Top Prepaid Credit Cards in Canada in 2024

KOHO Financial, Inc. is a platform for direct and electronic payments in partnership with Peoples Trust, which is CDIC insured. If you are wondering where you can buy prepaid Visa online, Canada has many options, and KOHO is one of the easiest and fastest to use. It’s an everyday banking solution for bills and purchases everywhere Visa is accepted.

Card Features

KOHO offers three types of accounts for its reloadable credit card Canada Visas:

• KOHO Free Personal Account – no fees and with a 0.5% cashback on all purchases.
• KOHO Premium Account – 2% cashback on transportation, groceries, and restaurants; financial coaching, one free international ATM withdrawal per month, and price matching. The fees are $84 a year or $9 a month.
• KOHO Joint Account – 0.5% cashback on all purchases.

Limits

• Maximum Card Balance: $20,000
• Maximum number of loads: 20/per day, 60/per month
• Single load maximum: $10,000
• Monthly cumulative loads: $40,000
• Maximum single POS transaction: $3,000
• Maximum cumulative amount POS: $3,000/per day, $30,000/ per month
• Maximum number of ATM transactions: 5/per day
• Maximum ATM transaction: $300/per transaction, cumulative $600/per day, $3,000/month
• Maximum Direct Deposit: $20,000/daily

Verdict

A serious contender for the top prepaid credit card spot, the KOHO prepaid Visa is a fast, easy everyday solution that helps you avoid overspending. It comes with cashback round-up and automated savings, and you can choose between multiple account types. It’s great for joint accounts, in particular, where you can use the deposited money with your partner or children. This reloadable card can also be used everywhere Visa is accepted.

The Desjardins Group is a financial giant – the fifth largest globally, ranked among the 100 top employers by Forbes. In Canada, it is present in 183 towns and villages, with subsidiaries across the country and an especially big presence in Quebec and Ontario.

The company offers the broadest range of financial products in addition to prepaid credit cards. So if you are in need of a reloadable Visa, Canada has many to offer. But let’s first look at the bank with the highest capital ratios and credit ratings on the global financial market.

Card Features

This prepaid credit card is within the Visa system and can be used worldwide at Interac and Visa ATMs. Parents can request an additional card linked to theirs for teenagers under 16. For those over 16, parents need to either sign a consent for their child to get a primary card or get an additional card the same way as for under-16 year-olds.

Desjardins members can have the prepaid card without the annual fee if they are a primary cardholder and under 25. The same goes for additional cards. The company’s response time to an application is 7 to 10 business days by mail or 24 hours by email.

Card Fees

• Annual fee: $6.95/primary card
• Annual fee per additional card: $4.95
• Maximum load: $5,000
• No purchase rate
• No minimum reload
• No cash advance rate

Verdict

With the background and the reputation of a global financial giant, Desjardins offers you a prepaid reloadable Visa that you and your children can use. And without any annual fee for 16 to 25 year-olds! One of the best and most reliable prepaid credit cards on the Canadian market, the Desjardins card is especially useful for residents of Quebec or travellers across Canada, as the company boasts the largest ATM network in the province and good coverage across the country.

Neo is a new player in the Canadian financial industry that just started in 2019. It’s an online-only financial technology company with over one million users today. They offer a broad range of financial products with high cashback benefits, no annual fee, and ease of approval.

Card Features

The Neo Money™ card is their prepaid product advertised as “everything a debit card wants to be, but isn’t”  It offers instant, unlimited cashback of 5% on average, plus up to 15% of cashback for a first-time purchase, and a guaranteed 0.5% cashback at over 10,000 Neo partners. The exact cashback rate depends on their local or national partners.

The funds are linked to your Neo Money™ savings account, so there’s no need to reload. Funds can be transferred from and to your bank through Interac e-Transfer® or direct deposit.

Neo Money™ boasts 2.25% interest in savings, beating other high-interest savings accounts in Canada. There is also no minimum balance requirement when opening a Neo Money™ account.

Card Fees

Annual fee: $0

Monthly fee: $0

Electronic transfers: $0

NSF fee: $0

Opening or closing account: $0

Inactive account charge: $0

Bill pay: $0

Limits

Maximum balance: $200,000

Interac e-Transfer® maximum: $3,000

Interac e-Transfer® daily maximum: $10,000

Interac e-Transfer® weekly maximum: $10,000

Bill pay: $30,000 per payment

Verdict

Neo Money™ serves as a hybrid of checking and savings accounts, with the ability to do regular purchases through a physical card. Its high maximum balance may defeat the purpose of “controlled spending” for a prepaid card unless you want to take advantage of its impressive interest rate for savings.

If you want the sweet combination of a high-interest rate and instant, unlimited cashback, this card is for you. It may be the best card to have if you’re frequently shopping with many of Neo’s partners. Plus, savings from fees can also bring a lot to your pocket.

The Canadian Imperial Bank of Commerce or CIBC was born in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged into a global financial corporation. It operates in four segments – Canadian personal and small business banking, Canadian commercial banking and wealth management, US commercial banking and wealth management, and capital markets.

With over 11 million clients and more than 40,000 workers, CIBC is at 172nd place on the Forbes Global 2000 list.

Card Features

A solid contender for the most useful prepaid credit card available in Canada, the CIBC prepaid Visa allows you to shop globally, online and in brick-and-mortar stores. Easy to apply for and top up, this card has no age limit. So, those under 18 are free to apply for it. Additionally, you don’t need an existing CIBC account or specific residency, making this card ideal for travellers.

You can buy reloadable prepaid credit cards at the bank and receive your PIN right away. In case you ordered the card online, you’ll get the PIN in the mail. You don’t need to worry about the expiration dates, as your money will still be there. CIBC will send you your new card ahead of time.

Card Fees

• Customization fee: $5.95
• Minimum load amount: $20
• Maximum balance amount: $10,000
• Daily withdrawal limit: $1,000
• Cash withdrawals at CIBC ATMs in Canada: Free
• ATM withdrawals outside Canada: $2.50

CIBC watches out for suspicious transactions and offers VISA’s zero liability policy.

Verdict

It’s incredibly easy to get a CIBC prepaid card. You don’t need to be of legal age, have a CIBC bank account, or be a Canadian citizen or resident! No other prepaid visa card Canada offers this unique set of requirements, making it ideal for overseas tourists visiting Canada.

Have you been wondering where to buy a Mastercard cash passport? The easiest thing to do is simply to walk into your local Canada Post branch and buying one. Canada Post needs no introduction, of course.

Card Features

The prepaid Canada Post Mastercard works well for travel, as it eliminates currency transaction fees by being pre-loaded with multiple currencies. You will not have to worry about your credit score or income levels. What’s more, there are no application forms, and you won’t have to wait for the card to arrive, as you will pick it up on the spot.

Card Fees

• Purchase fee: $15.00
• Additional card: Free
• Reload fee: $3.00
• Canada ATM fee: $3.00
• Canada transaction fee: 1.50%
• Foreign ATM Fee: USD 2.50, EUR 1.90, GBP 1.70, JPY 275.00, AUD 3.00, MXN 32.00
• Foreign transaction fee for unsupported currency or insufficient funds: 3.25%
• Monthly inactivity fee: $2.80
• Shortfall fee: $18.00
• Cash-out fee: $20.00

Load and Withdrawal Limits and Maximums

• Minimum load: depends on the purchase location
• Maximum balance/load/reload: $8,500
• Maximum yearly load: $30,000
• Minimum amount spent at one merchant: $4,000
• Maximum withdrawal at the bank: $240/per 24hrs
• ATM withdrawal limit: $960/per 24h

* ATM service providers may charge additional fees*

Verdict

A multi currency cash passport works better abroad than many credit cards. As long as you have sufficient funds, the card will know what currency to use! With this Canada Post Mastercard, spending abroad is effortless, and you can even use it online at foreign websites using the local currency. Last but certainly not least, it’s quick and easy to get – all you have to do is find a post office branch near you.

Founded in 1977, Home Trust is a Canadian company that offers mortgages, credit cards, and deposits. Its headquarters are in Toronto, and it has offices in Vancouver, Calgary, Montreal, Winnipeg, and Halifax.

Card Features

Unlike some of the other cards we’re looking at, this prepaid Visa card sets a credit limit equal to the deposit you need to provide from a Canadian account in your name. The good news is that the deposit will earn interest. So, the company will help you build your credit score by reporting monthly to credit bureaus.

The approval rate of Home Trust Secured Visa is around 95%. In order to get the card, though, you still need to meet certain requirements.

Here’s the scoop:

You will need to be over 18 years of age in Ontario, Alberta, Saskatchewan, Manitoba, or Prince Edward Island. In British Columbia, New Brunswick, Nova Scotia, Newfoundland and Labrador, and the territories, the bar is at 19 years of age. Unfortunately, the card is not available in Quebec.

Additionally, eligible individuals must have a source of income and can’t be currently in bankruptcy.

Card Fees

• Set-up fee: $39
• Service fee: $7.50/primary, per month
• Service fee: $3.00/secondary card, per month
• NSF Fee: $39
• ATM Fee in Canada: $2
• ATM Fee in the US: $4.50
• ATM Fee outside North America: $5.50
• Over limit fee: $29

Interest Rates

• Security deposits: 2%
• Purchases: 19.5%
• Cash advances: 21.50%

Verdict

With an acceptance rate of 95%, Home Trust Secured Visa is the first step to (re)building your credit history or recovering from financial setbacks. Unlike other prepaid Visa cards, this one does affect your credit rating. The card is widely available all across Canada (with the exception of Quebec) and comes with very few requirements. And as it’s accepted globally at all Visa-friendly ATMs, it’s also a good choice for travelling.

The Bancorp Bank issues this prepaid Mastercard in Canada for temporary and short-term spending. The bank offers savings, checking, money, market, brokerage accounts, mortgages, and credit cards. It is insured by the Federal Deposit Insurance Corporation (FDIC). The company headquarters are in Wilmington, Delaware, with customer care for Canadian users in Vancouver.

Card Features

The card is ideal as a shield against impulsive purchases or overspending during a night out. Vanilla prepaid Mastercard and Visa are, in fact, gift cards. Vanilla prepaid Mastercard is available with $25, $50, $60, $100, and $200 limits in any Walmart Canada. The card is activated by the cashier at the location you purchased it, requires no pin, and the funds will not expire.

Card Fees and Limits

• Maximum card balance: $200.00
• Maximum single transaction: $200.00
• Foreign exchange rate – 2.5%

Activation Fee

• $25 Card – $3.95
• $50 Card – $4.95
• $100 Card – $5.95
• $200 Card – $6.95
• $60 Multipack Card – $8.95

Verdict

Vanilla Prepaid Mastercard is ideal for a quick and easy solution when you need a gift card. It’s excellent for controlling your short-term spending on small and medium purchases. What’s more, it’s a simple way to handle your child’s allowance – simply walk into a store and buy the card. Once you’ve spent the funds, just buy another.

The Bank of Montreal is a part of BMO Financial Group. As such, it offers not only one of the best prepaid credit cards in Canada but also loans, insurance, deposits, investments, securities, trusts, and other financial products and services.

The Bank of Montreal’s reputation is more than solid. It’s a member of the Canadian Bankers Association, the Canada Deposit Insurance Corporation, Interac, Air Miles, ATM Industry Association, Cirrus for Mastercard card users, Diners Club North America, and Mastercard International.

Card Features

BMO provides quite an assortment of credit cards and one prepaid, low-fee, no-interest option- prepaid Mastercard, which doesn’t require you to pay a deposit.

Card Fees and Limits

• Annual fee: $6.95
• Additional card fee: $6.95/per card (Effective until June 1, 2021, after which point new additional cards won’t be available)
• Minimum load: $100
• Maximum load: $10,000
• Electronic or Direct Deposit: $3.00
• Inactivity fee: $5.00/month (after expiration or $0.00 balance)
• Cash advances, cash-like transactions, and bill payments: $5.00
• Dishonoured payment/transaction: $40.00

Verdict

The Canada prepaid credit card by the Bank of Montreal offers you the security of one of the big five banks, one of the oldest financial institutions in the country, and the global acceptance of a Mastercard. Along with the low annual fee, you will get a 15% discount on Cirque du Soleil shows in Canada and 20% off on resident shows in Las Vegas!

Mogo is a fintech company offering a range of products that can all be connected through the app into one easy way to manage your finances. Founded in Vancouver in 2003, the company promotes a new way of banking.

The services Mogo offers include:

• Free credit reports – Monthly free access to your credit score from Equifax
• MogoProtect – Daily Equifax monitoring for suspicious activity for $8.99/month
• Mogo Visa Prepaid Card – no fee, 1.5% cashback in Canada, 3% cashback abroad
• MogoMoney – Personal loans up to $35,000 by EasyFinancial
• MogoMortgage – Online mortgage broker
• MogoWealth – An investment tool
• MogoCrypto – Bitcoin trade, free $5 on sign up, $5 for every referral

Card Features

Getting an online prepaid credit card from Mogo is simple. Just sign up for a free account, buy a prepaid card online, and then choose from the other offered products that 1,000,000 members are already using. A special card feature promises to offset one pound of CO2 for every $1 spent on the card!

Card Fees and Limits

• Card purchase: No fee
• Monthly/Annual fees: No fee
• Purchase transactions: No fee
• Maximum balance $10,000
• Foreign currency transaction fee 2.5%
• Cashback on Canadian purchases 1.5%
• Cashback on foreign purchases 3%
• Loading the card at Canada Post: $3.00
• Account inactivity fee $1.99 *after a year of inactivity*
• Maximum amount per purchase: $3,000
• Maximum amount spent over a 24-hour period: $5,000

Verdict

The Mogo Visa prepaid card in Canada comes with several perks. No monthly fees and a 1.5% cashback on Canadian purchases sound good. Cashback of 3% on foreign purchases sounds even better. But promising to offset one pound of CO2 for every $1 spent is a pretty unique prepaid card feature. Last but not least, Mogo will help you start investing in Bitcoin. So, if you’re looking for a prepaid credit card with rewards and cashback, you should seriously consider this option.

STACK is a Toronto-based Canadian fintech company. Without monthly or yearly fees, you will get a STACK virtual account and a reloadable prepaid MasterCard that rounds up your purchase and lets you save automatically. In addition, the STACK app will analyze the way you spend, and you can even get financial guidance from counsellors.

Card Features

One of the biggest STACK bonuses is no foreign transaction fees. Additionally, there are no NSF charges or ATM withdrawal fees.

It’s extremely easy to apply and get approved because you don’t need a minimum credit score, minimum length of credit history, or required income threshold. All you need for getting this card is to be of legal age in your province.

Along with the rewards and discount system from various partners, the card comes with free transfers from one STACK account to another and a $5 promo sign-up bonus when you use a referral link at sign up.

Limits

• Maximum card balance: $20,000
• Maximum number of loads: 4/per day, 20/per month
• Direct deposit load maximum: $8,000
• Interac e-Transfer load maximum: $3,000
• ATM Transactions maximum: 2/per day
• Single ATM Transaction maximum: $500
• ATM cumulative maximum: $1,000/daily, $2,000/monthly
• Single card to card transfer maximum: $2,500

Verdict

STACK Mastercard is a prepaid credit card that comes without any monthly, annual or withdrawal fees. Additionally, the fact that there are no foreign transaction fees makes it an ideal choice for travellers. In addition to the lack of fees, round-up, and automated savings, the STACK app analyzes your spending habits to help you save more. Overall, this prepaid travel card in Canada is an excellent choice for frequent travellers looking to improve their financial health.