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Best Cash Back Prepaid Cards in Canada of Apr 2025

Updated:

A prepaid card that pays cash back is the exception, not the norm.

If you are looking to spend cash using a debit card and earn rewards at the same time, you will be hard-pressed to find a rewards debit card that’s worth a second look.

However, with the best cash back prepaid cards, you earn something back each time you spend. And the ones on this list also spare you the ridiculous transaction fees at every turn.

List of Cash Back Prepaid Cards in Canada

  1. KOHO Prepaid Mastercard
  2. EQ Bank Card
  3. KOHO Premium Prepaid Mastercard
  4. Neo Money Card
  5. Wealthsimple Cash Card
  6. CIBC AC Conversion Card
KOHO Prepaid MastercardEQ Bank MastercardKOHO Premium MastercardNeo Money Card
Best forEveryday cash back rewards and high savings rates on your depositsEarning interest and cash backCash back and no FX feesCash back and savings interest
Annual fee$0*$0$144$0
Reload optionsInterac e-Transfer, direct deposit, debit cardTransfer from EQ Bank savings accountInterac e-Transfer, direct deposit, debit cardBank transfer, Interac e-Transfer to Neo Money account
IssuerPeople’s TrustEquitable BankPeople’s TrustPeople’s Trust
Other perksFree credit checks, budgeting app, unlimited free e-Transfers, earn interest on your balance, access to 0% APR cash advancesAccess to high interest savings, No FX fees when spending abroad, unlimited transactionsBudgeting app, unlimited e-Transfers, earn interest on balance, higher rate cash back, price matching, free financial coachingVirtual card; earn some interest on your balance
PromotionGet a $40 bonus with our referral code GETCASH. Bonus is paid after your first purchaseN/A$40 bonus after first purchase$5 to $10 bonus after funding with $50 or more and completing your first purchase
Learn moreApplyApplyApplyApply

Best Cash Back Prepaid Cards in Canada

The best reloadable cash back prepaid credit cards in Canada are:

KOHO Prepaid Mastercard

Cash back rewards: Earn 1% cash back on groceries, restaurants, gas and transportation, and up to 5% cash back at select retailers. Also, you earn up to 4.00% interest on your balance.

Annual fee: $0*

The KOHO Prepaid Mastercard offers instant approval, and you can apply without worrying about your income level or credit score.

In addition to offering real cash back rewards on all purchases, KOHO comes with a budgeting app and access to free credit score monitoring.

When you spend money with the card abroad, you pay a lower 1.5% foreign currency conversion fee than the standard 2.5% transaction fee charged by credit cards.

Overall, the KOHO Prepaid Mastercard is one of the top prepaid cards in Canada.

KOHO Prepaid Mastercard

$40 welcome bonus after first purchase (use GETCASH promo code during sign-up)

$0 monthly fee*

Earn up to 5% unlimited cash back

Get up to 4% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Free budgeting app and access to credit building

EQ Bank Mastercard

Cash back rewards: Earn 0.50% cash back on all purchases in Canada and abroad.

Annual fee: $0

The EQ Bank Card is a free prepaid Mastercard you can pair up with one of Canada’s best savings accounts.

To apply for it, open a free EQ Bank Personal Account, fund it, and request a Card from your online banking dashboard.

In addition to offering cash back on all purchases, the EQ Bank Card also pays 2.50% interest on your entire balance, and it waives ATM withdrawal and foreign currency conversion fees – a fee saving of up to 3%.

Combined, the cash back and high savings rate offered by this card make it one of the best prepaid cards in Canada.

EQ Bank Card

eq bank card-img

Earn up to 4.00%* interest on your balance

0.50% cash back on purchases

No monthly account or FX fees

Free ATM withdrawals

KOHO Extra Prepaid Mastercard

Cash back rewards: Earn 1.5% cash back on gas, public transit, and restaurant purchases; 0.25% cash back on everything else (and up to 5% cash back at select stores).

Annual fee: $144 (or $12 per month).

The KOHO Extra Prepaid Mastercard is a step up from its entry-level counterpart, with a flat-rate 1.5% cash back on your gas, restaurant, and transit spending, and 0.25% back elsewhere.

Cardholders also enjoy extra perks, including:

  • Price matching
  • 0% foreign currency transaction fee
  • Access to financial coaching
  • One free ATM withdrawal abroad per month
  • Earn 5% savings interest on your balance
  • Access to the credit building product, cash advances, and free credit score checks

You can unsubscribe from KOHO Premium and continue to enjoy the basic rewards at any time.

KOHO Extra Prepaid Mastercard

$40 sign up bonus after first purchase (use GETCASH promo code during sign-up)

Earn 5% cash back

3% savings interest on balance

Unlimited transactions, no FX fees

Free financial coaching

$12 monthly fee

Neo Money Mastercard

Neo Money is another prepaid cash back card you can add to your wallet.

Cash back rewards: Earn up to 3% cash back at partner stores.

Monthly fee: $0 or $4.99 if you subscribe to a Premium account for extra perks (including purchase security, higher cash back rates, credit score monitoring, etc.).

The Neo Money card offers instant cash back at participating retailers. Combined with the Neo Everyday Account, you earn 0.10% interest on your balance. Users also get access to chequing features like Interac e-Transfers and bill payments.

Neo offers an app you can use for budgeting and managing your finances.

Neo Everyday Account (formerly Neo Money)

neo logo

Earn up to 3% cash back on purchases

No monthly fees

Unlimited free transactions

$10 welcome bonus after depositing $50+

Get a Mastercard for payments online and ATMs

Wealthsimple Visa Prepaid Card

Cash back rewards: Earn 1% cash back on all purchases.

Annual fee: $0

The Wealthsimple Cash Card is a reloadable prepaid card that pays 1% cash back every time you spend. It is offered by Wealthsimple, one of Canada’s largest online investment firms.

You can use the cash back earned to pay for a purchase or use it to buy stocks or crypto via the Wealthsimple Trade App.

CIBC AC Conversion Visa Prepaid Card

*Discontinued* Cash back rewards: Earn 1% cash back for a limited time.

Annual fee: $0

The CIBC AC Conversion Card is a multi-currency prepaid card. It is one of the best prepaid cards if you travel a lot.

This card can hold up to 10 currencies, and cardholders earn 1% cash back on all purchases for a limited time.

Learn more about it in this review.

How Cash Back Prepaid Cards Work

A cash back prepaid card refers to a reloadable prepaid card that offers cash back rewards on purchases. For example, the regular KOHO Mastercard pays up to 5% cash back when you shop at some merchants.

That is, if you spend $1,000 at an eligible merchant, you could get up to $50 back.

Standard prepaid cards like the Vanilla Prepaid Visa or Mastercard do not offer similar perks.

Cash back prepaid cards make it easy to enjoy credit card rewards without applying for one.

Benefits of a Cash Back Prepaid Card

A prepaid card that offers cash back means you don’t need to qualify for a credit card before you can earn rewards.

Since many of them are also free, you won’t have to worry about paying hefty annual fees.

Perhaps, more importantly, you are spending cash, so interest fees do not apply.

Lastly, Visa or Mastercard prepaid cards offer protection similar to those of credit cards.

Downsides of a Cash Back Prepaid Card

A prepaid card does not help to improve your credit score. An exception is the optional credit building feature offered by KOHO.

Also, you can only spend money loaded on the card, as prepaid cards do not extend credit to you.

FAQs

Can you get cash back on a prepaid card?

The best prepaid cards in Canada offer cash back rewards.

Can I get cash back from a Vanilla prepaid card?

Vanilla prepaid cards do not offer cash back rewards.

What’s the difference between a prepaid card and a credit card?

A prepaid card is loaded with money, while a credit gives you access to borrowed money.

What is the difference between a prepaid card and a debit card?

Prepaid cards are similar to debit cards; however, a debit card is directly linked to your chequing account.

Best Credit Offers in April 2025

Grab the top financial account and stop paying costly bank fees ($40 Bonus)

Earn up to 50% unlimited cash back and up to 4% savings interest on your balance.*

Save on fees and access unlimited transactions, eTransfers & bill payments.

Grab a $40 instant bonus after completing your first purchase (SAVVY50 referral code).

Guaranteed instant approval with any credit score, free budgeting app & cash advances.

Stop paying monthly fees with a free chequing account + $300 bonus

Get a $300 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (3.90% interest rate offer).

Earn 3.90% interest on your savings account for 5 months

One of Canada's top high-interest savings accounts offers at 3.90% for 5 months.

Free access to a chequing account with unlimited transactions & e-transfers.

Access to thousands of free ATMs.

No monthly or annual fees.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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