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Guide to finding the best prepaid card in Canada

Whether you want no fees, cash back rewards or other perks, we've found the best prepaid credit card for you.

A prepaid card lets you make purchases in-store and online just like you can with a normal credit card. But instead of accessing credit, you load your own money onto the card before you start spending.

A prepaid card offers a convenient way to shop without getting into debt, and without hurting your credit score. And if you’re looking for the best prepaid credit card in Canada, we’ve compared a host of cards from big banks and digital banks to help you find the card that’s right for you.

Best prepaid credit card in Canada

Best Reloadable Prepaid Credit Card in Canada: Neo Money Card

Neo Money Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
If you're searching for a reloadable prepaid credit card that offers great value, it's hard to go past the Neo Money Card. You can use this card everywhere Mastercard is accepted, and there are no monthly fees or everyday transaction fees to worry about. You also get a virtual card so you can start shopping online straight away, and you get an average of at over 10,000 retail partners in Neo Financial's network. There's also no monthly limit on the amount of cash back you can earn, and with the ability to earn 4% interest on every dollar in your Neo Money account, this is a card with a lot to offer to a lot of people.
  • Hybrid account that works like a chequing and savings account
  • High ongoing interest rate
  • $0 unlimited transactions
  • $0 Interac e-Transfer
  • $0 account fee
  • Online only with no physical branches
  • Doesn't come with a debit card, though does come with the Neo Money Card
  • Not available to residents of Quebec
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
International ATM Fee $0

Best No Fee Prepaid Card with No Foreign Exchange Fees: EQ Bank Card

EQ Bank Card

$0
Monthly Fee
$0
Transaction Cost
0.5% cash back
Rewards
With no annual or monthly fees and a wide range of other perks, the EQ Bank Card is an affordable option to use in Canada and internationally. There are no foreign transaction, FX or international ATM withdrawal fees charged by EQ Bank, so it's a card that's easy to take with you when you travel. You also earn 0.5% cashback on domestic and international purchases, plus get free withdrawals at any ATM in Canada (EQ Bank refunds you if another ATM operator charges a fee). Earn 4.00% for 12 months when you set up $500/month or more in direct deposit for your pay (this applies to your EQ Personal Account, Joint Account and EQ Bank Card balance). Conditions apply. Thereafter, you'll earn 2.50% on your balance.
  • No annual or monthly fees
  • No foreign transaction or FX fees
  • No international ATM withdrawal fees charged by EQ
  • Earn cashback
  • It's a prepaid card so your payments are not reported to the credit bureaus
  • Not available in Quebec
  • Funds can only be loaded from an EQ Savings Account
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 0%
Monthly Fee $0
Rewards 0.5% cash back

Best Multicurrency Prepaid Card: CIBC AC Conversion Visa Prepaid Card

CIBC AC Conversion Visa Prepaid Card

$0
Monthly Fee
$0
Transaction Cost
1% cash back
Rewards
Looking for a card that supports multiple currencies? The AC Conversion Visa Prepaid Card from CIBC lets you hold 10 currencies for over 40 countries, allowing you to shop online or in person at foreign retailers with ease. Supported currencies are CAD, USD, EUR, GBP, AUD, JPY, HKD, TRY, CHF and MXN, and there's no annual fee or fee for loading funds onto your card. It's easy to reload via the AC Conversion app, and you don't need to be a CIBC customer to qualify for this card.
  • Hold up to 10 currencies
  • Supports over 40 countries
  • $0 annual fee or fee for loading funds onto your card
  • Don't need to be a CIBC customer
  • You'll have to pay exchange rates to transfer your money between currencies
  • You'll pay international ATM withdrawal fees
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 0%
Monthly Fee $0
Rewards 1% cash back

Best Cash Back Prepaid Credit Card in Canada: Neo Financial Money Card

Neo Money Account

4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
If you're searching for the best prepaid credit card in Canada to help you earn maximum rewards, the Neo Money Card is our top pick. Neo Financial says you can use the card to earn an average of 5% cash back when you shop at over 10,000 partner retailers across the country. Even better, you don't have to worry about monthly caps on how much cash back you can earn. There are no monthly or annual fees to pay either, and you can access your balance straight away without any need to load funds onto your card. And with the Neo Money Account paying interest at a rate of 4%, you can build a bigger savings balance at the same time.
  • Hybrid account that works like a chequing and savings account
  • High ongoing interest rate
  • Unlimited transactions for $0
  • Interac e-Transfer cost $0
  • $0 account fee
  • Online only with no physical branches
  • Doesn't come with a debit card, though does come with the Neo Money Card
  • Not available to residents of Quebec
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0
International ATM Fee $0

Best No ATM Fees Prepaid Credit Card in Canada: EQ Bank Card

EQ Bank Card

$0
Monthly Fee
$0
Transaction Cost
0.5% cash back
Rewards
Hate paying ATM fees that chip away at your balance? The EQ Bank Card might just be the best prepaid credit card for you. This card comes with no ATM fees on withdrawals from any ATM in Canada — if an ATM provider charges you a fee, EQ Bank refunds it within 10 business days. EQ Bank also won't charge you if you withdraw cash at an international ATM, but there's no refund available for any other charges your international withdrawal incurs. Other card features include no monthly and annual or foreign transaction fees. Earn 4.00% for 12 months when you set up $500/month or more in direct deposit for your pay (this applies to your EQ Personal Account, Joint Account and EQ Bank Card balance). Conditions apply. Thereafter, you'll earn 2.50% on your balance.
  • No annual or monthly fees
  • 0% foreign transaction or FX fees
  • $0 international ATM withdrawal fees charged by EQ
  • Earn cashback
  • It's a prepaid card so your payments are not reported to the credit bureaus
  • Not available in Quebec
  • Funds can only be loaded from an EQ Savings Account
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 0%
Monthly Fee $0
Rewards 0.5% cash back

Best Prepaid Card with Extra Cash Back: KOHO Extra Prepaid Mastercard

KOHO Extra Prepaid Card

$9
Monthly Fee
$0
Transaction Cost
Up to 5% cash back
Rewards
If you want a card that lets you earn maximum rewards, we think the KOHO Extra is the best prepaid credit card in Canada for you. While a regular KOHO account allows you to earn 1.5% cash back return on special categories such as transportation, groceries and restaurants, and 0.25% cash back on all other purchases. Cash back is paid instantly, while KOHO Extra also allows you to earn 5% interest on your entire balance. Throw in other perks like no foreign exchange fees and access to Credit Building at $7 per month, instead of $10 per month, and it's clear that there's plenty to like about this card.
  • Earn cashback on your spending
  • 0% foreign exchange fees
  • Access credit building
  • Monthly fee of $9 or annual fee of $84
Monthly Fee $9
Transaction Cost $0
Foreign Transaction Fee 0%
Monthly Fee $9/month or $84 annually
e-Transfer Fee $0
NSF Fee $0
Rewards Up to 5% cash back

Best Prepaid Card with Interest on Balance: EQ Bank Card

EQ Bank Card

$0
Monthly Fee
$0
Transaction Cost
0.5% cash back
Rewards
If you're looking for a prepaid card that can help you build a bigger savings balance, the EQ Bank Card is our top pick. This popular prepaid card allows you to earn the same rate of interest on your card balance as you can with money deposited into your EQ Bank Savings Plus Account. Earn 4.00% for 12 months when you set up $500/month or more in direct deposit for your pay (this applies to your EQ Personal Account, Joint Account and EQ Bank Card balance). Conditions apply. Thereafter, you'll earn 2.50% on your balance.. It's got plenty of other perks too, with a $0 monthly or annual fees to eat away at your bank balance and no foreign transaction or ATM withdrawal fees. Plus, you earn 0.5% cashback on every purchase, which means additional rewards while building towards your savings goals.
  • No annual or monthly fees
  • 0% foreign transaction or FX fees
  • International ATM withdrawal fee of $0
  • Earn cashback
  • It's a prepaid card so your payments are not reported to the credit bureaus
  • Not available in Quebec
  • Funds can only be loaded from an EQ Savings Account
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 0%
Monthly Fee $0
Rewards 0.5% cash back

Best Travel Rewards Prepaid Credit Card in Canada: KOHO Travel Mastercard

KOHO Travel Mastercard

KOHO Travel Mastercard

$19
Monthly Fee
N/A
Transaction Cost
Up to 5% cash back
Rewards
Both the KOHO Extra plan ($9/month) and KOHO Everything ($19/month) plan offer a range of benefits designed to make them effective for international use. With no foreign transaction fees and unlimited real-time e-Transfers, you can use your card overseas without fees eating into your balance. You can also earn 5% interest on your entire balance, and earn extra cash back on Booking.com purchases. Other perks include 2% cash back on groceries, bills and services, and food and drink, along with 0.5% cash back on all other purchases, making using a KOHO Travel Mastercard a very rewarding experience indeed.
  • Earn 0.5% to 5% cashback
  • No foreign transactions fees
  • Unlimited e-Transfers
  • Earn 5% interest on your balance
  • Monthly fee for the Extra plan is $9/month or the Everything plan is $19/month
Monthly Fee $19
Transaction Cost N/A
Foreign Transaction Fee
Rewards Up to 5% cash back

Best Big 5 Bank Prepaid Mastercard: BMO Prepaid Mastercard

BMO Prepaid Card

BMO Prepaid Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
Prefer to deal with a big bank? We recommend checking out the BMO Prepaid Mastercard. This card comes with a low annual fee of $6.95 with no monthly charge and is easy to load via BMO online or mobile banking. It's usage flexibility makes it ideal for those who travel throughout North America because the BMO Prepaid Mastercard can be used at more than 30 million ATMs and point-of-sale locations in Canada, the US and around the world. Plus additional security features, like Mastercard's Zero Liability protection along with BMO alerts to confirm your transactions, make this prepaid card a safe, reliable travelling companion and an ideal prepaid Mastercard.
  • Low annual fee
  • Worldwide access
  • Access to a host of security features
  • No interest rate charge for purchases or cash advances
  • You won't earn any rewards on purchases
  • No interest earned on your balance
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $6.95 annually
Rewards N/A

Largest Account Balance Prepaid Card in Canada: Wealthsimple Cash Card

Wealthsimple Cash

4.00% - 5.00%
Interest Rate
$0
Account Fee
$0
Transaction Fee
If you want a prepaid card that gives you access to a large balance to spend, there's a lot to like about the Wealthsimple Cash Card. This prepaid Mastercard is paired with a Wealthsimple Cash account. Perks include earning 4.00% to 5.00% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $300,000, and the ability to earn 1% cashback in stock, crypto or cash when you make a purchase with your card.. Use this prepaid card anywhere Mastercard is accepted. Better still, there are no monthly account fees and no minimum balance or foreign transaction fees. That's why we think it's the best large account balance prepaid credit card.
  • $0 account fee
  • Earn 1% CashBack when you spend on your Cash card
  • $0 minimum balance requirement
  • Earn 4.00% - 5.00% interest on your balance
  • Since your Cash account funds are placed in trust with up to three CDIC member institutions, you get up to $300,000 in deposit insurance
  • If you're not interested in investing, you can find higher standard savings rates elsewhere
  • Exclusively online service
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee N/A
NSF Fee $0

Best Prepaid Credit Card in Canada for Students: KOHO Easy Prepaid Mastercard

KOHO Easy Prepaid Mastercard

$0
Monthly Fee
$0
Transaction Cost
1% cash back
Rewards
The KOHO Easy Prepaid Mastercard is our pick as the best prepaid credit card for students, and it's easy to see why. With no annual fee, it's an affordable option for anyone on a tight budget. You can also earn 1% cash back on essential expenses such as groceries, bills and services, plus earn 3% interest on your entire card balance. Combine that with features like Apple, Google and Samsung Pay capability, and budgeting tools in the KOHO app, and there are lots of good reasons to check out the KOHO Easy Prepaid Mastercard.
  • Monthly fee of $0
  • Earn cashback of 1% cash back on purchases
  • Free e-Transfers
  • You'll pay a foreign exchange fee
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 1.5%
Monthly Fee $0
e-Transfer Fee $0
NSF Fee $0
Rewards 1% cash back

Best Prepaid Credit Card in Canada for Teens: Mydoh Smart Cash Card

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
Many prepaid cards are only available to people who have reached the age of majority in their province. That's not the case with the Mydoh Smart Cash Card, which we think is the best prepaid card for teens. Issued by the Royal Bank of Canada, Mydoh is designed to help parents teach their kids how to manage their money. From your Mydoh Parent Account, you can send money to your teenager instantly, and they can use their card to make purchases in-store and online. The card can be used anywhere Visa is accepted and can be used as a physical or digital card.
  • Parents set up and monitor the account
  • Helps keep track of tasks and chores
  • Dedicated Visa Debit card for your kid
  • Backed by RBC, a major Canadian bank
  • 30-day free trial (for new subscribers)
  • Kids cannot deposit cheques or cash into their Mydoh account
  • Kids cannot withdraw or deposit using ATMs
  • Additional monthly fee of $0 (but includes up to five youth or kids' accounts under one plan)
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $0
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards N/A

Best Prepaid Credit Card in Canada for Kids: Mydoh Smart Cash Card

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
The Mydoh Smart Cash Card is also our top pick as the best prepaid credit card for kids for several reasons. The Mydoh app and the Smart Cash Card are offered with the aim of helping kids learn the value of money in the digital world. The app teaches kids about money and budgeting through play, and you can set and track tasks through the app that your child needs to complete to earn their allowance. Your child can also set their own savings goals, and then use the card for purchases both in-store and online.
  • Parents set up and monitor the account
  • Helps keep track of tasks and chores
  • Dedicated Visa Debit card for your kid
  • Backed by RBC, a major Canadian bank
  • 30-day free trial (for new subscribers)
  • Kids cannot deposit cheques or cash into their Mydoh account
  • Kids cannot withdraw or deposit using ATMs
  • Additional monthly fee of $0 (but includes up to five youth or kids' accounts under one plan)
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $0
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards N/A

How to compare prepaid credit cards in Canada

Searching for the best prepaid credit card in Canada? Consider the following factors when comparing your options:

  • Monthly/annual fees. Check whether you’ll need to pay a monthly or annual fee on the prepaid card. There are many no-fee cards available, but prepaid credit cards that allow you to earn cash back or rewards sometimes have a fee.
  • Interest-earning power. Some cards allow you to earn interest on your card balance, so compare interest rates across cards to find the best value.
  • Rewards. Can you earn cash back on your purchases, frequent flyer points or other rewards when you spend with your card? If so, check the amount of rewards you earn for every dollar you spend.
  • Other fees. Check the terms and conditions to find out whether any other fees apply to a prepaid card. These may include activation, loading, ATM withdrawal and foreign transaction fees.
  • Load limits. Find out if the card has minimum deposit requirements or maximum deposit limits, then decide if these requirements or limits suit your needs.

How to apply for a prepaid card in Canada

Follow these steps to apply for a prepaid card:

  1. Compare cards. Compare a range of prepaid cards based on the key features you want, such as low or no fees, cash back rewards or the ability to earn interest.
  2. Submit an application. When you’ve found the right card, submit an online application form with your name, contact details and proof of ID.
  3. Receive your card. Your physical card will be mailed to you and may take a week or more to arrive. In the meantime, you may be given a virtual card you can use to make online purchases.
  4. Load funds. Deposit money onto your prepaid card and start spending.

Alternatives to prepaid cards in Canada

If a prepaid credit card isn’t the right fit for you, there are plenty of alternatives to consider:

  • Debit cards. A debit card is linked to your everyday chequing account or savings account, allowing you to use the funds in your account to shop in-store and online. You can also use your card to withdraw cash at ATMs.
  • Secured credit cards. A secured credit card requires you to put down a security deposit when you apply for a card, and that deposit then serves as your credit limit. It’s an option worth considering if you have bad credit or no credit history.
  • No annual fee credit cards. A credit card with no annual fee may not allow you to earn rewards at the same high rate as some cards, but these cards still allow you to earn cash back on your purchases.
  • Low interest credit cards. Credit cards with low purchase rates hep make it more affordable to pay off your purchase rate. Just remember that an annual card fee may apply.
  • Cash back credit cards. A cash back credit card is designed to let you earn cash back on every purchase you make. However, you’ll need to watch out for high interest rates and annual fees.
  • Rewards credit cards. Rewards credit cards let you earn points you can redeem when shopping for flights, gas, everyday purchases and more. However, you’ll need a good to excellent credit score to qualify for a card, and many come with high annual fees.

Bottom line

The best prepaid card in Canada varies from one person to the next. It all depends on what you’re looking for in a card — low or no fees, cash back on purchases, the ability to earn interest on your balance or maybe a combination of the above. Shop around and compare a range of options to find the prepaid credit card that’s right for you.

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