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8 Best Mastercard Prepaid Cards in Canada for 2023

This article covers the best Mastercard prepaid cards in Canada, including reloadable prepaid cards like the KOHO Mastercard, Stack Mastercard, and Wealthsimple Cash Card.

Prepaid cards are easy to qualify for as you don’t need a credit history to get approved, and the very best ones offer cash back rewards and other perks.

Since you are spending only the cash available when you use a prepaid card, it can help you manage your finances better and avoid debt. Also, there are no interest fees to worry about compared to a regular credit card.

Read on to learn about the best Mastercard prepaid cards in Canada, their features, benefits, fees, and alternatives.

Best Mastercard Prepaid Cards in Canada

Prepaid MastercardBest ForAnnual Fee
KOHOPrepaid MastercardCash back rewards, savings interest, and budgeting$0; $1/month inactivity fee if inactive for 6 months (after first year)
STACK Prepaid MastercardNo FX fees (terms apply)$7.99 monthly fee
BMO Prepaid MastercardTravel convenience$6.95; $5/month inactivity fee
Cash Passport Prepaid MastercardTravel convenience$15 purchase fee; $3 reload fee; $2.80 monthly inactivity fee

1. KOHO Mastercard Prepaid Card

The KOHO Prepaid Mastercard is Canada’s best reloadable prepaid card.

It is in a class of its own, with unlimited 1% cash back on grocery, gas and transportation purchases with the free version (up to 10% cash back at other select stores) and 0.5% to 2% interest on your balance.

KOHO also includes a free budgeting app that helps you save money automatically and you can subscribe to its credit building feature if you want to improve your credit score.

You can keep a balance of up to $40,000 on your KOHO Card and add funds to it using e-Transfer and direct deposit.

Interac e-Transfers are free, and FX fees are lower at 1.5% (compared to the standard 2.50% fee). If you opt for the Premium account, which includes a higher cash back rate, 0% FX fee, and other perks, a monthly or annual fee applies ($9/month or $84/year).

Get the free KOHO Card and use our referral code CASHBACK for a $20 bonus after making your first purchase.

KOHO Prepaid Mastercard

Rewards: Earn 1% cash back on groceries and transportation; Up to 5% cashback at select partners; Earn interest on your balance*.

Welcome offer: Get a $20 bonus when you load and make your first purchase (use promo code CASHBACK during sign-up).

Interest rate fee: 0%

Annual fee: $0

2. STACK Mastercard

The STACK Prepaid Mastercard is a reloadable prepaid card that waives FX fees when you spend abroad and meet the eligibility requirements.

This prepaid Mastercard offers:

  • Cash back rewards at participating retailers
  • Access to a mobile app that tracks your spending
  • Free STACK-to-STACK transfers

FX fees are waived when you spend at least $350 CAD each month and apply to a spend of up to $1,000 CAD outside of Canada.

If you do not meet the spending requirements, a 2.50% FX fee applies to foreign currency purchases. There is also a $7.99 monthly fee if you don’t spend at least $350 each month using your card.

The maximum balance you can carry on a STACK Prepaid Card is $20,000 CAD.

STACK Mastercard

STACK logo

*Closing down September 11, 2023

Up to $7.99 monthly fee

No FX fees abroad (terms apply)

Unlimited bill payments

3. BMO Prepaid Mastercard

The BMO Prepaid Travel Mastercard has a $6.95 annual fee. It is reloadable and offers similar conveniences as a credit card.

You can add funds to this card using your BMO Chequing or BMO savings account. If you are not a BMO customer, you can link your bank account to other Canadian financial institutions.

This card offers an extended warranty and purchase protection insurance coverage; however, cash back rewards are lacking.

The maximum balance for the BMO Prepaid Mastercard is $10,000.

In addition to its annual fee, you should note its $5 for statement requests or cash advances, 2.50% foreign currency conversion fees, and an inactivity fee of $5 per month.

Learn more about the card in this review.

bmo-prepaid-travel-mastercard

4. Canada Post Cash Passport Prepaid Mastercard

The Cash Passport Mastercard holds multiple currencies, including Canadian Dollars, US Dollars, Euros, British Pounds, Australian Dollars, Mexican Pesos, and Japanese Yen.

When making payments in any of these currencies, you avoid paying FX fees if you have an adequate balance on your card.

This prepaid card can be purchased easily at Canada Post offices for $15.

Other fees that apply include:

  • 1.50% fee when used in Canada
  • $2.80 monthly inactivity fee
  • $3 for loading money onto the card
  • Variable fees for ATM withdrawals depending on the currency
  • 3.25% foreign exchange fee
  • $18 shortfall fee
  • $20 cash out fee
  • Variable fees when you cash out over the counter

The maximum amount you can load in a 12-month period is $30,000. Get more details in this Canada Post Prepaid Mastercard review.

canada post cash pasport

5. Vanilla Prepaid Mastercard

Vanilla Prepaid Cards are available as Vanilla Prepaid Mastercard and Vanilla Prepaid Visa cards.

You can purchase them at multiple locations across Canada, including Walmart, Petro-Canada, London Drugs, Express Mart, Ultramar, and Best Buy.

The Vanilla Prepaid Mastercard is available in $25, $50, $100, and $200 denominations and is non-reloadable.

Activation fees vary based on the amount and range between $3.95 and $7.50. There is also a 2.50% FX fee when you make payments in a foreign currency.

Vanilla prepaid cards are not accepted at gas stations, and they cannot be used for withdrawing cash at ATMs or for pre-authorized billing.

Learn more about how they work in this review.

Vanilla Prepaid Mastercard

6. Titanium+ Prepaid Mastercard

Titanium+ Prepaid Mastercard is a reloadable prepaid card sold at Money Mart and Insta Cheques locations in Canada.

It is issued by Peoples Trust Company under license by Mastercard International Incorporated. Peoples Trust also issues several other prepaid cards, including:

  • Cash Passport Prepaid Mastercard
  • EPIC Prepaid Mastercard
  • MyVanilla Prepaid Mastercard
  • Preferences Prepaid Mastercard
  • Universal Prepaid Mastercard
  • West Edmonton Mall Mastercard

You can load the Titanium+ Prepaid Mastercard at any Money Mart store, deposit your paycheque using DirectLoad, or purchase a Vanilla Reload PIN.

This Prepaid card has many fees, including a $9.99 activation fee, $2.99 to $3.95 to load funds, $1.99 for ATM withdrawals in Canada (and $2.99 + 3% abroad), $1.50 for live customer service, $4.99 for a replacement card, $0.25 for automated customer service, and more.

The maximum balance for the Titanium+ Prepaid Mastercard is $15,000.

You can learn more about how it works here.

Titanium_ MasterCard

7. Opt+ Prepaid Mastercard

The Opt+ Prepaid Mastercard is issued by PACE Savings & Credit Union. You can purchase it at any Cash Money store for $14.95 + tax.

To load this prepaid card, you can visit a Cash Money location or set up a direct deposit, so your paycheque is paid directly to your card.

The maximum balance for the Opt+ Prepaid Mastercard is $10,000.

Other card fees include a $7 monthly service fee (after 30 days), $5 for card replacement, a 3% FX fee, $2 for ATM withdrawals in Canada ($3 +3% abroad), $5 for paper statements, $4.95 monthly dormancy fee after 60 days of inactivity, and more.

8. Wealthsimple Cash Card

The Wealthsimple Cash Card is a Prepaid Mastercard that offers 1% cash back rewards on all purchases.

This no-fee Prepaid card is one of the best reloadable Mastercard Prepaid cards in Canada.

You can add funds to your card by linking a bank account.

While there are no transaction limits per day, the maximum spending limit per transaction is $5,000, and ATM withdrawals are limited to $500 per transaction.

Learn more in this review.

best prepaid mastercard in canada

Prepaid Mastercard Alternatives in Canada

If you are looking for a no-fee prepaid Visa Card, the Mogo Visa Platinum Prepaid Card and CIBC AC Conversion Card work well.

If your need is for a credit card that is easy to qualify for, you can consider the following options:

Tangerine Money-Back Mastercard

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Neo Mastercard

Neo Credit Mastercard (Standard)

Rewards: Average of 5% cash back at 10,000+ partners and a minimum of 0.50% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases, plus a $25 welcome cash bonus.

Interest rates: 19.99% – 29.99% on purchases; 22.99% – 31.99% for cash advances.

Annual fee: $0

Simplii Financial Cash Back Visa Card

Simplii Financial Cash Back Visa Card

Rewards: Earn 4% cash back at restaurants; 1.5% on gas & groceries, and 0.5% elsewhere.

Welcome offer: Enjoy 20% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments for your first 3 months (valued at $100).

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Annual fee: $0

Related: Best Visa Prepaid Cards in Canada.

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Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • No monthly fees.
  • Get up to 5% cash back on purchases.
  • $20 welcome bonus with CASHBACK referral code.
  • Your balance earns interest.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
No monthly fees. Get up to 5% cash back on purchases. $20 bonus with CASHBACK code.
*Limited time offer. Terms and conditions apply.