Find the best cards

Compare all prepaid cards
FOR the BEST DEALS

PREPAID CREDIT CARD

The Prepaid Expert
100% proudly Canadian

1-877-8BUY4CA

TOP LEVEL
CUSTOMER SUPPORT

Which card is the best prepaid credit card in Canada ?

Prepaid credit cards are becoming an increasingly popular financial tool in Canada, allowing individuals to make purchases and manage their money without incurring debt. However, with so many options on the market, it can be difficult to determine which prepaid credit card is the best. In this essay, we will explore the various features and benefits of prepaid credit cards, as well as provide an in-depth analysis of the top three contenders for the title of “best prepaid credit card in Canada.”

First, let’s define what a prepaid credit card is and how it differs from a traditional credit card. A prepaid credit card is a payment card that is loaded with a set amount of funds, which can then be used to make purchases at merchants that accept the card. Unlike a traditional credit card, a prepaid card does not offer a line of credit and does not require a credit check to obtain. This makes prepaid cards an appealing option for individuals with poor credit or no credit history, as they can still enjoy the convenience of using a payment card without the risk of accruing debt.

Prepaid credit cards have the same features as credit cards but operate similarly to debit cards. You can’t spend more than you have, unlike a credit card, but you can book a hotel room, rent a car, or shop online with this card.

The way that it isn’t important to give a credit report or financial record makes pre-loaded Visas an open strategy for installment for those with terrible record as a consumer or the individuals who basically don’t have a record. Prepaid credit cards and secured credit cards, like the Secured Card from Refresh Financial, should not be confused. Although a security deposit is required, these are genuine credit cards. Prepaid credit cards can be useful for people who don’t have access to a credit card, but they don’t help you improve your credit score because they don’t give you any money.

Prepaid credit cards have gained popularity in Canada over the past two years. This is not surprising given their numerous benefits. As if it were a loan, they give you a way to use the money you already have. This, among other things, enables individuals with a poor credit score who are unable to obtain traditional credit cards to continue making purchases. As a result, they can be used in place of conventional credit cards.

Now, let’s take a look at the top three contenders for the best runner up prepaid credit card in Canada

The Prepaid Expert Best of 2023 prepaid credit card
#1 KOHO Prepaid Credit Card

One of the best prepaid credit cards available today is the KOHO Mastercard® Prepaid card, formerly known as the KOHO prepaid Visa. With the exception of interest charges, it combines all of the advantages of a typical credit card. Using the KOHO app or an electronic transfer, you can directly credit your prepaid card with the desired amount and use it wherever Mastercard is accepted. There are three distinct types of KOHO prepaid credit card accounts: the “KOHO” account, “KOHO Premium,” and “KOHO Joint” accounts, respectively.

  • KOHO is a full-service app and reloadable prepaid credit card with no hidden fees.
  • KOHO is a prepaid card service that was established in 2017 in Vancouver. Although technically not a bank, KOHO’s services can be used for both spending and saving.

There are no charges or annual fees associated with the “KOHO” account. It gives you a cash back of 0.5 percent on all of your purchases and more cash back at certain retailers.

The “KOHO Premium” account comes with a free 30-day trial period and monthly fees of $9, or $84 (a savings of $24). It offers 2% cash back on purchases made at restaurants, grocery stores, and transportation companies. This is a great pre-loaded Visa for explorers since it has no money trade expenses and permits one free withdrawal each month from an abroad mechanized teller machine (ATM). The price match feature, in which KOHO will reimburse you for the difference between the product you purchased and the cheaper alternative sold elsewhere, is yet another significant advantage of the “KOHO Premium” account. Last but not least, the “KOHO Premium” account grants you access to the assistance of a financial coach who offers you more individualized financial guidance.

KOHO provides a tool for rebuilding your credit, despite the fact that prepaid cards have no effect on your credit rating. The “Credit Building” program reports your progress to the credit bureaus for $7 per month. You can raise your rating in six months if you make sure your KOHO account has money in it. These will be gathered monthly on autopilot, and you can directly check your rating progress in the app.

The third record is the “KOHO Joint” with no yearly charge. If you and a family member or roommate want to make managing finances and saving goals easier, this account is ideal. It gives you a cash back of 0.5 percent on all of your purchases and an additional cash back value when you make purchases from particular retailers. When a purchase is made using your account, you are notified right away.

By automatically rounding your purchases and depositing the difference into an automated savings account, the KOHO Prepaid Mastercard helps you save money and make more money. It is available online, making it ideal for shopping online. Last but not least, the KOHO app functions as a budgeting tool, making it simple to monitor your spending, balance, and income all from a single location.

#2 CIBC AC conversion Visa Prepaid ‘Travel’ Credit Card

The CIBC Air Canada AC Conversion Visa Prepaid Card is another option for frequent travelers. The fact that you can carry up to ten currencies on this card, which is accepted in 45 nations, is the card’s primary benefit. You have access to the US, Australian, and Hong Kong dollars, the British pound, the euro, the Turkish lira, the Swiss franc, and the Mexican peso in addition to the Canadian dollar. You won’t pay any additional conversion fees, and each time you top up your card, you can lock in a rate for the currency. Through the AC conversion app or the website, you can top up your card and transfer funds between currencies. You can also keep track of your spending with the app.

Your card can be obtained online or at a CIBC location in Toronto’s Pearson Airport. There are no activation or topping up fees associated with this card. Additionally, you will receive 1% cash back on all purchases until October 31, 2021. The currency in which the purchase was made is used to credit this. This prepaid card has a daily spending limit of $3,000 or the equivalent in this currency and a maximum balance of $20,000 (or the equivalent in another currency).

#3 The Mogo Visa Platinum prepaid Card

The MogoCard: The MogoCard is another strong contender for the best prepaid credit card in Canada. One of the standout features of this card is that it offers a high annual percentage yield (APY) on any funds loaded onto the card, making it a great option for individuals looking to earn some extra cash on their savings. The MogoCard also has no annual fee and offers flexible reload options, including the ability to set up automatic reloads from a linked bank account.

The Mogo Visa Platinum Pre-loaded Card permits you to have better command over your spending. In addition, its unique features assist you in reducing your spending’s impact on the environment. Indeed, Mogo recently introduced a brand-new program: for every exchange made with the card, the organization will establish a tree. According to Mogo’s estimation, each tree stores 550 pounds of CO2. Just like with any other prepaid credit card, if you use your own money rather than relying on credit, you will only spend what you can afford. The initial purchase of this card and all subsequent purchases are exempt from interest charges. It charges $1.50 for Canadian transactions and $3 for international ones.

A single purchase can’t exceed $5,000, and the maximum card balance is $10,000. You can bring in up to ten cash moves in a 24-hour time span. Your Mogo card can be topped up either through the mobile app or at a Canada Post office. Every time you spend money, the mobile app will notify you and update your balance. You can set how much you want to spend and how long you want it to last with the assistance of an automatic transfer feature. Additionally, this card provides the Visa Zero Liability feature to safeguard you against fraudulent use. At any time, you can block your card and order a new one through the mobile app. Mogo’s “MoneyClass,” which offers guidance on the best ways to spend your money, is another cool feature.

#4 BMO Prepaid travel Mastercard

Prepaid with your own money, the BMO Prepaid Travel Mastercard is a safe payment option. It is secure against fraudulent use, so you can top it up and use it wherever Mastercard cards are accepted. Because of this, it is safer than cash to pay for travel expenses. In the event of unauthorized use, the BMO Prepaid Travel Mastercard comes with Zero Liability protection. You can use it to make purchases worth anywhere from $100 to $10,000 Canadian. The annual fee for this card is $6.95, but there is no interest on purchases or cash advances.

#5 CIBC Older version Prepaid Credit Card (will be ending in 2023)

The CIBC Smart Prepaid Visa Card is a great way to control your spending, make a budget, and easily top it up. It can be deposited in Canadian dollars from your CIBC savings, chequing, or personal line of credit account at any time online or at a CIBC branch. Using what you have, you can spend according to your priorities. This card does not require a minimum age to use, making it an interesting way to teach your children about managing their money.

ATMs with the VISA or Plus symbol can be used to withdraw cash anywhere in the world. You can easily make small purchases with Visa payWave contactless payment, and you can view your account details online through the app or by signing in directly. You are able to shop safely with this prepaid credit card because the secure payment service that has been verified by Visa gives you additional protection when you shop online. The CIBC Smart Visa card allows you to make purchases of up to $3,000 per day and has a maximum card balance of $10,000. Additionally, active fraud monitoring is available to identify any unauthorized activity.

When you’re traveling, the CIBC Smart Prepaid Travel Visa Card is a great way to pay. All you have to do is select a currency and top it up online through mobile banking or at any CIBC branch. Then, you can take advantage of a fixed exchange rate and steer clear of unfavorable exchange rate surprises. The United States Dollar, Euro, British Pound, and Mexican Peso are the available currencies. There are only four currencies available: This card does not accept Canadian dollars.

The minimum and maximum card balances differ depending on the currency. We encourage you to visit the CIBC bank website to determine the amounts in your preferred currency. This prepaid credit card’s chip card technology, which is recognized worldwide as a security standard, enables you to travel with peace of mind and allows you to access your account details online at any time. Additionally, unauthorized activity can be detected through active fraud monitoring.

#6 Vanilla Prepaid Visa and Mastercard

The Vanilla Visa and Mastercard pre-loaded cards work like gift vouchers. The funds deposited to your card have no expiration date and do not require a PIN. Mastercard and Visa may have different prepaid amounts: The prepaid card is available in denominations of $25, $50, $100, $200, and $20 to $500 from Mastercard, and in denominations of $25, $50, $75, $100, $150, $200, $250, and $20 to $500 from Visa. The amount and card issuer determine the nature of the activation charge. Vanilla prepaid cards are available at a number of stores across Canada, including Walmart, Jean-Coutu, Best Buy, and gas stations operated by Petro Canada, Shell, and Ultramar. When you make your purchase and pay at the cash register, they are activated.

#7 Canada Post Prepaid Rechargeable Mastercard

The Canada Post Prepaid Rechargeable Mastercard is ideal for everyday online and in-store purchases as well as traveling. It is accessible without requiring you to provide information about your banking or credit history, and you can get it from any Canada Post office. With chip protection and a PIN that is separate from your bank account, this card safeguards your funds. The card can hold funds that you can use right away. Because it allows you to select between seven different currencies, this Mastercard is ideal for making purchases in local currencies on US and international websites.

The initial purchase of the card from Mastercard costs $15, and any subsequent top-ups cost $3. If the card is not used within a year, there is an inactivity fee of $2.80 per month. Mastercard charges 1.5% in transaction fees only for domestic plan spending. Simply visit your local post office with a valid photo identification to obtain a Canada Post prepaid credit card. Customers can lock in their exchange rate by loading Canadian dollars onto their cards. This card can be reloaded at any Canada Mailing station close to you, in real money or with a check card.

All Money Mart and Insta Chèques locations in the country accept the Titanium + Prepaid Mastercard. You can use the Titanium + card at any establishment that accepts Mastercard after purchasing it for $9.99 plus tax. There are two plans on the card: the Premium Plan, which costs $12.99 per month, and the Standard Plan, which costs $6.50 per month. You can avoid fees on several transactions, including in-store purchases, with the latter plan. Each purchase with the Standard Plan incurs a fee of $0.50. This card allows you to make daily purchases of up to $7,500 and maintain a balance of up to $15,000.

The DirectLoad Program makes it possible to transfer funds from your payroll or other social benefits to your Titanium + prepaid card, which is one of the most intriguing features. To set up direct deposit, all you need to do is hand over a form to your employer or service provider. Otherwise, you can reload your card at all MoneyMart and Insta Chèques locations, as well as at a few Vanilla Reload Program-participating stores like Couche-Tard and Familiprix.

#8 American express Prepaid Cards

The American Express prepaid cards are particularly appealing for everyday purchases of small amounts. There are several pre-configured amounts up to $500 available on the American Express Retail Prepaid Card. You are free to use the card wherever American Express accepts it after activation, which incurs fees based on the amount of the card. In addition, your funds never run out, and if your card is lost or stolen, you can get a new one with the same balance. You can exchange your points for an amount that is loaded onto the American Express prepaid card for the Rewards Program. This amount consists of 3,125 to 125,000 points and ranges from $25 to $1,000. It can be ordered directly through the American Express Rewards Points Program portal and offers the same benefits as the standard prepaid card.

#9 Stack Prepaid Mastercard

You can manage your money without incurring debt or fees by using the STACK Prepaid Mastercard, which comes with tools and instant rewards. You can use it anywhere in the world to make purchases and receive rewards in the form of cash back right away at over 140 retailers. You will get to take advantage of special deals and discounts on the things you buy every day. There are no ATM withdrawal or exchange fees, so you can get the best rates in more than 150 currencies wherever you go. You can keep track of your weekly spending and get a clear picture of your finances with the STACK Finance mobile app. It tells you when you spend, send, set aside or get cash with STACK. You can save more money with a cool feature, accelerating your progress toward your savings goals. Zero Responsibility extortion security is presented with this pre-loaded Visa and permits you to hinder your record whenever

#10 The Tangerine Money-Back Prepaid Credit Card

The Tangerine Money-Back Credit Card: This prepaid credit card, offered by Tangerine Bank, is a top contender for several reasons. First and foremost, it offers a unique rewards program that allows cardholders to earn money back on their purchases in specific categories, such as dining, groceries, and gas. The card also has no annual fee and offers flexible payment options, allowing cardholders to load funds onto the card via direct deposit, bank transfer, or even by converting their Tangerine savings account into a prepaid credit card.

The Prepaid Expert runner up Credit Cards :

Prepaid credit cards are becoming an increasingly popular financial tool in Canada, allowing individuals to make purchases and manage their money without incurring debt. However, with so many options on the market, it can be difficult to determine which prepaid credit card is the best. In this essay, we will explore the various features and benefits of prepaid credit cards, as well as provide an in-depth analysis of the top three contenders for the title of “best prepaid credit card in Canada.”

First, let’s define what a prepaid credit card is and how it differs from a traditional credit card. A prepaid credit card is a payment card that is loaded with a set amount of funds, which can then be used to make purchases at merchants that accept the card. Unlike a traditional credit card, a prepaid card does not offer a line of credit and does not require a credit check to obtain. This makes prepaid cards an appealing option for individuals with poor credit or no credit history, as they can still enjoy the convenience of using a payment card without the risk of accruing debt.

Bonus Prepaid Card

The Starbucks Rewards Visa Prepaid Card: For coffee lovers, the Starbucks Rewards Visa Prepaid Card is a must-have. In addition to the convenience of being able to make purchases at Starbucks locations, this card also offers a rewards program that allows cardholders to earn points on their purchases, which can then be redeemed for free drinks and food at Starbucks. The card has no annual fee and offers flexible reload options, including the ability to set up automatic reloads from a linked bank account.

So, which of these prepaid credit cards is the best? It ultimately depends on an individual’s specific needs and financial situation. The Tangerine Money-Back Credit Card is a great option for those looking to earn rewards on their purchases, while the MogoCard is a solid choice for individuals looking to earn a high APY on their savings. The Starbucks Rewards Visa Prepaid Card is a perfect fit for coffee lovers and those who frequently make purchases at Starbucks.

In conclusion, prepaid credit cards are a convenient and flexible financial tool that can be a great option for individuals looking to make purchases without incurring debt. The Tangerine Money-Back Credit Card, the MogoCard, and the Starbucks Rewards Visa Prepaid Card are all strong contenders for the title of “best prepaid credit card in Canada,” each offering unique features and benefits to suit the needs of different consumers.

prepaid-credit-cards-best

The Prepaid Expert ™
Best Cards OF 2024

Best TRAVEL PREPAID Cards OF 2024

The Prepaid Expert ™
Best CANADIAN CARDS

Many or all of the prepaid credit cards featured here are from our partners. This affects the prepaid card we write about and where and how they appear on the page. However, this does not affect our rating. Our opinions about the prepaid credit cards are our own.

More From The Prepaid Expert Blog

The prepaid expert in canada, Prepaid-Credit-Card.ca is a usefull ressource for anyone who wants to choose the best prepaid credit card in canada . The site is very easy to use, you just need to filter the type of card you would like to get and then you will get the most suitable credit limit. You can also check the credit history for your chosen card. Prepaid-Credit-Card.ca is the leading online prepaid credit and debit card comparison site. It has a wide range of prepaid cards, credit cards for all types of transactions. The website is free to use (we can get a commission reward once you apply for the prepaid credit card) and use so you can get great offer on your next prepaid card