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The 11 Best Prepaid Mastercards in Canada for 2023

    Ever popular, Mastercards get accepted worldwide for both online and offline purchases. Now, thanks to prepaid cards, you don’t have to worry about your credit score. After all, anyone can apply for and get approved for a prepaid Mastercard in Canada.

    If you search the market, you will come across several prepaid cards options in Canada. While each one makes shopping safer and easier, they differ in terms of limitations, features, and fees. In this article, we’ll have a look at some of the best prepaid Mastercards in Canada. 

    1. KOHO Mastercard Easy Prepaid Credit Card

    Fees: $0
    Maximum balance: $50,000
    Maximum ATM withdrawal per day: $1,010

    Apply now

    KOHO offers prepaid Mastercards in partnership with People’s Trust Bank. With no minimum balance requirements, KOHO Easy offers one of the best prepaid Mastercards in Canada with some exciting rewards. Users can earn $20 for referring new users, who then also receive $20 for signing up.

    This free card comes with no monthly or annual fees. However, some other charges include foreign exchange fees of 1.5 percent when used internationally.

    The cashback program impresses, offering one percent on groceries and transportation. Furthermore, you can get up to five percent rewards for shopping at partner stores. The user-friendly mobile app allows you to transfer funds.

    With this reloadable card, the company offers a variety of ways to deposit money. You can use any debit card to add money to your account. Moreover, the card supports bank transfers, working with most Canadian banks including TD Bank, CIBC and Scotiabank. 

    Most importantly, this card gives you the ability to set up direct deposits. With this feature, you will receive a portion of your payroll or government payments before the due date. This great option pays off for people who need some quick cash. Money added to your account will get credited from your next paycheque. 

    2. KOHO Prepaid Mastercard paid plans

    KOHO Premium Prepaid Mastercard

    Fees: Essential $4/mo, Extra $9/mo and Everything $19/mo
    Maximum balance: $50,000
    Maximum ATM withdrawal per day: $1,010

    Paid plans with the KOHO Prepaid Mastercard compare well with our first pick as they arise from the same company. However, they come at a cost. You will have to pay between $4 and $19 per month for these accounts. In return, you’ll enjoy higher rewards. Also, the Extra and the Everything cards have 0% foreign transaction fees. This makes the KOHO Prepaid Mastercard card a great choice for users who travel often or enjoy shopping at international stores.

    Rewards reach 2% cash back on groceries, transportation and dining. Partner stores like Buffalo, Baskin Robbins, Pizza 73, Attitude, Frank and Oak, Contiki, Bounce and Kernels offer up to 6% cashback. KOHO Extra also lets you earn between 2% and 4.5% interest on your balance. All in all, you’d recover your money in no time if you spend wisely.

    While the maximum balance matches our first pick, the maximum load is a little higher.  With no minimum balance requirements, the maximum POS amount per day stands at only $4,000. Everything else from app features to deposit methods equals the KOHO Easy plan.

    3. EQ Bank Card

    Fees: $0
    Maximum balance: $10,000
    Maximum ATM withdrawal per day: $500

    Apply now

    Will the EQ Bank Card become your new best friend? If you like earning interests on your savings and avoid monthly fees, it could happen. First, you get 2.5% interest on every dollar of your balance, right up until you spend it. Plus, you get 0.5% cash back on all your purchases. To secure this prepaid Mastercard, set up a Savings Plus Account with EQ Bank then charge your card with funds.

    Even better, with EQ you can make international purchases with no additional foreign currency fees. Furthermore, you can make free withdrawals from any ATM in Canada and use your card everywhere Mastercard gets accepted.

    4. Neo Money Card

    Fees: $0
    Maximum balance: $30,000
    Maximum ATM withdrawal per day: $500

    Apply now

    The Neo Money Card gets you a high cashback rate. When you make your first purchase at any of the Neo partner stores, you can get up to 15% cash back! After that, you’ll still get an average of 5% cash back at selected partners like LCBO, Hudson’s Bay and Netflix. This includes 6% cash back at restaurants and 2% on gas and groceries. Importantly, you need to shop at Neo partners to get cashback.

    This prepaid Mastercard is super easy to use since the funds come straight from your Neo Money account. Plus, with no monthly or annual fees to worry about, every dollar in your Neo Money Account earns 2.25% annual interest. If you apply now, you can get a $25 welcome bonus.

    5. BMO Prepaid Travel Mastercard

    BMO Prepaid Travel Mastercard

    Fees: $6.95 per year
    Maximum balance: $10,000
    Maximum ATM withdrawal per day: $500

    The BMO Prepaid Travel Mastercard may not look very exciting on paper due to its high cost. However, it does have some cool pros. The Bank of Montreal (BMO) issues the card, as one of the most popular brand names in the country. This makes the card extremely safe. Also, it offers cash advances. Using this facility will cost you $5 both inside and outside Canada.

    First and foremost, expect to pay $3 per deposit and an inactivity fee of $5 per month. This ranks higher than what other providers charge. On the plus side, you can check your credit score for free and enjoy some good rewards at specific locations. Moreover, the bank allows users to issue cheques. 

    This prepaid Mastercard works at both international and local stores. Swiping it abroad will cost you more due to the standard foreign-conversion fee of 2.5%. International ATM withdrawals may also cost more.

    The bank offers several deposit methods with the best option adding money through your BMO account. Moreover, you can add your card as a bill payment option and pay through ATMs, phone or online apps. Supported banks include Scotiabank, CIBC, PC Financial, BC Royal Bank, Laurentian Bank, TelPay and the Alberta Treasury Board.

    6. Canada Post Cash Passport Mastercard

    Canada Post Cash Passport

    Fees: $15 (one time)
    Maximum balance: $8,500
    Maximum ATM withdrawal per day: $960

    The Canada Post Cash Passport Mastercard reloads to support seven currencies, including Euros, Japanese Yen, British Pounds, Mexican pesos and Canadian, U.S. and Australian Dollars. This smart card will choose the right currency on its own. Plus, you’ll always have the option to move your money from one currency account to another without worrying about extra charges.

    While it costs to buy your first card, additional or replacement cards come free of cost. You can reload your Canada Post Cash Passport Mastercard online or visit your nearest Canada Post office. Issued by Peoples Trust Company, the card comes with some interesting benefits but can be a little costly. After all, the company levies a variety of charges including a reloading fee ($3), inactivity fee ($2.80), cash-out fee ($20) and shortfall fee ($18). 

    You’ll save money if you use one of the seven main currencies. However, expect to pay a 3.25% foreign exchange fee when using a non-supported currency. The card also suits travellers. You will have to pay a 1.5% transaction fee within Canada yet no charges to swipe your card abroad.

    7. Titanium+ Prepaid Mastercard

    Titanium+ Prepaid Mastercard

    Fees: $6.50 per month (Standard) and $12.99 per month (Premium)
    Maximum balance: $15,000
    Maximum ATM withdrawal per day: $1,000

    The Titanium+ Prepaid Mastercard comes in two versions: Standard and Premium. Both cost $9.99 plus tax to activate but the Premium version will cost you a little more in fee ($12.99 versus $6.50 per month). It does, however, offer some perks including free direct load ($2.99 for standard) and free cash load ($2.99 for standard).

    The Premium version can work great for travellers as it offers a lower foreign transaction fee ($1.99 plus 3% versus $2.99 plus 3%). International POS transactions are come cheaper with the Premium card ($0.5 plus 3% versus $0 plus 3%). Unfortunately, local POS transfers with the Standard version will incur a fee of $0.5, a major con as most providers offer free POS transactions in Canada.

    ATM transactions within Canada will cost you $1.99 for both cards. The premium prepaid Mastercard offers free monthly statements. You’ll have to pay $1.99 to access your statement if you have the standard card.

    Beyond all this, you get various deposit methods, including some instant options. The Titanium+ Prepaid Mastercard supports card-to-card transfers. Plus, both cards come with free identity theft alerts and zero-liability protection. 

    8. H&R Block Advantage Prepaid Mastercard

    Fees: $0
    Maximum balance: $10,000
    Maximum ATM withdrawal per day: $2,500

    The H&R Block Advantage Prepaid Mastercard stands out as unique in many ways. First, it has no monthly or purchase fees. However, it comes with a variety of other charges, including an inactivity fee ($4.95) and ATM balance enquiry ($1.95). 

    Additionally, you can reload money to your card for $3.95. The company offers several deposit methods including cheque-to-card transfers and bank transfers. You could even transfer money from your card to your bank account.

    Moreover, ATM withdrawals come free at DCBank cash machines. Yet, expect to pay $3 per withdrawal when using other ATM providers. When asking the ATM to dole out more than your daily limit will cost you $1.50. 

    The company offers free replacement cards and your funds qualify for FDIC insurance. The H&R Block Advantage Prepaid Mastercard exists as one of the very few options that come with this facility. Plus, the company holds competitions and offers rewards from time to time. Check the website or use the mobile app for the latest information on available promotions.

    Pro tip: Find the best free software to file your taxes in Canada.

    9. Multi-currency Cash Passport Prepaid Mastercard

    Multi-currency Cash Passport Prepaid Mastercard

    Fees: $15 one time fee
    Maximum balance: $8,500
    Maximum ATM withdrawal per day: $960

    The Multi-currency Cash Passport Prepaid Mastercard, as the name suggests, can handle up to seven currencies. Available options include Euros, British Pounds, Mexican Pesos, Japanese Yen and Canadian, U.S. and Australian Dollars. Further, you can lock the rate and switch between available currencies without any issue.

    The card also supports other currencies but it will cost you 3.5% of the transaction amount. Therefore, only use the card for supported currency since its foreign transaction fee exceeds what other providers charge. Moreover, you will have to pay a fee of $3.50 when withdrawing your money at an ATM or bank.

    On the plus side, users face no monthly or yearly fees. Simply pay a one-time fee of $15 and start using your card online or offline. For instance, the company offers free additional cards and only charges $2 to load money onto your card. You can choose from a variety of deposit methods including some instant options.

    Finally, its mobile app works on both Android and iOS devices. You can use it to keep tabs on your account and transactions. However, on the downside, you will have to pay 1.5% of the transaction amount to use your card in Canada. You’ll several other fees including cash out fee ($20), shortfall fee ($15) and inactivity fee ($2).

    10. Vanilla Prepaid Mastercard

    Vanilla Prepaid Mastercard

    Fees: One time activation fee starting as low as $3.95
    Maximum balance: $250
    Maximum ATM withdrawal per day: N/A

    The Vanilla Prepaid Mastercard doesn’t work like any other Mastercard prepaid card on this list. As a non-reloadable card, once it gets exhausted, you will have to get a new one. You can choose a preloaded card from denominations of $25, $50, $100 and $250.

    These Mastercard prepaid cards are free to purchase but there is an activation fee depending on the value of the card. It starts as low as $3.95 and goes as high as $8.95. We must mention that this card isn’t for everyone as the maximum balance equals $250. On the plus side, it is among the easiest to get from retailers like Walmart for use both online and offline.

    The card doesn’t come with any rewards but works as a great gift for children as you’ll be able to control their spending without any worries. After all, they cannot withdraw money at an ATM with this card. Also, you’ll be able to get your balance transferred to a new one if it expires with money on it.

    11. Prepaid Joker Mastercard

    Prepaid Joker Mastercard

    Fees: One-time activation fee starting as low as $7.95
    Maximum balance: $500
    Maximum ATM withdrawal per day: N/A

    The Prepaid Joker Mastercard, another non-reloadable prepaid Mastercard in Canada, gives you the option to choose from denominations of $25, $50, $100, $200 and $500. With a one-time activation fee, you pay $7.95 for cards under $200 and $9.95 for cards over $200. The balance on the card does not include the activation fee.

    Issued by the Peoples Trust Company, the card comes in two variations: digital and physical. You can apply for the digital card online then visit one of 11,000 retail and grocery stores offering physical cards, including TGP, Sobeys, Metro and Canadian Tire. The digital card only works online while the virtual cards complete transactions at physical and virtual stores.

    Regardless, you earn no rewards and the card doesn’t support ATM withdrawals. Yet, it works both inside and outside Canada. You will have to bear a foreign transaction fee of 2.5% when using it abroad.

    FAQs about the Best Prepaid Mastercard Cards in Canada

    Which is the best prepaid Mastercard card in Canada for 2023?

    We have covered some of the best prepaid Mastercard options in this review, including the KOHO Prepaid Mastercard and BMO Prepaid Travel Mastercard. However, compare all these options based on features, limitations, fees and rewards. Next, pick a card that fits you the best, such as the Canada Post Cash Passport Mastercard for travellers.

    Can prepaid cards help build my credit score?

    Prepaid cards do not build credit and will not impact your credit score. Therefore, providers don’t ask for credit information when issuing prepaid cards. Yet, another credit card can serve as the right option for people interested in building credit.

    Can I own multiple prepaid cards?

    Yes, you can own and keep as many prepaid cards as you’d like; however, some companies do put limits on how many cards an individual can own.

    Do prepaid cards expire?

    Almost all prepaid cards in Canada come with an expiry date. Once expired, your existing card becomes useless so you will have to apply for a replacement card. Some issuers offer free replacement cards while some will charge you a fee. Any existing balance will gets transferred to your new card.

    How can I get a prepaid Mastercard?

    First, choose your desired card, visit the official Mastercard website, sign up for an account and provide the required details. You must submit personal information, including your name and address. In some cases, provide identity documents as some prepaid cards only go out to Canadian residents and citizens.

    In some cases, you may also have the option to visit select stores to get your card. Virtual cards are usually available right away. Meanwhile, physical cards can take up to a week to arrive since most companies sell them via mail. This is why you need a residential address in Canada.

    What kind of security do prepaid cards offer?

    Prepaid cards offer high security due to safety features, such as chip and PIN technology. Some also come with additional options, such as the ability to activate SMS notifications, Zero Liability Protection and insurance coverage.

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    Arthur Dubois is a personal finance writer at Hardbacon. Since relocating to Canada, he has successfully built his credit score from scratch and begun investing in the stock market. In addition to his work at Hardbacon, Arthur has contributed to Metro newspaper and several other publications