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Easiest Prepaid Cards to Get in Canada?
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A prepaid card, which is occasionally wrongly referred to as a “prepaid credit card,” can be used as a tool for creating a budget, a bank account that earns interest, or a simple way to make quick transactions online or in person. Prepaid cards can sometimes offer benefits, therefore it’s not surprising that their use as a payment method has increased by 34.2% between 2015 and 2020.
Make the most of this expanding payment option by utilising one of Canada’s top prepaid cards, whether you’re new to prepaid cards or one of the more than 50% of Canadians who have used at least one prepaid card (virtual and physical) in the previous month.
KOHO
Prepaid cards from KOHO are available in two tiers: regular and premium. Both offer cash back rewards, minimal fees, and the chance to establish credit, combining the advantages of a debit card and a credit card. Additionally, KOHO doesn’t impose interest fees; rather, they allow you to earn interest on every dollar you deposit into your KOHO account.
Pros
- An app that allows you to earn 1.2% interest on your whole account, records your spending, assists with budgeting, and gives free financial counselling.
- A unique feature of a prepaid card is the ability to use a credit-building service that reports your payments for just $10 per month.
Cons
- Since KOHO is a tech-focused organisation, it might not be the best option if you’re not comfortable with online banking.
You cannot borrow any money with KOHO because it is not a credit card. Only the money that is already in your account is available to you. - KOHO
KOHO Standard Prepaid Mastercard
Prepaid cards from KOHO are available in two tiers: regular and premium. Both offer cash-back rewards, minimal fees, and the chance to establish credit, combining the advantages of a debit card and a credit card. Additionally, KOHO doesn’t impose interest fees; rather, they allow you to earn interest on every dollar you deposit into your KOHO account.
Pros
- An app that allows you to earn 1.2% interest on your whole account, records your spending, assists with budgeting, and gives free financial counselling.
- A unique feature of a prepaid card is the ability to use a credit-building service that reports your payments for just $10 per month.
Cons
- Since KOHO is a tech-focused organisation, it might not be the best option if you’re not comfortable with online banking.
- You cannot borrow any money with KOHO because it is not a credit card. Only the money that is already in your account is available to you.
Air Canada AC
With the ability to hold and use up to 10 foreign currencies at once, the Air Canada AC® Conversion Prepaid Visa Card enables international students, frequent travellers, and immigrants to Canada to avoid exchange rate fluctuations and additional conversion cost. Additionally, cardholders can benefit from 1% cash back on any foreign currency purchases.
Pros
- When you make a transaction, load up to 10 foreign currencies from 45 different countries to avoid paying conversion costs. The following currencies are accepted: Canadian dollars (CAD), US dollars (USD), Euros (EUR), British pounds (GBP), Australian dollars (AUD), Japanese yen (JPY), Hong Kong dollars (HKD), Turkish lira (TRY), Swiss francs (CHF), and Mexican pesos (MXN).
- Foreign transaction fees, which normally range from 2.5% to 3.5%, won’t be applied to your account. This means that for every $1,000 CAD bought in a prepaid foreign currency, you can save as much as $35 CAD in costs.
Cons
- Only one free ATM withdrawal is permitted each month outside of Canada, and you are only permitted to withdraw up to $2,000 CAD per day.
- This card cannot be used to send money to friends or family.
BMO Prepaid Mastercard
Although it may not have the showy benefits of its rivals, the BMO Prepaid Mastercard is a straightforward reloadable prepaid card ideal for novices who are simply seeking for something more safe than cash.
Pros
- In order to open an account, non-residents must apply at a BMO office.
- Simple and easy to comprehend — you won’t need to read the small print to benefit from a convoluted rewards programme.
Cons
- The BMO Prepaid Mastercard is touted as a travel card, however, it doesn’t come with many travel benefits, such as free foreign exchange, travel insurance, rewards, or the option to carry various currencies.
Wealthsimple Cards
The Wealthsimple Card, a no-fee prepaid Visa that earns 1% cash back on purchases, will feel perfectly at home in the hands of novice investors who are interested in learning more about accumulating wealth. Use the rewards to support your TFSA, fund your connected spending (Cash) account, which allows you to transfer, spend, and receive money instantly using the Wealthsimple Cash app, or invest in stocks, ETFs, cryptocurrency, or stocks.
Pros
Instantly deposit up to $1,000 every day (or a maximum of $10,000 per month) with a Visa or Mastercard debit card.
By converting cash-back rewards into stocks, ETFs, or cryptocurrencies put straight into a trading account, you can quickly and easily develop an investment portfolio.
Cons
Customers of Wealthsimple do not have access to a physical facility, therefore you must feel comfortable managing your finances with an online-only business.
MogoCard
Every purchase you make with the MogoCard, a prepaid card with incentives that feel exceptionally satisfying, plants a tree that will absorb 500 lbs of CO2 over the course of 25 years.
Pros
- Every time you use your MogoCard, a tree is planted in support of mangrove tree planting initiatives in Kenya and Madagascar. According to the company, one Mangrove tree can take in 550 lbs of CO2 over the course of 25 years.
- After reaching specific objectives, receive Bitcoin or satoshis, the smallest original subunit of Bitcoin. According to Mogo, its tree-planting initiatives offset more CO2 than the emissions brought on by Bitcoin mining on its platform.
Cons
- Your MogoCard can only receive Canadian currency additions.
- ATM withdrawals are not free.
Prepaid cards are an alternative to credit cards and debit cards because they don’t require you to borrow money as a standard credit card would, but they are typically safer than using cash or debit.
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