The 4 best prepaid credit cards to shop on Amazon.ca
By Otis De Marie | Published on 03 Sep 2023
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Looking to elevate your Amazon.ca shopping game? With the myriad of prepaid credit card options available, finding the ideal ones can be overwhelming. However, we’ve streamlined the process for you. After having explored the 7 best credit cards for Amazon.ca, we will now discover the 4 best prepaid credit cards that not only simplify your online shopping experience but also offer a range of benefits. From enhanced security to effortless budgeting, these cards pave the way for smarter and more satisfying purchases on Amazon.ca.
Prepaid Credit Cards: A Brief Introduction
Prepaid credit cards are versatile financial tools that offer convenience and control to users. Unlike traditional credit cards that extend a line of credit, prepaid cards require users to load funds onto the card before making purchases or transactions. This characteristic eliminates the risk of accumulating debt, making them particularly appealing to individuals who want to manage their spending without the worry of interest charges or credit checks.
These cards function similarly to debit or credit cards and can be used for online shopping, in-store purchases, and even for withdrawing cash from ATMs. They are especially useful for budgeting purposes, as users can only spend the amount loaded onto the card, helping them avoid overspending. Additionally, prepaid credit cards are accessible to a wide range of individuals, including those with limited credit history or poor credit scores. With that being said, let’s take a look at our list of the 4 best prepaid credit cards to shop with on Amazon.ca.
EQ Bank Card: Best for everyday spending
[Offer productType=”CreditCard” api_id=”63d2cb6a18196b6d2e1928c2″]The EQ Bank Card stands out as an excellent choice for Canadians who frequently shop on Amazon.ca, offering a range of benefits that make it a top pick for savvy consumers. One of the most appealing features is its lack of annual fees, both for the main cardholder and any additional cardholders. This ensures that users can enjoy the benefits of the card without worrying about extra costs.
A standout feature of the EQ Bank Card is its cash back offer of 0.5% on all spending, which is rare among prepaid cards. Whether you’re buying groceries, treating yourself to retail therapy, dining out, or settling a restaurant bill, you’ll earn rewards on every transaction, making your purchases even more satisfying.
Furthermore, the EQ Bank Card allows you to enjoy benefits even when you are not spending. Since the EQ Bank Card is tied to EQ’s Savings Plus Account, you can earn a competitive interest rate of 2.5% on everyday banking, plus 0.5% bonus interest when you direct deposit your pay or set up recurring pre-authorized debits.
The card also eliminates a common frustration for consumers by providing free ATM withdrawals across Canada. While other banks may still impose their fees, EQ Bank promises to reimburse customers within 10 business days, a gesture that reflects their dedication to user satisfaction.
Moreover, the EQ Bank Card boasts a feeless approach that extends to online and in-store purchases, bill payments, and more. There are no foreign transaction fees either, a significant advantage for Amazon.ca shoppers who may be making purchases in foreign currencies. This eliminates the unpleasant surprise of hidden charges that can often accumulate with other cards.
The card’s versatility is another remarkable aspect. It can be used globally wherever Mastercard is accepted, covering more than 210 countries. With the convenience of contactless payment options through mobile wallets, users can seamlessly make purchases without worrying about foreign transaction fees.
However, it’s important to note that while the EQ Bank Card presents a multitude of advantages, it is not available in Quebec at the moment.
KOHO Prepaid Mastercard: Best for cashback
[Offer productType=”CreditCard” api_id=”637cf8206bbb7962c19ae225″]The KOHO Prepaid Mastercard stands out as an excellent choice for Canadian shoppers aiming to navigate the expansive world of Amazon.ca while reaping the rewards of cashback. This prepaid credit card is designed to offer a range of innovative features and user-friendly functionalities, making it an ideal tool to enhance financial flexibility and rewards for every customer.
One of the most notable advantages of the KOHO Prepaid Mastercard is its exceptional accessibility. Unlike conventional credit cards that demand stringent credit checks, this prepaid card guarantees approval for all applicants, catering to individuals with diverse credit histories. The absence of a hard credit check streamlines the application process, enabling users to access the card’s benefits without unnecessary obstacles.
Affordability is another standout trait of the KOHO Prepaid Mastercard. While the card itself is free to use, users can opt for premium plans that grant access to a range of benefits that far outweigh the nominal fees. Additionally, the option to include supplementary cardholders at no extra cost promotes a sense of financial inclusivity within families.
KOHO offers four distinct plans that complement the KOHO Prepaid Mastercard, each with its own unique advantages. The Easy plan, provided free of charge, provides 1% cashback on groceries and transportation, along with a 0.5% interest on the card’s entire balance. However, the Extra plan, priced at $9 per month, offers 2% cashback on groceries, transportation, food, and beverages, a remarkable 4.5% interest on the first $1,000 balance, and 3% on amounts exceeding that, as well as exemption from foreign transaction fees.
The KOHO Prepaid Mastercard is an exceptional option for Canadians aiming to shop on Amazon.ca while enjoying the advantages of cashback and a host of user-friendly features. Its accessibility, cost-effectiveness, diverse plans, and commitment to financial growth make it an appealing choice for a wide range of customers seeking flexibility, rewards, and convenience in their financial transactions.
CIBC AC Conversion Card: Best for holding foreign currencies
[Offer productType=”CreditCard” api_id=”61819e0b3775394336ca7113″]The CIBC AC Conversion Card presents an exceptional solution for Canadians seeking a seamless way to navigate the dynamic world of online shopping in various currencies. This prepaid card stands out as a secure and practical method to manage up to 10 foreign currencies simultaneously, catering to both travel and online spending needs.
With its reloadable feature, this card ensures safety and convenience for users, whether they’re exploring foreign destinations or indulging in local dining experiences. The limited-time offer of earning 1% cash back on all purchases until October 31, 2023, adds an extra layer of attractiveness.
The CIBC AC Conversion Card distinguishes itself by abolishing various fees that commonly accompany such cards. There are no charges for card ordering, loading, or currency conversion during purchases. This translates into a transparent and cost-effective tool for cross-border transactions.
The card’s mobile app empowers users by allowing the loading of up to 10 currencies on-the-go, thereby enabling flexibility and accessibility. Its compatibility with Visa merchants worldwide, including global e-commerce sites, ensures a smooth shopping experience.
One of the most significant advantages lies in the ability to lock in favourable exchange rates during currency loading, mitigating concerns about exchange rate fluctuations. With no additional conversion fees, this card truly embodies a practical, economical, and secure solution for Canadians to effortlessly shop across borders.
Neo Secured Credit Card: Best for building credit history
[Offer productType=”CreditCard” api_id=”6209e06d9c5f4c05c0de0111″]The Neo Secured Credit Card presents an excellent choice for Canadians aiming to enhance their credit score while enjoying hassle-free online shopping, particularly on Amazon.ca. Unlike a prepaid credit card, this free secured credit card offers the dual benefit of credit rebuilding and convenient online purchasing.
Remarkably, the Neo Secured Credit Card sets itself apart by eliminating the need for a credit check or annual income requirement, ensuring guaranteed approval. With no monthly or annual fees, it provides a cost-effective solution for financial management. Furthermore, a compelling welcome offer sweetens the deal, granting up to 15% cash back on the first purchase through a Neo partner and an additional $25 welcome bonus when applying via Hardbacon.
The card’s cash back rewards program further enhances its appeal. With up to 6% cash back at restaurants, 4% on Shell App transactions, and 2% at select fuel and convenience stores, users can effectively save while spending. Notably, transactions at Neo’s partner brands offer an average cashback of 5%.
Apart from its benefits in online shopping and rewards, the Neo Secured Credit Card serves as a valuable tool for credit history improvement. By simply using the card, users can ensure that their payment history is automatically reported to TransUnion, aiding in the enhancement of their credit profile at no extra cost.
The Neo Secured Credit Card uniquely combines the advantages of credit building and seamless online shopping for Canadians. With its inclusive approval process, enticing cash back rewards, and credit history reporting, it stands as a compelling choice for those looking to strengthen their credit while enjoying convenient shopping experiences.
FAQs About Prepaid Cards For Amazon.ca
A prepaid card is a payment card that is loaded with a specific amount of money in advance. It functions like a debit or credit card but is not linked to a bank account and can only be used up to the preloaded amount. It’s a convenient way to manage spending without overdraft or credit issues.
A prepaid card can be advantageous for budgeting and avoiding debt, as it only allows spending up to the card’s balance. However, credit cards offer the opportunity to build credit history and may provide rewards, but can lead to overspending and interest charges if not managed responsibly. We recommend that you compare credit cards to find one that best suits your needs.
Yes, you can use a prepaid card to make purchases on Amazon.
Prepaid cards use the same payment networks as regular credit cards such as Visa, Mastercard, and American Express. To make purchases on Amazon with a prepaid card, you have to follow the same steps you would when paying with a credit card.
You can use a prepaid card for the majority of purchases on Amazon, but certain restrictions apply. For example, you can not combine a prepaid card with a credit card on a single order. Additionally, Amazon does not support entering the three-digit CVV code normally found on the back of some cards. If the code is required by the issuing bank, payments may not process successfully.
Yes, you can use a Vanilla prepaid card on Amazon. However, you must create an Amazon account and add the Vanilla prepaid card to your account before you can use it for making purchases on Amazon.
Yes, you can use a prepaid card for Amazon Prime.
