13 Best Prepaid Credit Cards in Canada
What You Should Know
- Prepaid credit cards have perks similar to credit cards, but they do not provide access to debt, which means that the holder of a prepaid credit card can only spend as much as they put on their card.
- Prepaid credit cards can be disposable and reloadable where disposable can be loaded only once while reloadable can be loaded multiple times.
- Disposable prepaid cards can be found in stores and gas stations among other gift cards while reloadable may need to be purchased either from a cashier or from a bank.
- Every prepaid card has different fees and rewards, so it is important to look for a card that works best for your situation before getting one.
What Are Prepaid Credit Cards?
A prepaid credit card works similarly to credit cards, but prepaid credit cards cannot have a negative balance. This means that a holder of a prepaid credit card has to put money on their card and only then they can pay with the card. Unlike debit cards, prepaid credit cards have similar perks and functions as regular credit cards do. A prepaid credit card also allows the owner to pay for hotels, rent a car or make other transactions usually available only to credit card holders. A prepaid credit card has the same functions as a regular credit card, but the cardholder cannot spend more than they have on the card balance.
A prepaid credit card may be a good alternative for people who need a credit card but cannot get it for certain reasons. For example, a person who does not have a good credit score, may not be able to get approved for a credit card, but they can easily get a prepaid credit card and enjoy similar benefits. It is very easy to get a prepaid credit card even for a person with poor or no credit history because no funds get loaned through prepaid credit cards. Since there is no lending process involved, there is no need for checking the credit history. Prepaid credit cards also do not affect the holder’s credit rating because no funds are loaned via these cards.
Where to Buy Prepaid Credit Cards
Prepaid credit cards are somewhat different from debit and credit cards in terms of where a person can purchase them. While regular credit and debit cards can be received in banks and credit unions, prepaid credit cards can also be purchased in regular stores and even gas stations.
Most prepaid credit cards are reloadable, so it has to be connected to a store or a financial institution to work. Prepaid credit cards can be found in the following places across Canada:
- Banks
- Credit Unions
- Fintech Companies
- Canada Post Branches
- Gas Stations
- Large Grocery Stores
- Large Construction Stores
It is possible to find prepaid credit cards in smaller stores, but they usually play the role of a disposable gift card. Disposable gift cards are topped up once, and when all the money is spent, the card cannot be used anymore.
13 Best Prepaid Credit Cards
Canada has a variety of prepaid credit cards that are offered by many large banks as well as store chains such as Walmart. All of them have different costs and different benefits. If you are looking to get a prepaid credit card, it is best to look at the available options and pick the best prepaid credit card for your financial situation. You may also want to check out the best credit cards because they may have better bonuses and perks than prepaid credit cards have.
KOHO Premium Prepaid Credit Card
Recurring Fees: $9 per Month or $84 per Year.
Rewards: 2% Cash Back on Transportation, Groceries, and Restaurants. 0.5% Cash Back on Everything Else.
Other Perks: 30-Day Trial, 1 Free FX Withdrawal per Month, No FX Fees, Price Matching. Zero Liability.
| Card Activity | KOHO Premium |
|---|---|
| New KOHO Metal Card | $159.00 |
| KOHO Metal Card Replacement | $100.00 |
| Inactivity Fee (billed monthly if your card has not beenused for 90 days) | $1.00 |
| Foreign Exchange Transaction Fee | FREE |
| Monthly Premium Subscription Fee | $9.00 |
| Visa Direct Load Fee per transaction (<$300) | $0.75 |
| Visa Direct Load Fee per transaction (>= $300) | FREE |
| Cover Me (Overdraft Protection) | $5.00 |
KOHO is a fintech company, and it has a variety of prepaid credit cards that can be issued by Mastercard or Visa. One of the best prepaid credit cards KOHO has is KOHO Premium. Even though it has membership fees that can range from $9 per month to $84 per year, the card has one of the best cashback rewards prepaid credit cards have. More precisely, a holder of this card can expect to receive 2% cashback on all transportation, groceries, and restaurants as well as 0.5% cashback on everything else. On average, consumers tend to receive 1% cashback each month.
KOHO And KOHO Joint Prepaid Credit Cards
Recurring Fees: No Membership Fees
Rewards: 0.5% Cash Back on All Purchases.
Other Perks: Extra Cash Back at Select Merchants. In-App Card Lock. Zero Liability.
| Card Activity | KOHO Visa Prepaid Card |
|---|---|
| New KOHO Metal Card | $159.00 |
| KOHO Metal Card Replacement | $100.00 |
| Inactivity Fee (billed monthly if your card has not beenused for 90 days) | $1.00 |
| Foreign Exchange Transaction Fee | 1.5% |
| Monthly Premium Subscription Fee | Not Applicable |
| Visa Direct Load Fee per transaction (<$300) | $0.75 |
| Visa Direct Load Fee per transaction (>= $300) | FREE |
| Cover Me (Overdraft Protection) | $5.00 |
KOHO and KOHO Joint are free prepaid credit cards offered by KOHO. It has lower rewards than the KOHO Premium card has, but it also costs less. A holder of this card can expect to receive 0.5% cashback on all purchases and some additional cashback at certain stores shown in the KOHO app. This is a good card for students and teenagers to access their monthly allowance and keep track of their spending habits.
STACK Prepaid Credit Card
Recurring Fees: No Membership Fees.
Rewards: Discounts at Select Merchants.
Other Perks: Rebate on FX Fees, Discounts on Hotel Bookings. Zero Liability.
| Type of Fee | Amount | Description |
|---|---|---|
| FX Fee | 2.50% | 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 credit each month. Eligible cardholders are defined as those who spend a minimum of $350 CAD in purchases in a calendar month. |
STACK prepaid credit card is a good starting card that has certain benefits and does not have any membership fees. It can be used to save money at certain retailers, but it can also be used as a day-to-day spending card because it is simple to use and offers a great insight into what a person is spending their money on.
Wealthsimple Prepaid Visa Card
Recurring Fees: No Membership Fees.
Rewards: 1% Cash Back on All Purchases.
Other Perks: Absolutely No Fees. Crypto And Stocks as Rewards.
Wealthsimple is a company that has an investment platform where retail investors can buy and sell stocks and some cryptocurrencies. The users of the platform may find the Wealthsimple card quite useful because it provides cashback in the form of cryptocurrency and stocks. In addition to that, this card does not have any fees associated with the card. The absence of any fees is due to the fact that Wealthsimple does not make money on the card. Instead, the income from the platform is used to support the cards.
Mogo Prepaid Credit Card
Recurring Fees: No Membership Fees.
Rewards: 50 Satoshis of Bitcoin for Every Transaction (50 Satoshis of Bitcoin Equals $0.01 When 1 Bitcoin Is Worth $20,000).
Other Perks: 1 Tree Planted With Every Transaction. Free Credit Score Monitoring And Identity Theft Protection. Zero Liability.
| Card Activity | Fee | |
|---|---|---|
| Canada Post Transfer Fee | $3.00 | |
| Foreign exchange charge | 2.5% | |
| Withdraw funds | Domestic | $1.50 |
| International | $3.00 | |
| Account Inactivity Fee | $1.99 | |
| Dishonored Payment Fee | $25.00 | |
Mogo prepaid credit card is the most environmentally friendly card available. This card is free to use, and it has some benefits that may attract environmentally conscious people. First, this card provides 50 Satoshis of bitcoin for every transaction. Depending on the value of bitcoin at a certain date, the value of this reward may vary drastically. As a reference point, 50 Satoshis is 4 cents when Bitcoin is worth $80,000. It also plants every tree for every transaction made using this card. This means that a holder of this card can offset around 500 pounds of CO2 over 25 years with every transaction made.
AC Conversion™ Visa Prepaid Card
Recurring Fees: No Membership Fees.
Rewards: 1% Cash Back on All Purchases for a Limited Time.
Other Perks: Up to 10 Currencies Can Be Loaded at Once. No FX Conversion Fees. Zero Liability.
| Card Activity | Fee |
|---|---|
| Shipment by courier (optional) | CAD $15.00 |
| Card replacement | CAD $25.00 or equivalent |
| International ATM Withdrawal | CAD $3.50 |
| FX Conversion | 2.50% |
This is one of the best prepaid credit cards for travelers. AC Conversion prepaid credit card does not have any fees, which makes it an attractive option to use for traveling even if it happens occasionally. This card can be a great way to keep extra foreign cash that was not spent during trips abroad. It also allows a holder to convert currencies without any fees, which is also a great way for travelers to save on conversion fees. Apart from traveling perks, this card does not have that many perks. It provides a 1% cashback on all purchases for a limited time. When the deal expires, it does not provide any cashback rewards.
CIBC Smart™ Prepaid Visa* Card
Recurring Fees: No Fees.
Rewards: No Rewards.
Other Perks: 1 Free FX Withdrawal per Month. Zero Liability.
| Fee | Amount | ||||
|---|---|---|---|---|---|
| Customization | $5.95 CAD | $4.50 USD | |||
| CAD | USD | EUR | GBP | ||
| ATM Withdrawals Domestic | Free | Free | Free | Free | |
| ATM Withdrawals International | $3.50 | $2.50 | €2.25 | ₤2.00 | |
| Card Replacement | $14.95 | $10.95 | €9.95 | ₤7.95 | |
| Card Replacement Shipment | $15.00 | $11.00 | €10.00 | ₤8.00 | |
| Foreign Conversion Transactions | 2.5% | ||||
CIBC Smart Prepaid Visa Card is a Canadian dollar-denominated prepaid credit card that provides the convenience of using a credit card. This card is generally free to use, but it also does not have any notable rewards. This card does not have any cashback or other monetary rewards, so it may not be the best option as a day-to-day spending card. On the other hand, it may be useful for travelers because it is user-friendly and provides certain perks such as a free cash withdrawal from a foreign ATM every month.
CIBC Smart™ Prepaid Travel Visa* Card
Recurring Fees: No Fees.
Rewards: No Rewards.
Other Perks: 1 Free FX Withdrawal per Month. Zero Liability.
| Fee | Amount | ||||
|---|---|---|---|---|---|
| Customization | $5.95 CAD | $4.50 USD | |||
| CAD | USD | EUR | GBP | ||
| ATM Withdrawals Domestic | Free | Free | Free | Free | |
| ATM Withdrawals International | $3.50 | $2.50 | €2.25 | ₤2.00 | |
| Card Replacement | $14.95 | $10.95 | €9.95 | ₤7.95 | |
| Card Replacement Shipment | $15.00 | $11.00 | €10.00 | ₤8.00 | |
| Foreign Conversion Transactions | 2.5% | ||||
CIBC Smart Prepaid Travel Visa cards can be issued with the denomination in 4 foreign currencies such as US Dollar, Euro, British Pound Sterling, and Mexican Peso. It is possible to hold multiple CIBC Smart Travel cards with different currencies, and a single individual can hold up to 5 Smart Travel cards with the same currency denomination. Other than the currency denomination, this card has similar fees and benefits to the CIBC Smart Prepaid Visa Card.
Cash Passport Canada Post Prepaid Cards
Recurring Fees: Inactivity Fee - $2.80 per Month.
Rewards: No Rewards.
Other Perks: Lock in Exchange Rate. Multiple Currencies Can Be Loaded at Once. Zero Liability.
| Fees | Fee Amount |
|---|---|
| Buying a Card | CAD 15.00 |
| Loading more money onto your Card | CAD 3.00 |
| Using your Card in Canada | 1.50% |
| Monthly inactivity fee | CAD 2.80 |
| Cash over the counter fee | CAD 3.00 USD 2.50 EUR 1.90 GBP 1.70 JPY 275.00 AUD 3.00 MXN 32.00 |
| ATM withdrawals | CAD 3.00 USD 2.50 EUR 1.90 GBP 1.70 JPY 275.00 AUD 3.00 MXN 32.00 |
| Foreign exchange fee | 3.25% |
| Currency transfer fee | Foreign exchange rate applies, varies each day |
| Shortfall fee | CAD 18.00 |
| Cash Out fee | CAD 20.00 |
Canada Post Reloadable Prepaid Card is designed for traveling and not for domestic spending. It might be one of the worst cards for use in Canada because it has a 1.5% transaction fee associated with domestic spending. On the other hand, this card provides the convenience of locking in a exchange rate for currency conversion. Other than that, this card does not have any rewards. Even though this card does not have any monthly costs, there is an inactivity fee of $2.80 per month, which makes it less attractive for people who do not travel frequently.
BMO Prepaid Mastercard®
Recurring Fees: Annual Fee - $6.95.
Rewards: No Rewards.
Other Perks: Extended Warranty And Purchase Protection. Zero Liability. Mastercard Identity
| Fees | Amount | |
|---|---|---|
| Annual Fee | $6.95 | |
| Additional Card | $6.95 per Year | |
| Dishonored Payment | $40.00 | |
| Statement Request | $5.00 | |
| Card Balance Refund | By Cheque | $10.00 |
| By Direct Deposit | $3.00 | |
| Cash Advance Fees | In Canada | $5.00 |
| Outside of Canada | $5.00 | |
| Inactivity Fee | $5.00 per Month | |
Similar to other prepaid credit cards that focus on traveling perks, BMO Prepaid Mastercard® does not have any cashback or other monetary rewards. On the other hand, this card provides protection and an extended warranty for products and services. This means that it might come in handy for large electronic and appliance purchases. It has an annual fee of $6.95 associated with it, so it might not be the best option for day-to-day purchases because it does not provide any rewards and costs money to use.
We Financial™ Visa* Prepaid Card
Recurring Fees: Monthly Fee - $4.95.
Rewards: No Rewards.
Other Perks: First Monthly Fee Waived. Free Transaction Email Alerts. Online And 24/7 Phone Support. Zero Liability.
| Fees | Amount | |
|---|---|---|
| Initial sign-up (new card) | FREE | |
| Card Maintenance Fee (Monthly) | $4.95 | |
| Load funds | PayDirect | FREE |
| Value Reload (in-store) | $3.00 | |
| POS purchase | FREE | |
| Foreign exchange charge | 2.50% | |
| Card to Card Transfer | $3.00 | |
| ATM Withdrawal | $2.50 | |
| Access card information | SMS / Email Alerts | FREE |
| Website | FREE | |
| IVR | $1.00 | |
| Live agent (per call | $2.50 | |
| Replacement (lost or stolen) Card | $10.00 | |
| Instant Issuance Replacement Card | $15.00 | |
| Additional Card | $10.00 | |
We Financial is a reloadable credit card first offered by the North West Company Inc. in 2015. This card was widely used by the people who live in remote communities of Northern Canada and who may not have had access to traditional financial services. This card had a direct deposit feature that allowed people to access electronic payments, including payroll, faster. Currently, it is still possible to purchase this card in a few stores across Canada, but it does not have any notable benefits that make it better than any other prepaid credit card.
H&R Block Advantage Prepaid Mastercard™
Recurring Fees: Monthly Fee - $2.99.
Rewards: No Rewards.
Other Perks: Free Cash Withdrawals at DCBank. Interac e-Transfer® Available. Western Union Cheques Clear Instantly for Free.
| Type of Fee | Amount |
|---|---|
| ATM Withdrawal Fee (Domestic / International) | $2.95 / $3.95 |
| INTERAC® Email Money Transfer Fee (from Card to a bank account) | $3.95 |
| Monthly Fee | $2.99 |
| Reload Fee | $3.00 |
| Foreign Currency Conversion Fee | 3.50% |
This card is intended to be used as a day-to-day spending card because otherwise, it might be costly to use it for other purposes. H&R Block Advantage charges a monthly fee of $2.99 and has other fees that relate to card operations. The best feature of this card is that government tax returns can be directly deposited to this card for free, which can be spent later on. Generally, this card may not be the best choice for people who are not active clients of H&R Block.
Titanium+ Prepaid Mastercard
Recurring Fees: Monthly Fee - $6.50.
Rewards: No Rewards.
Other Perks: Free Cash Withdrawals at DCBank. Interac e-Transfer® Available. Western Union Cheques Clear Instantly for Free.
| Card Activity | Standard Fee Plan | Bundle Fee Plan | |
|---|---|---|---|
| Activate Card | Activation Fee | $9.99 + tax | $9.99 + tax |
| Monthly Fee | $6.50 | $12.99 | |
| Load Funds | via DirectLoad | $2.99 | FREE |
| with cash (In-store) | $2.99 | FREE | |
| via Mobile cheque cashing | Varies | Varies | |
| via Vanilla Reload | $3.95 | $3.95 | |
| via participating retail reload products | Varies | Varies | |
| Withdraw Funds | at Canadian ATM | $1.99 | $1.99 |
| at international ATM | $2.99 + 3% | $1.99 + 3% | |
| in-store | $1.99 | FREE | |
| Spend Funds | POS transaction (PIN, contactless, signature, online, phone) | $0.50 | FREE |
| POS transaction (PIN, contactless, signature, online, phone) in a foreign currency | $0.99 + 3% | $0.50 + 3% | |
| Share funds (card to card transfer) | $2.99 | $1.99 | |
| Card Information | SMS / email alerts (standard text messaging rates may apply) | FREE | FREE |
| Website | FREE | FREE | |
| IVR | FREE | FREE | |
| Automated Customer Service (voice response) | $0.25 | $0.25 | |
| Live Customer Service (per call) | $1.50 | $1.50 | |
| Monthly Statement (upon request, per statement) | $1.99 | FREE | |
| Balance at ATM | FREE | FREE | |
| Other | ATM decline | FREE | FREE |
| Replacement Fee for lost / stolen Card | $4.99 | $4.99 | |
| Card refund / cancellation | $4.99 | $4.99 | |
Titanium+ Prepaid Mastercard can be purchased in most Money Mart and Insta Chèques stores across Canada. This card has an activation fee of $9.99 + tax as well as a monthly fee that varies depending on the plan purchased. This card has a lot of hidden fees that may add up very quickly. Most of the fees are waived for the Bundle plan, which costs more than the Standard plan. Both plans do not have any benefits that would make them stand out compared to other cards available to a Canadian consumer.