Best Prepaid Credit Cards Canada
If you are looking for a prepaid debit card to manage your money, here are the best options we have for you. For consumers familiar with digital accounts, a prepaid card from one of the Canadian fintech companies is best, as these cards typically have low fees and great rewards. In addition, prepaid cards in Canada are supported by Mastercard or Visa so that you can use them anywhere they are accepted, often more than just a simple debit card.
You can use prepaid credit cards anywhere Visa and Mastercard are accepted, including online shopping. However, while you can buy Visa gift cards at stores like Walmart, you must get a rechargeable prepaid card by opening an account with a financial company like KOHO, Stack, or one of the banks that offer such services. Just like your bank’s debit card, the best rechargeable prepaid cards can be used to withdraw cash at ATMs, pay bills, shop online, and send money to friends and family.
Plus, a prepaid credit card in Canada is an ideal way to give your child some cash benefits without risking overspending or falling into unnecessary debt. The best rechargeable prepaid Mastercard in Canada is Stack Mastercard. Canada Post Reloadable Prepaid Visa(r) Forget Credit Check or Bank Account Apply Now This card is perfect for those who don’t have a bank account but are looking for a reloadable prepaid card.
Prepaid Credit Cards Canada
You need to visit a participating Canada Post Office and deposit money into the card in cash or a debit card. This card offers a great alternative to cash in multiple currencies while travelling and instead allows you to make purchases in the local currency of your location. Plus, with the CIBC Air Canada AC Conversion Card, you can spend like a local on the go and at home.
Using your card in your local currency can avoid the often expensive exchange rates when converting Canadian currency to another. When you download the map, you can also lock the exchange rate to prevent sudden exchange rate fluctuations when shopping.
There is no need for a credit check, and it is very easy to get approved as you use your own money to top up the card.
Transaction restrictions You may have to pay a fee for ATM withdrawals, or your card may not even offer this feature (Vanilla prepaid cards, for example, cannot be used for recurring billing or ATM withdrawals. The amount they have already been loaded onto the card. Crediting funds to the card will likely also cost between $2.99 and $3.95, and there is also a $0.50 spending fee.
Paying a monthly fee for a prepaid credit card may seem odd to some. Still, you can get additional benefits with this service, including extra cashback, no foreign transaction fees, financial guidance, price matching, and more. So not only is this one of the best prepaid credit cards in Canada, but it’s also one of the best with no foreign transaction fees.
It’s a convenient way to shop for those who don’t want to carry cash around on vacation – you can block the exchange fee when you make a deposit. You can use it for in-person and online purchases, but it doesn’t have the sky-high fees typical of your average credit card. You can put $20 to $10,000 on the card and use it anywhere you can use any Visa card.1 It’s an easy way to make card payments without worrying about adding to your debt.
If you want to use a specific card for travel, consider the CIBC Smart Prepaid Travel Visa option. You then receive a card with no exchange fees or in the currency of the country you are visiting.
You can check your card directly through the KOHO app, which allows you to set savings goals and buy rounds (to increase your savings). In addition, KOHO offers several reloadable prepaid cards that also function as an integrated app providing real-time information about your daily spending. KOHO works almost like a debit card (the card is linked to your KOHO spending account, and your account balance determines the amount you can spend on the card) but acts as a premium credit card in the sense that you earn it. All purchases (or 2% cashback in 3 categories with KOHO Premium).
If you need a Visa Prepaid Card that gives you the benefits of a regular credit card without charging you the 19.99% annual interest rate, the KOHO Premium Prepaid Visa is a fantastic choice. A prepaid KOHO visa doesn’t offer significant benefits other than refunds, but our editors agree it’s a good deal for a no-fee card. The premium version of KOHOs ranks first among prepaid cards, thanks mainly to the 2% refund offered on groceries, restaurants and travel expenses.
Many of Canada’s best cashback and rewards cards offer higher yields on money spent at the grocery store. Prepaid credit cards don’t give you as many rewards as some of the best travel credit cards in Canada, but you don’t have to worry about high income or interest charges because you can only spend what you have. Some people look for prepaid credit cards to improve their credit score, while others prefer a hybrid card, which allows them to pre-deposit funds and earn rewards while using the credit card network.
Prepaid credit cards are issued by banks, retailers, and other financial institutions using Visa, Mastercard, or American Express payment networks. Some prepaid cards, like the Visa Home Trust Secure Annual Fee Card, also report to the credit bureaus, which may be a good option if you want to improve your credit score. For example, the Canada Bank of Montreal Prepaid Credit Card gives you the security of one of the top five banks, one of the oldest financial institutions in the country, and the acceptance of MasterCard worldwide.
BMO offers a wide range of credit cards and an inexpensive, interest-free prepaid Mastercard that requires no deposit. Mogo is not only a provider of prepaid cards, but along with loans and credit scores, it offers MogoCard, also called Mogo Visa Platinum prepaid card. The Mogo Visa Platinum prepaid card is free of charge (no monthly fee) and can be used for online and POS purchases. Mogo Visa* Platinum Prepaid Card is a prepaid visa introduced by Mogo. This Canadian fintech company offers free credit score monitoring, identity fraud protection, and an easy way to buy and sell bitcoin personal loans.