Canadians love prepaid cards and one of them, the Titanium+ Prepaid Mastercard comes with some great features and benefits. While prepaid cards are easy to use and accepted everywhere, they don’t work like traditional debit or credit cards. We’ll dissect The Titanium+ Prepaid Mastercard in this review and conclude if it’s worth a purchase.
Introduction to The Titanium+ Prepaid Mastercard
Issued by Peoples Trust Company, The Titanium+ Prepaid Mastercard is a card that allows users to shop online or offline at any location that accepts Mastercard. The company offers two plans: the Standard Plan, for $6.50 per month, and the Premium Plan, for $12.99 per month. The more expensive plan comes with some benefits as it allows the cardholder to avoid fees on some transactions.
Licenced by Mastercard International Inc., the card works like a gift card and comes with a specific amount of money. Every time you use the card, your balance will be deducted. However, you will always have the option to reload your card until it expires. Once expired, you can go for a replacement card.
The Titanium+ Prepaid Mastercard costs, penalties, and fees
Since you will have to pay a variety of fees every time you use your Titanium+ Prepaid Mastercard. The fee largely depends on the type of card that you have. Here’s a small breakdown:
|Retail reload products||varies||varies|
|Local Automated Teller Machine (ATM) withdrawal fee||$1.99||$1.99|
|International ATM withdrawal fee||$2.99+3%||$1.99+3%|
|Local point-of-sale (POS)||$0.5||FREE|
|Card to card transfer||$2.99||$1.99|
Both cards will give you access to free SMS alerts, a website dashboard, and interactive voice response (IVR). However, you will have to pay $1.50 for getting in touch with a live agent. As evident, the Premium plans can help you save money even if it costs you more in monthly fees.
How does The Titanium+ Prepaid Mastercard work?
The card works like any other debit or credit card but without credit card features such as a loan or overdraft facility. Get your card, register it, and start using it like you would use any other card. Those who want a loan facility can compare credit cards in Canada and choose a suitable option.
Your physical card will have a number, security code, and expiry date. This information is confidential and must not be shared with anyone else. Also, you can add a personal identification number (PIN) for added security.
The Titanium+ Prepaid Mastercard features
Obviously, a prepaid is more than a simple plastic card. They make loading and using them enjoyable. Here are some of the main features of The Titanium+ Prepaid Mastercard:
Multiple deposit methods
You can add money to your card in multiple ways. Each option comes with specific limitations and fees. Moreover, you can even transfer money from one card to another.
You can choose a PIN code to add security to your card and prevent the risk of theft. Also, your card is protected thanks to Mastercard’s Zero Liability Protection that safeguards the owner.
You can use your card to shop at international locations including online stores. You will, however, have to pay a foreign transaction fee that’s 3 percent of the total amount. The card works at any store that accepts Mastercard.
How can I get a Titanium+ Prepaid Mastercard?
You can get a Titanium+ Prepaid Mastercard® by visiting your nearest Money Mart® or Insta Chèques branch. You will be issued a card on the spot without having to go through a credit check. The process takes a few minutes. However, you may be asked to submit identity documents such as your driver’s licence.
Your card must be activated or registered before you can use it. This can be done by visiting the official website and providing the required information. Once done, you’ll be able to use your card right away.
How to add money to The Titanium+ Prepaid Mastercard
You can add money to your card in several ways. The easiest option is to sign up for DirectLoad and have any amount from your paycheck transferred to your card. You will have to provide a form to your service provider or employer to set up transfers.
Moreover, you can use Vanilla Reload by finding a participating location. It’s fast and easy. Available options include Familiprix and Couche-Tard.
In addition, you can even visit a nearby Insta Cheques or Money Mart location to add money to your card. All methods are fast and money will appear on your card in less than 24 hours. If there are any issues, you can contact the team for help.
Titanium+ Prepaid Mastercard Limits
Like any other card, the Titanium+ Prepaid Mastercard comes with some limitations on how much you can spend using your card. Here’s a breakdown:
Maximum balance: $15,000
Minimum load: $10
Maximum daily load: $7,500 (2x a day)
Mobile cheque cashing: $7,500 (4x a day)
Vanilla® reload: $500
Maximum daily load limit: $7,500 (4x a day)
Maximum card to card transfer: $500 per transaction
Maximum card to card transfer: $2,500 per day
Maximum POS daily limit: $7,500
Maximum POS transactions: 30
Maximum ATM withdrawal: $1,000 per day
Maximum ATM transactions: 10
Maximum daily in-store withdrawal: $1,000
You can only load your card twice a day. While these limitations may appear a little tight, they’re quite generous, especially when compared to what other issuers are offering. You will be able to carry a maximum of $15,000 on your card, which is quite good. Still, if you want more, you can look at other prepaid cards in Canada.
The Titanium+ Prepaid Mastercard: pros and cons
Here are the pros and cons of owning The Titanium+ Prepaid Mastercard:
Alternatives to the Titanium+ Prepaid Mastercard
If you think the Titanium+ Prepaid Mastercard is not for you, here are some alternatives that may be better for you.
STACK Prepaid Mastercard
The STACK Mastercard is a prepaid credit card with no fees and can be used to make purchases and withdraw cash from ATMs. It is perfect for those who want to control their spending but don’t want to sacrifice the convenience of having a credit card.
Mogo Visa Platinum Prepaid Card
Use your Mogo Visa Platinum anywhere Visa is accepted. Plus, get access to many benefits like credit score checking, budget automation and even identity theft protection all for free.
KOHO Mastercard® Prepaid Card (formerly KOHO prepaid Visa)
This reloadable card has many of the same benefits as traditional credit cards and more. It allows you to pay your bills or any purchase that accepts Mastercard online or in-store. In addition to its many options, there is a premium version with even more benefits such as best price refund, no foreign conversion fees, and better cashback offers than other cards of the same type.
Compare the different prepaid credit cards and choose the one that suits your needs!
Frequently Asked Questions
What are the advantages of a reloadable prepaid card?
A reloadable prepaid card is often a more convenient way to spend money. It’s like a debit card but without the associated bank account. You can combine the benefits of today’s most popular payment options – credit cards, debit cards and cash – into one easy-to-use card that lets you reload as often as you like.
Where can I buy prepaid credit cards?
There are a variety of places to buy prepaid credit cards. The best place to get the right card is online. Check out our list of the best prepaid credit cards.
How do Visa Prepaid cards work?
Visa Prepaid cards are an easy, convenient and affordable way to pay. You can use them anywhere credit cards are accepted, without needing a bank account or credit card.
Can I withdraw money from a Visa Prepaid card?
Prepaid cards can be used to withdraw money from certain ATMs. They are subject to a network fee.
How does a prepaid travel card work?
Prepaid travel cards are a great way to save money on airline tickets and other travel expenses. They are accepted worldwide depending on the network used, for example Visa, Mastercard or Amex.
Can I use a prepaid card on Amazon?
Yes, you can use a prepaid card on Amazon and most merchants accept Visa or Mastercard.
Does Uber accept prepaid credit cards?
Yes, Uber accepts prepaid credit/debit cards.