7 Best Mastercard Prepaid Cards in Canada for 2022

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

Prepaid cards are easy to qualify for as you don’t need 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 to you 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 early payroll$0; $1/month inactivity fee when inactive for 6 months
STACK Prepaid MastercardNo FX fees (terms apply)$0
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 0.50% cash back on all purchases with the free version (up to 10% cash back at select stores) and 1.20% interest on your balance if you set up a direct deposit.

KOHO users who receive all or a portion of their paycheque in their KOHO account can access $100 from their payroll 3 days before payday.

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

KOHO Prepaid Mastercard (formerly KOHO Visa)

Rewards: Earn 0.50% cash back on all purchases; Up to 5% cashback at select partners; Earn 1.20% savings 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 rates: 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 no-fee prepaid Mastercard offers:

  • Cash back rewards at participating retailers
  • No ATM withdrawal fees
  • Early access to a portion of your paycheque 2 days early
  • 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.

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

Sign up for STACK here and get a $5 bonus if you deposit $300 or more.

STACK Mastercard

STACK logo

$5 sign up bonus after $300 deposit

No FX fees abroad (terms apply)

Access to early payroll

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 at other Canadian financial institutions.

This card also offers 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 Peso, 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, 3% FX fee, $2 for ATM withdrawals in Canada ($3 +3% abroad), $5 for paper statement, $4.95 monthly dormancy fee after 60 days of inactivity, and more.

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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

Neo Mastercard

Neo Mastercard (Standard)

Rewards: Average of 5% cash back at partners and a minimum of 1% 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% – 24.99% on purchases; 21.99% – 26.99% 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: 10% cash back at restaurants & bars for the first 4 months (valued at $50).

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

Annual fee: $0

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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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  • 15% cashback on $1,000 spent in first 2 months ($150 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 15% cashback on up to $1,000 spent in first 2 months ($150 value).* No annual fees!
*Limited time offer. Terms and conditions apply.
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