding funds and shopping online while you wait for your physical card to arrive in the mail. No need to budge from your couch to make online Purchases! Just use your virtual card instead of getting up to find your wallet. Plus, it uses a different card number to help protect your physical card number when you’re shopping or booking services online.
- Add your KOHO card to Apple, Samsung or Google Pay.
- Access your payroll up to 3 days early with the Early Payroll feature.
- Automate your savings with Goals and RoundUps. Rounding up every Purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy.
- Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance.
- Create custom budgets and track your spending habits. Know where you’re at in real time with instant notifications every time you spend.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Great prepaid card for gamers
KOHO Game On virtual card
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Annual Fee$0
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Rewards Rate1%-5%5% cash back at major gaming merchants, and 1% cash back on eating and drinking.
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Min. Deposit$0No minimum purchase amount required.
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Maximum Deposit$200,000KOHO Maximum Card Balance Limit for KOHO users who have opted into earning interest is $200,000. For users who have not opted into earning interest, the maximum card balance is $40,000.
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Intro OfferN/A
Our Take
Why we like it
This free-to-use prepaid card offers gaming enthusiasts 5% cash back on eligible PlayStation, Xbox, Twitch, Steam, and Nintendo purchases. Plus: 1% cash back on food and beverage purchases.
Pros
Cons
This free-to-use prepaid card offers gaming enthusiasts 5% cash back on eligible PlayStation, Xbox, Twitch, Steam, and Nintendo purchases. Plus: 1% cash back on food and beverage purchases.
Pros
- Secure online transactions.
- Competitive cash back rates for gaming purchases.
Cons
- No physical card.
- You can’t borrow funds like a traditional credit card. You only have access to funds you’ve deposited into the account.
Product Details
- 5% cash back at major gaming merchants.
- 1% cash back on eating and drinking.
- No annual fee.
- Instant and secure spending with your virtual card.
- A free spending and savings account.
- No hidden fees — not now, not ever.
- Use the KOHO app to earn interest on your savings.
- Start building your credit history with KOHO Credit Building for $10 per month.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Best prepaid card for travel and foreign currencies
AC™ Conversion Visa* Prepaid Card
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Annual Fee$0
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Rewards Rate1%Earn 1% cash back on all of your purchases, less returns and credits in the currency in which the purchase was made, through October 31, 2023.
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Min. Deposit$0No minimum load required.
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Maximum Deposit$20,000The maximum the card can hold is the equivalent of $20,000 CAD in your choice of currencies.
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Intro Offer1% cash backEarn 1% cash back on all of your purchases, less returns and credits in the currency in which the purchase was made, through October 31, 2023.
Our Take
Why we like it
The AC® Conversion Prepaid Visa Card can carry and spend up to 10 foreign currencies at a time, allowing international students, frequent travellers, and newcomers to Canada to bypass exchange rate fluctuations and skip the extra conversion fee. As a bonus, cardholders can earn 1% cash back in the foreign currencies they use.
Pros
Cons
The AC® Conversion Prepaid Visa Card can carry and spend up to 10 foreign currencies at a time, allowing international students, frequent travellers, and newcomers to Canada to bypass exchange rate fluctuations and skip the extra conversion fee. As a bonus, cardholders can earn 1% cash back in the foreign currencies they use.
Pros
- Load up to 10 foreign currencies from 45 countries and skip conversion fees when you make a purchase. Currencies include CAD Canadian dollars, USD U.S. dollars, EUR Euros, GBP British pounds, AUD Australian dollars, JPY Japanese yen, HKD Hong Kong dollars, TRY Turkish lira, CHF Swiss francs, and MXN Mexican pesos.
- You won’t be charged foreign transaction fees, which are typically around 2.5%-3.5%. This means you can save as much as $35 CAD in fees for every $1,000 CAD spent in a preloaded foreign currency.
Cons
- You can’t use this card to transfer money to friends or family.
Product Details
- General fees and features: There’s no fee to order the card, no fee to load it, and no annual fee.
- Purchases: No fees for CAD purchases and no conversion fees when you make a purchase in one of 10 supported foreign currencies. There’s a 2.5% foreign conversion fee for transactions made in a currency other than the 10 supported currencies. The daily (24-hour) maximum point-of-sale purchase limit is $2,999.99 CAD equivalent.
- Reload methods: To load funds onto your card, use your mobile app or sign onto your account at acconversion.cibc.com. The website also works on your phone or tablet on the go. The maximum load amount for a single transaction is $2,999.99 CAD equivalent.
- Rewards: Earn 1% cash back on all of your purchases, less returns and credits in the currency in which the purchase was made, through October 31, 2023.
- Lock in a great exchange rate each time you load. That means you don’t have to worry about exchange rate fluctuations. Plus, there’s no extra conversion fee.
- Shop with foreign currency on global e-commerce sites.
- Manage your funds from the palm of your hand with the AC conversion App. Reload as you go so you never run out of currency on your trip. Check your balance, keep track of your spending, transfer money from one currency to another, and retrieve your PIN.
- Protected by advanced chip and PIN technology to minimize fraud and theft. It also comes with Emergency Card Replacement Service, Emergency Cash Service and Protection from unauthorized use of cards or account information.
- Sign up for your card online or at a CIBC Banking Centre in Pearson Airport. You don’t need to be a CIBC client to order a card. No credit check is required.
Best prepaid credit cards in Canada: Editorial picks
Great prepaid card for cash back on travel booking
KOHO Travel Mastercard®
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Annual Fee$0
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Rewards Rate0.5%-6%0.5% cash back all purchases, 2% cash back on transportation, groceries, and restaurants (with KOHO Premium), 6% cash back with Booking.com, and even more cash back with brand partners.
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Min. Deposit$0No minimum purchase amount required.
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Maximum Deposit$200,000KOHO Maximum Card Balance Limit for KOHO users who have opted into earning interest is $200,000. For users who have not opted into earning interest, the maximum card balance is $40,000.
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Intro OfferN/A
Our Take
Why we like it
This prepaid card is a practical fit for those seeking a no-frills prepaid card that earns cold, hard cash back rewards — no credit check required. Earn up to 6% cash back on eligible purchases through KOHO’s brand partners, including Altitude Sports, Baskin Robins, Indigo, Reebok and more.
Pros
Cons
This prepaid card is a practical fit for those seeking a no-frills prepaid card that earns cold, hard cash back rewards — no credit check required. Earn up to 6% cash back on eligible purchases through KOHO’s brand partners, including Altitude Sports, Baskin Robins, Indigo, Reebok and more.
Pros
- Straightforward cash back rewards.
- 24/7 KOHO customer support.
Cons
- Not a traditional credit card, so you can’t borrow money — you can only use funds already in your account.
Product Details
- Earn up to 2% cash back, with KOHO Premium on dining and eating out — even when travelling abroad.
- Earn even more cash back with KOHO’s brand partners, including 4% with Altitude Sports, 5% with Contiki and 6% with Booking.com.
- No annual fee.
- 1.5% foreign transaction fee (or no foreign transaction fees with KOHO Premium).
- Mastercard’s Zero Liability Policy.
- A 24/7 support team at your fingertips.
- Low to zero FX fees.
- Use the KOHO app to earn interest on your savings.
- Start building your credit history with KOHO Credit Building for $10 per month.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Great prepaid card for beginners
BMO Prepaid Mastercard®
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Annual Fee$6.95
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Rewards RateN/A
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Min. Deposit$100
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Maximum Deposit$10,000
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Intro OfferN/A
Our Take
Why we like it
The BMO Prepaid Mastercard may not boast the flashy perks of its competitors, but it’s an uncomplicated reloadable prepaid card perfect for beginners who are just looking for something more secure than cash.
Pros
Cons
The BMO Prepaid Mastercard may not boast the flashy perks of its competitors, but it’s an uncomplicated reloadable prepaid card perfect for beginners who are just looking for something more secure than cash.
Pros
- Non-residents can open an account by applying at a BMO branch.
- Straightforward and easy-to-understand — you won’t need to study the fine print to take advantage of a complicated rewards scheme.
Cons
- While marketed as a travel card, the BMO Prepaid Mastercard doesn’t offer many travel perks — foreign exchange fees aren’t waived and there’s no travel insurance, rewards or ability to hold multiple currencies.
Product Details
- I20 General fees and features: $6.95 annual fee, $40 dishonoured payment charge, $3-$10 for card balance refund processing, and a $5 card inactivity fee after the card’s expiry date or until card balance has been reduced to $0.00.
- Purchases: No transaction or point-of-sale fees in Canada but a 2.5% foreign exchange fee applies to foreign currency transactions.
- ATM withdrawals: Use your prepaid credit card at any of the 30 million locations Mastercard is accepted, and get cash at over a million ATMs. Cash withdrawals will appear on your statement as a Cash Advance and are subject to a $5 cash advance fee.
- Reload methods: Transfer funds from a BMO chequing or savings account to your BMO Prepaid Mastercard account through online or mobile banking. Or, load directly from any bank account from most financial institutions via bill payment through online banking, ATM, phone banking or at a branch.
- Add the BMO Prepaid Mastercard to your Samsung Pay, Apple Pay or Google Pay digital wallet.
- Make purchases anywhere Mastercard is accepted while receiving protection against unauthorized use — making the BMO Prepaid card safer than carrying cash.
- Enjoy extended warranty and purchase protection.
- Zero Liability safeguards you if there is any monetary loss resulting from fraudulent card use.
- Mastercard Identity Check™ adds another layer of security to protect you when you shop online.
- BMO Alerts help confirm that your transactions are really yours.
- Can’t find your card? No worries, you can lock it, unlock it or report it lost or stolen at any time.
- Log in to your mobile or online banking for free, 24/7 access to CreditView with no impact to your credit score.
- Stay on top of your spending with a personalized look at your money.
- To be eligible, you must be the age of majority in the province or territory where you live. In addition, you can’t have declared bankruptcy in the last 7 years. If you do not have a Canadian address, you can open your account by applying at a branch.
Great prepaid Visa card for novice investors
Wealthsimple Card
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Annual Fee$0
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Rewards Rate1%Earn 1% cash back on all eligible purchases. You can also choose to earn stock or crypto back instead.
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Min. Deposit$0No account minimum or minimum balance.
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Maximum DepositUnlimitedThere is no transaction limit, but if you use a debit card to fund your spending account, you can only deposit a maximum of $10,000 per month.
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Intro OfferN/A
Our Take
Why we like it
Beginner investors interested in learning more about building wealth will feel right at home with the Wealthsimple Card, a no-fee prepaid Visa that earns 1% cash back on purchases. Use the rewards to support your TFSA, invest in stocks, ETFs and crypto, or fund your linked spending (Cash) account, where you can send, spend and receive money instantly with the Wealthsimple Cash app.
Pros
Cons
Beginner investors interested in learning more about building wealth will feel right at home with the Wealthsimple Card, a no-fee prepaid Visa that earns 1% cash back on purchases. Use the rewards to support your TFSA, invest in stocks, ETFs and crypto, or fund your linked spending (Cash) account, where you can send, spend and receive money instantly with the Wealthsimple Cash app.
Pros
- Use a Visa or Mastercard debit card to instantly deposit up to $1,000 per day (up to a maximum of $10,000 per month).
- Effortlessly build an investment portfolio by transforming cash back rewards into stocks, ETFs or cryptocurrency deposited directly into a trading account.
Cons
- There’s no brick-and-mortar location for Wealthsimple customers, so you need to be comfortable managing your money with an online-only company.
Product Details
- General fees and features: Wealthsimple does not charge any fees to use the Wealthsimple Card.
- Purchases: Visa will charge a currency conversion fee on purchases made in a currency other than CAD. There is a $5,000 maximum spending limit, per transaction and per day.
- ATM withdrawals: Wealthsimple does not charge any fees for withdrawing cash, but you may see a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM. ATM Withdrawal limits are $500 per transaction and $1,000 per day.
- Reload methods: Add funds to your card by making a deposit via a linked bank account, a wire transfer, your Visa or Mastercard debit card, or an institutional transfer to move an account from another institution. Deposits into spending (Cash) accounts are subject to a $1 million limit per transaction and a $1.5 million daily limit.
- Rewards: Earn 1% cash back on eligible purchases. Cash back rewards can go directly into your Spend account, be added to the cash balance of a stock trading or crypto trading account, or be used to auto-purchase the cryptocurrency of your choice in your crypto trading account.
- Use the card anywhere Visa is accepted — in-store, in apps, or online. Pay bills, use direct deposit, and e-Transfer.
- The Wealthsimple Card is available as part of the everyday spending account, which comes with both a digital and physical card that you can manage right from the Wealthsimple app.
- To open your account, download the Wealthsimple Cash app, tap “Spend”, add the card to your phone’s wallet, then add funds. Your physical card will arrive by mail in a couple of weeks — but you can start earning rewards right away with the digital card.
- Use the app to manage your rewards and spending preferences, or lock your card if something happens to it. Your balances are all updated in real-time, too — even if you’re using the physical card.
- Add your Wealthsimple Card to Apple, Samsung or Google Pay digital wallet.
- Use the Wealthsimple Cash app to send and receive payments to anyone else who uses the Cash app without paying fees. You can also send money to people who don’t have the Cash app yet. They will receive a prompt to download the app and claim the money you sent them.
- Your money is protected for up to $100,000 through CDIC.
- To be eligible, you must be a Canadian resident with a Social Insurance Number of the age of majority in the province or territory where you live.
Great prepaid card for bonus rewards and money transfers
STACK Prepaid Mastercard
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Annual Fee$0
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Rewards RateVariesEarn instant cash back at over 140 retailers. Offers vary.
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Min. Deposit$0No minimum balance required.
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Maximum Deposit$20,000The maximum card balance is $20,000.
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Intro OfferN/A
Our Take
Why we like it
STACK pairs a prepaid reloadable Mastercard with a financially savvy app to help cardholders make smart budgeting decisions, transfer money, and earn rewards on everyday purchases.
Pros
Cons
STACK pairs a prepaid reloadable Mastercard with a financially savvy app to help cardholders make smart budgeting decisions, transfer money, and earn rewards on everyday purchases.
Pros
- Get 20% cash back on select hotels when you book your trip with STACK Travel while using your STACK prepaid Mastercard.
- Manage your money in the STACK app, which includes automated savings tools, a Financial IQ feature to analyze your spending habits, early paycheque, receipt captures, and more.
Cons
- As of February 1, 2022, STACK now charges a 2.5% foreign exchange fee. This cost can be partially reimbursed if you spend at least $350 per month.
- You can’t withdraw more than $2,000 per month from an ATM. Plus, STACK doesn’t have an ATM network of its own, so expect to pay fees when you do take out cash.
Product Details
- General fees and features: No daily or monthly banking fees, reloading or peer-to-peer transfer fees.
- Purchases: No fees for CAD purchases, and the maximum daily combined spend and cash withdrawal is $5,000. STACK charges a 2.5% Foreign Exchange Fee on all transactions in a foreign currency, and foreign currency transactions are subject to the Mastercard Conversion Rate and an administration fee of 2.5% on the amount of the transaction for each foreign currency transaction. STACK will reimburse eligible cardholders on Foreign Exchange Fees on up to $1,000 CAD of foreign spending outside of Canada, up to a total of $25 credited each month.
- ATM withdrawals: STACK does not charge ATM fees, but you may be responsible for the fees levied by the ATM vendor. Only two ATM transactions per day are allowed, and the maximum amount per single ATM transaction is $500. The maximum monthly cumulative ATM amount is $2,000. Eligible cardholders are defined as those who spend a minimum of $350 CAD in purchases in a calendar month.
- Reload methods: Add money to your card through Payroll Direct Load, an external bank account, Interac e-Transfer, cash load at participating Canada Post and select retailers, or free STACK-to-STACK Transfers.
- Rewards: Earn instant cash back at over 140 retailers. Offers vary.
- Earn money by referring your friends. You’ll get: $5 for each of your first five referrals, $10 for each five after that, and $15 for each referral after that. Each person you refer will receive $5 for signing up!
- Pay your bills directly through your STACK account, and use the Bill Split option to request funds from your contacts for a transaction you’ve already paid for using your STACK card.
- Add both your physical and virtual STACK cards to Samsung Pay, Apple Pay, Google Pay, Garmin Pay or Fitbit Pay digital wallet.
- Easily send funds to family and friends. STACK-to-STACK transfers are always free, fast, and secure.
- Set a savings goal and STACK will automatically round each purchase to the next $1, $2, $5 or $10 and add it to your savings.
- Set up payroll direct load with your STACK account and you could receive your pay cheque up to two days early.
- Track your spending with the Financial IQ feature, which categorizes your weekly and monthly spending habits.
- Enjoy Zero Liability Protection on all purchases and ATM transactions. That means you’ll never be held accountable for unauthorized transactions made with your card. As it should be.
- Freeze your account from the STACK app at any time, from anywhere in the world.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Great prepaid card for the environment
MogoCard Prepaid Visa
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Annual Fee$0
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Rewards Rate1 tree planted + 50 satoshisMogo plants a tree every time you use the card and you’ll earn 50 satoshis with every transaction. Plus, earn bonus Bitcoin and satoshis after achieving certain milestones.
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Min. Deposit$0No minimum balance required.
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Maximum Deposit$10,000The maximum card balance is $10,000
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Intro OfferN/A
Our Take
Why we like it
The MogoCard is a prepaid card with rewards that feel especially rewarding — every transaction you make plants one tree that will offset 500 lbs of CO2 over a 25-year period.
Pros
Cons
The MogoCard is a prepaid card with rewards that feel especially rewarding — every transaction you make plants one tree that will offset 500 lbs of CO2 over a 25-year period.
Pros
- A tree is planted every time you use the MogoCard, which helps support Mangrove tree planting projects in Kenya and Madagascar. One Mangrove tree absorbs 550 lbs of CO2 over a 25-year period, according to the company.
- Earn Bitcoin or satoshis, the smallest original subunit of Bitcoin, after achieving certain milestones. Mogo says its tree planting projects offset more CO2 than the emissions created from mining Bitcoin on Mogo’s platform.
Cons
- You can only add Canadian funds to your MogoCard.
- No free ATM withdrawals.
Product Details
- General fees and features: No monthly fee, as long as you use your card once every 365 days. If you haven’t, a $1.99 monthly inactivity fee is charged.
- Purchases: No transaction or point-of-sale fees in Canada but a 2.5% foreign exchange fee applies to purchases made outside of Canada. The maximum amount of purchases in any 24-hour period is $5,000, and the maximum amount of any one purchase is $3,000.
- ATM withdrawals: You can withdraw as much as $500 in a single transaction. A maximum of $500 can be withdrawn in a 24-hour period. Cash withdrawals cost $1.50 in Canada and $3 overseas, plus any third-party ATM changes. You can withdraw as much as $500 in a single transaction, and a maximum of $500 can be withdrawn in a 24-hour period.
- Reload methods: You can add money to your card by transferring money from your bank account with an Interac e-Transfer or via your bank ATM Visa Debit card. The maximum amount you can transfer to the card in any 24-hour period is $9,900.
- Rewards: Every transaction earns you 50 satoshis and prompts Mogo to plan a tree to fight climate change. Mogo’s Rewards Program also offers certain Rewards to MogoMembers for achieving certain milestones or performing certain actions. For example, Mogo will issue 100 satoshis per purchase transaction made on an Eligible MogoMember’s MogoCard from April 18, 2022 onwards. See the terms and conditions online.
- Add the MogoCard to your Samsung Pay, Apple Pay or Google Pay digital wallet.
- Free monthly credit score monitoring and identity fraud protection.
- Use the app to stay on top of your money with insights that help you make better spending choices. The app send you push notifications that recap your spending, rewards and your updated balance every time you use your MogoCard.
- Manage how much you want to spend with automated weekly, bi-weekly, or monthly transfers that top up your card balance.
- Create a spending goal to avoid overspending and build wealth. Mogo will recommend a daily budget to help you stay on target.
- If your card is lost or stolen, you can instantly freeze it in the app and order a new one.
- Your MogoCard is also protected from unauthorized use with Visa Zero Liability Policy.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Methodology to identify the best prepaid cards
NerdWallet Canada selected the best prepaid cards based on overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include: features specific to prepaid cards (such as minimum and maximum deposit, maximum reload amount in a 24-hour period, ATM access, insurance benefits, digital wallet compatibility, and more); fees (such as annual fees, foreign exchange or conversion fees, among others); reward value (considering any earn rates, reward structures, and other benefits); and the intro offer (assessing any welcome bonus, waived fees, referral programs, and other promotions for new customers. Only reloadable prepaid cards that are available online were considered for this list.
Summary of the best prepaid cards
| Category | CARD NAME | Annual Fee | Intro offer |
|---|---|---|---|
| Best overall prepaid card | KOHO Premium Reloadable Prepaid Mastercard | $84 | Free 30-day trial |
| Best no-fee prepaid card | EQ Bank Card | $0 | N/A |
| Great for cash back on groceries, bills & services | KOHO Standard Prepaid Mastercard | $0 | N/A |
| Great for gamers | KOHO Game On virtual card | $0 | N/A |
| Great for cash back on travel bookings | KOHO Travel Mastercard | $0 | N/A |
| Best for travel and foreign currencies | AC Conversion Visa Prepaid Card | $0 | 1% cash back |
| Great prepaid card for beginners | BMO Prepaid Mastercard | $6.95 | N/A |
| Great for novice investors | Wealthsimple Card | $0 | N/A |
| Great for bonus rewards and money transfers | STACK Prepaid Mastercard | $0 | N/A |
| Great for the environment | MogoCard Prepaid Visa | $0 | N/A |
Best Credit Cards in Canada
Compare all different credit cards side-by-side and find out the best card that will meet your need with special perks and benefits
What to know about prepaid cards
By Clay Jarvis and Barry Choi
In this section, we’ll help you navigate the world of prepaid credit cards by exploring the following topics:
- What is a prepaid card?
- How do prepaid cards work?
- Choosing the best prepaid card for you
- Getting the most out of your prepaid credit card
What is a prepaid credit card?
Prepaid credit cards aren’t technically credit cards because there’s no actual credit involved. Instead, they function similarly to debit cards and gift cards in the sense that you can only spend money you already have.
You might hear them referred to by different names, such as “reloadable credit cards”, “pay-as-you-go credit cards” or “prepaid cards”, but prepaid credit cards generally all work the same way.
How do prepaid cards work?
Instead of borrowing money, you load funds onto a prepaid credit card and then use it to make purchases. How much money you load onto the card determines the total amount you can spend.
There are two varieties of prepaid cards: closed-loop cards, which have a set amount of money already loaded, and open-loop cards, which allow you to continually add funds, typically through an app or online e-transfer.
Once you’ve received a prepaid card and added funds to it, you can use it to make online and in-person purchases wherever Visa, Mastercard or American Express are accepted.
Types of prepaid cards
There are several different types of prepaid cards available, so it’s a good idea to know what they are and how they work.
- Prepaid Mastercards can be used everywhere Mastercard is accepted, including No Frills and Costco, which does not accept Visa and American Express for in-store purchases.
- Prepaid Visa Cards can be used anywhere Visa is accepted. Visa also makes gift cards, which can make for a solid gift option if you’re in a rush, as they are sold (and accepted) at many retailers.
- Prepaid Amex Cards come in set amounts. You can only use them at merchants that accept American Express.
- Prepaid travel cards are generally reloadable cards that may hold multiple foreign currencies or offer travel perks, like those offered by the best travel credit cards in Canada. A card loaded with multiple currencies allows you to know the exchange rate upfront, and you won’t need to carry different physical currencies. Some also allow you to withdraw funds at foreign ATMs or have limited foreign transaction fees.
- Prepaid gift cards may be available for a specific merchant or network of retailers, or as a general Visa, Mastercard or Amex card that can be used anywhere. These cards are usually not reloadable.
Prepaid card maintenance
Using a prepaid credit card requires a little work on your end. You’ll have to:
- Activate your card. Most are activated as soon as you load funds, but others may require you to register your card before activation.
- Check your card’s balance. Some prepaid cards have a website where you can check your balance. Others have an app.
- Reload your card. You can typically add more funds to your reloadable prepaid card via an app, your online account or e-Transfer. A few cards let you reload your balance at select grocery stores, gas stations and drug stores. You may be able to transfer the balance of one gift card to another if they’re from the same merchant.
Where to buy prepaid cards
You can typically purchase prepaid cards in a few different ways. Prepaid cards that have set limits can be purchased at some grocery stores, drug stores and gas stations. A few banks and credit unions still offer reloadable cards, too.
The most common way to obtain a prepaid card is by securing one through an online-only bank. These cards tend to carry more features, like rewards and spending insights. You can generally apply for these cards online in a few minutes, and they get shipped right to your address, so there’s little effort on your end.
While prepaid cards are similar to debit and offer the convenience of credit cards, you should be aware of a few of their quirks.
How much does a prepaid card cost?
Closed-loop cards, such as gift cards and some online prepaid cards, generally have no fees: you’ll just need to buy them and pay for the amount loaded onto the card.
Open-loop cards, however, typically charge some sort of fee. Some may come with an activation fee, charge an annual or monthly fee regardless if you’ve used your card or not, or require you to pay a fee whenever you reload funds to the card. Usually, grocery stores and gas stations sell prepaid cards like these.
Some open-loop prepaid cards available online, such as KOHO and STACK, charge minimal fees — sometimes none at all. You would have to order a card directly online from one of these Canadian fintech companies. Once your card arrives, you can activate and load funds onto it. Some of these cards may charge a fee for premium options, but there’s almost no cost to use the standard features.
Choosing the best prepaid card for you
The essential features to consider when choosing a prepaid credit card include:
- Network. Some merchants do not accept cards from every network (Visa, Amex or Mastercard), so choose a network that works at most of the places you shop.
- Fees. Some prepaid credit cards may have monthly fees and costs associated with activation and reloading funds, as well as bill payment, foreign exchange and foreign ATM usage fees.
- Limits. Many prepaid cards have daily load, spending, cash withdrawal and transaction limits. There may be balance and point-of-sale limits affecting your spending ability.
- Rewards. A few prepaid cards earn rewards, such as points or cash back.
- Loading options. Every prepaid credit card has different loading options. Make sure the one you opt for makes loading your card convenient and quick.
Other considerations might include:
- ATM access. If you need access to cash, you can use some prepaid cards to withdraw funds from any ATM. Note that fees would likely apply.
- Security features. Some prepaid cards have enhanced security features like chip and PIN and the ability to freeze your card. Gift cards typically do not have any security features.
- Spending insights. Prepaid credit cards offered by online-only banks and fintech companies may give you spending insights to help you understand where your money is going, or tools to boost your money management skills.
- Referral bonuses. Some prepaid cards have a cash referral bonus when you sign up and load funds. In most cases, both the referrer and the referee get a reward.
- Direct deposit. A few prepaid cards allow you to set up direct deposits to have payments, like your paycheque, sent right to your prepaid card.
- Payment options. Generally, you can use prepaid cards to make online and in-store purchases. Some also let you pay bills, use foreign currencies, send Interac e-Transfers or send money directly to other users as you would with a mobile payment app.
- Virtual use. Fintech prepaid cards typically have a virtual card (usually available in the app), so you don’t need to carry your physical card. Some are compatible with digital wallets, like Google Pay.
Getting the most out of your prepaid credit card
A prepaid card can come in very handy for both online and in-person shopping. And since using one doesn’t affect your credit score, it can be a relatively low-risk way to make purchases.
Who can benefit from using a prepaid credit card?
- A person who wants to spend their money conveniently while avoiding credit card debt.
- Someone unable to obtain a traditional credit card due to their credit history
- Newcomers to Canada who are ineligible for a traditional credit card.
- Unbanked or underbanked consumers struggling to qualify for a traditional credit card or bank account
- Kids or teens who aren’t old enough for a credit card and want to practice budgeting their money.
Pros of prepaid cards
- No overspending. Because you have to load a prepaid credit card before using it, you can’t spend money you don’t have. Just make room in your budget for the cash you plan to spend.
- Safer than cash. If you lose the money in your wallet, it’s usually gone forever. Some reloadable prepaid cards may allow you to recover your funds even if your card is lost.
- Easy to reload. Reloads on prepaid cards can often be done in-store and online.
Cons of prepaid cards
- No credit building. Since prepaid cards aren’t credit cards, your credit score won’t improve while using them unless the provider offers a credit-building program.
- Limited rewards. While some prepaid cards give you cash back, you won’t get the attractive additional benefits that come with traditional credit cards, such as airport lounge access, travel insurance and mobile device insurance.
- Potential fees. Some prepaid cards have activation and monthly fees that can eat into your balance.
Alternatives to prepaid credit cards
- Go virtual. Virtual debit cards, which are usually associated with either the Visa or Mastercard networks, allow you to access your chequing account.
- Go traditional. Unsecured credit cards help you earn more rewards and build your credit history and score. But unpaid balances can quickly lead to debt and a damaged credit score. See our picks for the best credit cards in Canada.
- Go secured. Secured credit cards carry a limit that’s the same as the security deposit they charge. The advantage over prepaid cards is that secured cards can help you build your credit score. See our picks for the best secured cards in Canada.
» MORE: The best credit cards for bad credit
Frequently asked questions about prepaid credit cards
What is the best prepaid credit card in Canada?
The best prepaid credit cards in Canada offer convenience, low costs and perks. We’re partial to the KOHO Premium Reloadable Prepaid Mastercard, which charges a modest annual fee in exchange for rewards and access to Mastercard’s vast network.
Is getting a prepaid credit card a good idea?
Prepaid credit cards can be very useful for making in-person and online purchases if you don’t have, or can’t get approved for, a traditional credit card. There are no interest charges associated with prepaid credit cards, so they aren’t likely to add to your overall debt load.
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