What is the best reloadable prepaid card in Canada?

03 Oct 2023 By PAYCEC

Determining the best reloadable prepaid card in Canada can vary based on individual preferences, needs, and usage patterns. Each card may have its own set of features, fees, and benefits. It's important to carefully review the terms and conditions, fees, features, and customer reviews to determine which card aligns best with your requirements. Here are 5 popular Canada reloadable prepaid card options:

1. KOHO Prepaid Visa Card:
• Fee Structure: Monthly fee (varies based on the plan), no annual fees, no foreign transaction fees, and free ATM withdrawals within the KOHO network.
• Features: Earn cash back on purchases, budgeting tools, financial insights, early access to paychecks, and savings goals.
• Availability: Available to Canadian residents.
2. BMO Prepaid Mastercard:
• Fee Structure: Activation fee and monthly fee may apply. The exact fees can vary based on the specific BMO Prepaid Mastercard product.
• Features: Reloadable prepaid Mastercard that can be used for purchases online or in-store wherever Mastercard is accepted. Ability to load funds onto the card and manage spending.
• Availability: Typically available to Canadian residents. Specific eligibility criteria may apply.
3. EQ Bank Card:
• Fee Structure: EQ Bank does not offer a specific debit or credit card product directly associated with their savings account. They primarily focus on savings accounts and GICs, which do not have monthly fees or transaction fees.
• Features: EQ Bank offers a Savings Plus Account, known for competitive interest rates and flexibility in managing savings. Guaranteed Investment Certificates (GICs) are available with various terms and competitive interest rates.
• Availability: EQ Bank's services are available to Canadian residents.
4. Neo Money Card:
• Fee Structure: Neo Money Card offers a no-fee structure, including no annual fees, no transaction fees, and no ATM fees at specific ATMs in Canada.
• Features: Neo Money Card is a reloadable prepaid Mastercard that can be used for everyday purchases. Cashback rewards program for eligible purchases.
• Availability: Available to Canadian residents.
5. Vanilla Visa and Mastercard:
• Fee Structure: Typically, these are prepaid gift cards with an initial purchase fee.
• Features: Prepaid cards that can be used for purchases until the loaded balance is exhausted. Widely accepted wherever Visa or Mastercard is accepted.
• Availability: Generally available for purchase in Canada. These cards are not linked to a specific bank account and are often used as gift cards.

Disclaimer: This information is correct at the time PayCEC searched so for the most current and detailed information regarding fee structures, features, and availability of these cards, we recommend visiting the respective official websites directly.