Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

7 Best Prepaid Visa Cards in Canada 2022

There are limited options when you are looking for a prepaid Visa card in Canada.

The TD Prepaid Visa and Scotiabank Prepaid Visa cards were discontinued in recent years, and the Visa Prepaid from Canada Post also got scrapped last year.

Read on to learn about the best Visa Prepaid cards in Canada, their features, benefits, downsides, fees, and more.

Best Visa Prepaid Cards in Canada

Prepaid Visa CardBest ForAnnual Fee
CIBC AC Conversion Visa Prepaid CardNo FX fees and earning cash back$0
Wealthsimple Cash CardEarning cash back rewards$0
Mogo Visa Platinum Prepaid CardOffsetting carbon emissions and free credit score checks$0

1. CIBC AC Conversion Visa Prepaid Card

CIBC AC_Conversion Card Image

The CIBC AC Conversion Card is one of the best prepaid cards for travel and cash back rewards.

This prepaid card can be used to load 10 different currencies including CAD, USD, EUR, GBP, MXN, HKD, AUD, JPY, TRY, and CHF.

When you spend any of these currencies using your card balance, you don’t pay foreign transaction fees.

The CIBC AC Conversion Card also offers 1% cash back on all purchases until October 31, 2022.

There are no fees to order this card or to load it with funds.

You can hold cash up to the equivalent of $20,000 and can easily check your balance using the mobile app.

Service fees may apply in some situations, such as when you make ATM withdrawals outside Canada or when you replace your card.

Visit CIBC (1% cash back offer).

2. Wealthsimple Cash Card

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

This no-fee Prepaid card is one of the best reloadable Visa 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.

The Wealthsimple Cash Card also comes with a virtual card you can use for online payments.

Learn more in this review.

3. Mogo Visa Platinum Prepaid Card

mogo platinum visa

Also referred to as MogoCard, this reloadable prepaid Visa card helps offset your carbon emissions when you spend. A tree is planted every time you spend, and the card also offers:

  • Free access to your credit score every month
  • Identity fraud protection
  • Bitcoin rewards when you invest in Bitcoin, and more

You can add your Mogo Visa Platinum Prepaid Card to Apple Pay, Google Pay, and Samsung Pay to simplify payments while on the go.

The MogoCard is free, however, some transactions may incur fees such as when you make withdrawals from an ATM ($1.50 domestic and $3.00 international).

You can carry a maximum balance of $10,000 CAD.

4. Vanilla Prepaid Visa

vanilla prepaid visa card

Vanilla Prepaid cards are issued by both Visa and Mastercard.

The Vanilla Prepaid Visa is a non-reloadable gift card offered in $25, $50, $75, $100, $150, $200, and $250 denominations.

You can purchase Vanilla prepaid gift cards in Canada at several retailers including Walmart, 7-11, London Drugs, Shell, Best Buy, and Petro-Canada.

Those cards have an activation fee ranging from $3.95 to $7.95 and they cannot be used for withdrawing cash at an ATM or for making payment at gas stations.

Learn more about them in this review.

5. Simplii Financial Visa Gift Card

simplii financial digital gift card

The Simplii Financial Visa Digital Gift Card is one of the Prepaid Visa cards you can easily buy online if you are a Simplii Financial customer.

Thinking about buying a gift to celebrate a birthday or occasion? This card has a minimum of $25 and a maximum of $250.

There are no fees to purchase the card and you simply send it by email to the recipient. The recipient has up to 3 years to use the digital gift card. After 3 years, they get a replacement at no cost if the card has already been activated. Otherwise, the sender gets a refund.

Learn more about the Simplii Visa prepaid card in this review.

6. CIBC Smart Prepaid Visa Card

cibc smart prepaid visa

The CIBC Smart Prepaid Visa Card is available to CIBC customers. If you are not a client, you can also purchase one at GTA airport banking centres.

It is not meant to work like a gift card and should only be used by the purchaser.

You can load your CIBC Smart Prepaid Card using online banking or if you are not a CIBC client, you can load the card at a CIBC banking centre at Toronto Pearson International Airport.

Unlike the CIBC AC Conversion Card, this card can only be loaded with Canadian dollars.

The maximum balance on the card is $10,000 CAD.

There is a $3.50 CAD fee for ATM withdrawals outside Canada and card replacement costs $14.95. A standard foreign conversion fee of $2.50% applies to transactions in a foreign currency.

7. CIBC Smart Prepaid Travel Visa Card

cibc smart prepaid travel visa

An alternative to the CIBC Smart Prepaid Visa Card is the CIBC Smart Prepaid Travel Visa Card.

This Visa prepaid card can be loaded with U.S. dollars, Euros, British Pounds, or Mexican Pesos. It does not accept Canadian dollars.

The maximum load amounts are:

  • USD: $7,000
  • EUR: €6,500
  • GBP: £5,000
  • MXN: $130,000

This prepaid card can help you save on FX fees.

ATM withdrawal fees abroad and card replacement fees may apply.

Prepaid Visa Alternatives in Canada

If what you are looking for is a credit card that is easy to qualify for and has no annual fees, you could check out these alternatives.

A. Neo Mastercard

The Neo Mastercard (standard) has no annual fees and pays up to 4% cash back. Learn more in this review.

Neo Mastercard (Standard)

Rewards: Average of 5% cash back at 7,000+ 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% – 24.99% on purchases; 21.99% – 26.99% for cash advances.

Annual fee: $0

B. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada.

It has a 600+ credit score requirement and you only need a $12,000 annual income to apply. Learn more in this Tangerine review.

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

C. Simplii Financial Cash Back Visa Card

This no-annul fee cash back credit card only requires a $15,000 annual income. Learn more about the card in this review.

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

Related:

Best Credit Offers in December 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; 0.5% elsewhere.

Get 15% bonus cash back in the 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 plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Access to a portion of your paycheque three days early.

1.20% savings interest on every dollar balance.*

The Neo Card pays up to 5% cash back at select retailers

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

Earn up to 5% cash back at 7,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

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 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.

4 thoughts on “7 Best Prepaid Visa Cards in Canada 2022”

  1. Gravatar for Dale Sanderson

    FWIW CIBC is discontinuing all its various prepaid credit cards. The AC conversion card is the only option being offered to customers. I just found out that this is in no way an equivalent option because of this issue. The previous CIBC prepaid cards could be accessed and reloaded instantly from your CIBC banking app whilst the new AC conversion card is a completely different beast. It is loaded at arms length via a bill payment method that could take days to complete and load on the card. CIBC is doing a huge disservice to their customers IMO. They’d have been better to just discontinued them and let people look at their options rather than try to pass off this subpar product with the CIBC affiliation IMO. Maybe you can use this information to update your post.

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Dale: Thanks for this info. We will update the list. I wouldn’t call the CIBC AC Conversion Visa ‘subpar’, although I’d agree that it’s not as versatile as an everyday spending prepaid card like KOHO or Wealthsimple Cash. For foreign currency spending, it can be quite useful.

  2. Gravatar for Bill Fraser

    I certainly understand the advantages of using a foreign currency prepaid card in that you do not incur exchange rates when making purchases in the foreign currency but what charges are incurred when loading the card from your home currency bank account and are there any alternatives to avoid or minimize these charges such as loading the card with foreign cash acquired as a gift or at a lower rate than from the banking institution?

    Also, do you get monthly statements for foreign currency cards such as the CIBC AC conversion card? The complicated method for loading this card could certainly be a show-stopper though.

    Great posting BTW!

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Bill: Good point! One should watch out for the exchange rate offered when loading the card with FX. That’s where it could really become costly if the rate is significantly worse than the mid-market rate. And there’s no monthly statement, only a list of your transaction information via the website or mobile app.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Shares
Share
Pin
Tweet
WhatsApp
Reddit