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Today, you will learn about all the main prepaid credit card Canada. You will know exactly which are the best options on the market.
We will analyze all the important details of each prepaid credit card in Canada, especially their advantages and fees charged.
By the end of this reading, you will have a clear and objective map of the 10 main prepaid credit card Canada options. So, keep reading and learn all about the market alternatives.
Comparison of the 10 Best Prepaid Cards in Canada
1. KOHO Essential Mastercard® Prepaid Card (prepaid credit card Canada)
The Essential plan is KOHO‘s entry point, focused on accessibility.
Initially, an Annual Fee of $48 CAD is charged, which can be waived if the customer sets up a recurring direct deposit or makes a monthly deposit of $1,000 CAD.
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This plan applies the standard foreign transaction fee (around 2.5%), unless the waiver requirements are met.
Furthermore, Essential offers eligibility for KOHO’s credit building program, cashback on daily purchases (starting from 1%, and can reach 6.5% with selected partners).
2. KOHO Extra Mastercard® Prepaid Card
Aimed at users who value enhanced rewards, the Extra plan has an Annual Fee of $144 CAD.
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As a rule, its main differential is the 0% Foreign Transaction (FX) Fee.
Therefore, this exemption makes the card competitive for those who travel frequently or make many purchases in foreign currency.
In addition to Zero FX, the plan offers a higher base cashback rate than Essential, access to personal financial advisory services or advanced resources, and free international ATM withdrawals (limited).
3. KOHO Everything Mastercard® Prepaid Card
With an Annual Fee of $177 CAD and 0% Foreign Transaction Fee, this is KOHO’s premium plan.
As a rule, it is designed to maximize savings and reward potential, combining the absence of FX fees with the highest return rates.
In fact, this plan offers the highest cashback potential and the most complete set of benefits, making it ideal for the heavy user looking to optimize all expenses.
4. Wealthsimple Cash Card (prepaid credit card Canada)
Issued by Wealthsimple, this card is linked to a hybrid savings/checking account.
With $0 CAD Annual Fee and known for not applying FX Fees, it is considered the Best overall prepaid card by market analysts.
Initially, it rewards the user with 1% cashback on all purchases, is exempt from monthly and daily transactional fees.
In addition to offering easy access to Wealthsimple’s complete investment ecosystem.
Furthermore, funds are eligible for CDIC Insurance (Deposit Protection) and there is reimbursement of ATM fees across Canada.
5. EQ Bank Card (Prepaid credit card Canada)
EQ Bank is the digital brand of Equitable Bank, which stands out for having an annual fee of $0 CAD and 0% Foreign Transaction (FX) Fee.
It also offers interest on all balances and a 0.5% reward rate on purchases.
Furthermore, it is free of daily and monthly transaction fees, with unlimited and free Interac® e-Transfers.
6. Neo Money™ Card
Neo Financial focuses on cashback solutions and digital banking services, standing out for its vast network of partners. With $0 CAD Annual Fee, the Neo Money™ Card works as a hybrid debit, linking spending to an interest-bearing account (2.25%).
It is emphasized that its main focus is Cashback, with an average of 5% return with partners and up to 15% on first purchases, not to mention unlimited earnings.
7. STACK Prepaid Mastercard
STACK pioneered offering international transactions without exchange fees in the Canadian market, focusing on globally-minded consumers.
With $0 CAD Annual Fee and 0% Foreign Transaction (FX) Fee, this is an option for international transactions.
Furthermore, its maximum balance is $20,000 CAD, and the direct deposit loading limit is $8,000 CAD.
8. BMO Prepaid Mastercard® (Prepaid credit card Canada)
The Bank of Montreal (BMO), one of Canada’s large traditional banks.
First, it has an Annual Fee of $9.99 CAD. Furthermore, the maximum load is $1,000 CAD if done from an external account via bill payment, which can take 2 to 5 business days to process.
It also includes Extended Warranty and Purchase Protection benefits.
In addition to offering discounts on car rentals with partner rental companies.
9. Canada Post Cash Passport (prepaid credit card Canada)
Offered by the national postal service, this card uses the Mastercard network and offers a physical access point for those who prefer or need a less digital service.
Firstly, there is no annual fee, but there are transaction and maintenance fees, including an Acquisition Fee of $15 CAD. There will also be a Reload Fee of $3 CAD, and an Inactivity Fee of $2.80 CAD monthly after 12 months.
The card can be loaded in Canadian Dollars (CAD) and converted into up to 6 additional currencies, allowing funds to be managed and moved between currencies 24/7 via an online account.
Key Performance Indicators Table
The following comparative table synthesizes the most critical metrics of the main prepaid cards in Canada, providing a quick overview of cost, limits, and digital reputation among the Best Prepaid Cards in Canada
| Card (Full Name) | Annual Fee (CAD) | Foreign Transaction Fee (FX) | Max. Balance Limit (CAD) | Best Use / Status |
| KOHO Essential Mastercard | $48 ($0 with deposit) | Variable (approx. 2.5%) | N/A | Daily Use / Credit Building |
| KOHO Extra Mastercard | $144 | 0% | N/A | Frequent Premium Travelers |
| KOHO Everything Mastercard | $177 | 0% | N/A | Heavy User / Maximum Cashback |
| Wealthsimple Cash Card | $0 | N/A (Generally 0%) | N/A | Best Overall / High Yield |
| EQ Bank Card | $0 | 0% | N/A | Zero Fees / Interest-Bearing Account |
| Neo Money™ Card | $0 | N/A | N/A | Cashback with Partners |
| STACK Prepaid Mastercard | $0 | 0% | $20,000 | International Transactions ($0 FX) |
| BMO Prepaid Mastercard | $9.99 | N/A (Typically 2.5%) | $1,000 (Loading Limit) | Security / Traditional Bank |
Conclusion (Prepaid credit card Canada)
With the Canadian market offering many prepaid cards, choosing the best card will depend on your usage profile and priorities.
We saw that options like the Wealthsimple Cash Card and the EQ Bank Card stand out as the best overall prepaid cards due to their $0 CAD annual fees.
For those looking to maximize rewards and cashback, the KOHO line offers scalable plans, with the KOHO Everything Mastercard® being the pinnacle for heavy users willing to pay the annual fee for 0% FX and the highest return potential.
The Neo Money™ Card is unbeatable for those who frequently shop within Neo’s partner network.
In summary, you now have a clear and objective map of the main prepaid credit cards in Canada. Allowing you to decide which one to apply for, aligning the advantages of cashback, fees, and additional benefits with your needs.
Now, if you want a card that offers more than just the possibility of debit payment, then you should learn about the instant approval credit card Canada.