Prepaid cards like the Joker Prepaid Mastercard provide easy access to payment cards you can use wherever Mastercard is accepted.
They don’t require credit checks to qualify like credit cards, and there’s no concern about racking up a debt balance since you can only spend cash you have loaded on the card.
This Joker Prepaid Mastercard review covers how it works, its benefits, downsides, fees, limits, and alternatives.
What is the Joker Prepaid Mastercard?
The Joker Prepaid Mastercard is a prepaid card you can use to make payments online and in-store where Mastercard is accepted.
It is non-reloadable, which means after you buy and load the card, you can only spend that amount before it is no longer useful as a means of payment.
This differs from reloadable prepaid cards like the Neo Money card ($20 bonus), which can be reloaded with funds as often as needed.
The Joker Prepaid Mastercard is available in denominations ranging from $25 to $500. It is offered in two formats:
- Physical Joker Prepaid Mastercard
- Virtual Joker Prepaid Mastercard
Issued by Peoples Trust Company, you can purchase Joker Mastercard prepaid cards at several retail stores in Canada.
Related: Best Visa Prepaid Cards.
How The Joker Prepaid Mastercard Works
The Joker Prepaid Mastercard works like any standard credit card when making payments.
Simply swipe the physical card at a point-of-sale (POS) terminal to pay. For online orders, you can enter your details as usual and make payments at checkout.
The information required includes the 16-digit card number, 4-digit expiry date, and 4-digit CVV2 number displayed on the front of the virtual Joker Mastercard.
Note that you must register your card at jokercard.ca to facilitate online and telephone payments.
When buying gas at an automated fuel pump, you may need to pay for your purchase at the cashier, as a prepaid card may not work at the pump.
Where To Buy a Joker Prepaid Mastercard in Canada
You can buy a physical Joker Prepaid Mastercard at:
- Canadian Tire
- Shoppers Drug Mart
- Save on Foods
- Country Grocer
- Home Depot
- Thrift Foods
You can also get a virtual Joker Prepaid Mastercard by scanning a QR code at these retailers:
- Canadian Tire
For “SCANIT” purchases, scan the QR code at the retailer using the camera on your smartphone. Present the barcode to a cashier, and you can load $25 to $500 to the virtual card on your phone.
While Joker Prepaid Mastercards do expire, your funds do not. You can request a new card by calling 1-855-288-0926.
Joker Prepaid Mastercard Fees
The following activation fees apply when you buy a Joker Prepaid Mastercard, and they vary with your load amount:
There is a $3.00 monthly maintenance fee, and you pay a standard 2.50% foreign exchange fee when you make payments in a foreign currency.
Joker Prepaid Mastercard Limits
To start, the maximum amount you can load on this card is $500, and the minimum is $50.
When making payments in the European Economic Area, the maximum spend per single transaction is $75 CAD.
There is also a maximum lifetime spend of $225 CAD when using the Joker Prepaid Mastercard in this region.
Pros and Cons of the Joker Prepaid Mastercard
The benefits and downsides of the Joker Prepaid Mastercard are:
- Easy to purchase at hundreds of locations in Canada
- Does not require a credit score check
- Can be used at millions of locations where Mastercard is accepted
- Offers a physical and virtual card
- Your funds do not expire
- There is an activation fee ranging from $7.50 to $9.95
- It does not offer cash back rewards
- The card is not reloadable
- Funds loaded on the card are not insured by CDIC
- Has a monthly maintenance fee of $3
Joker Prepaid Mastercard Alternatives
If you are looking for a convenient reloadable prepaid card or want to avoid paying activation and maintenance fees, these alternatives can help:
- Neo Money card
- Neo Secured Mastercard
- Wealthsimple Cash Card
- KOHO Prepaid Mastercard
- CIBC AC Conversion Card
Neo Money card
This free prepaid Mastercard from Neo Financial is the best prepaid credit card in Canada. It does not require a credit check and is guaranteed approval.
The Neo Money card offers an average of 5% cash back at over 12,000 retail locations in Canada. Cash back earned is available to spend almost immediately. It also pays savings interest on your balance.
When you sign up and fund your account with $50 or more, you receive a $20 welcome bonus.
Neo Secured Mastercard
If you need a prepaid card because of a poor credit score, the Neo Secured Mastercard offers guaranteed approval regardless of your credit rating.
It requires a low minimum security deposit of $50, and you earn an average of 5% cash back on your purchases at thousands of Canadian stores.
Wealthsimple Cash Card
The Wealthsimple Prepaid Visa Card comes with a free money transfer app you can use to send or receive money in Canada.
It offers 1% cash back on all purchases. You can learn more about it here.
KOHO Prepaid Mastercard
The free KOHO Prepaid Mastercard is reloadable and has no fees.
It offers up to 1% cash back on grocery and gas purchases and includes a free budgeting app to help you automate your savings.
In addition, you can use your KOHO account to earn high-interest savings rates on your balance and improve your credit score (paid add-on for $10 monthly).
You can also learn more about the card in our KOHO review.
CIBC AC Conversion Card
The CIBC AC Conversion Card is a reloadable prepaid card you can use to load and hold up to 10 currencies, including CAD, USD, EUR, AUD, JPY, MXN, GBP, and more.
This free card can help you avoid the 2.50% FX fee that applies when you spend money abroad. It also offers cash back on purchases.
You can apply for it even if you are not a CIBC client and earn 1% cash back when you fund the card.
Learn more about how it works in this review.
Joker Prepaid Mastercard FAQs
Yes, the Joker Prepaid Mastercard is legit, and it is issued by Peoples Trust, a Canadian financial institution.
Yes, you need to activate your Joker prepaid card to make payments online or by telephone.
Where can I use the Joker Mastercard? The Joker Mastercard can be used to make payments worldwide wherever Mastercard is accepted.
The top prepaid card in Canada is the Neo Money card. It offers a bunch of rewards and does not have a fee for its free version.