Joker Prepaid Mastercard Review 2022: (4 Better Alternatives)

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by Enoch Omololu, MSc (Econ)

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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 the card is no longer useful as a means of payment.

This is different from reloadable prepaid cards like the KOHO Mastercard ($20 bonus) which can be reloaded with funds as often as you need to.

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

This card is issued by Peoples Trust Company, the same company that issues the KOHO and Stack Prepaid Cards.

You can purchase Joker Mastercard prepaid cards at several retail stores in Canada.

Related: Best Visa Prepaid Cards.

How Does The Joker Prepaid Mastercard Work?

The Joker Prepaid Mastercard works like any standard credit card when it comes to 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 cashiers, 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
  • Co-Op
  • Loblaws
  • Rexall
  • Pharmaprix
  • Sobeys
  • Staples
  • Shoppers Drug Mart
  • Save on Foods
  • Safeway
  • 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
  • Rexall
  • Loblaws
  • Sobeys

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 it varies with your load amount:

Load AmountActivation Fee
$25-$200$7.95
$200-$500$9.95
$250$7.50
$500$9.95

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.

Joker Prepaid Mastercard Review

Pros and Cons of the Joker Prepaid Mastercard

The benefits and downsides of the Joker Prepaid Mastercard are:

Pros:

  • 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

Cons:

  • 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:

  • KOHO Prepaid Mastercard
  • CIBC AC Conversion Card
  • Wealthsimple Cash Card
  • Neo Secured Mastercard

KOHO Prepaid Mastercard

The free KOHO Prepaid Mastercard is reloadable and has no fees.

It offers 0.50% to 10% cash back on your purchases and includes a free budgeting app that can help you automate your savings.

In addition, you can use your KOHO account to earn high interest savings rates on your balance as well as get early access to a portion of your paycheque.

Promo: Use our referral code CASHBACK to get a $20 bonus when you sign up for a free KOHO account and make your first purchase.

You can also learn more about the card in this 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.

You can also apply for it even if you are not a CIBC client.

Learn more about how it works in this review.

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 up to 4% cash back on your purchases at thousands of Canadian stores.

This card also has no annual fees.

Get the Neo Secured Mastercard or read our full review.

Wealthsimple Cash Card

Lastly, the Wealthsimple Prepaid Visa Card comes with a free money transfer app you can use to send or receive money in Canada.

This reloadable card offers 1% cash back on all purchases.

You can learn more about it here.

Joker Prepaid Mastercard FAQs

Is the Joker Prepaid Mastercard legit?

Yes, the Joker Prepaid Mastercard is legit, and it is issued by Peoples Trust, a Canadian financial institution.

Do I have to activate a Joker Mastercard?

Yes, you need to activate your Joker prepaid card in order to make payments online or by telephone.

Where can I use the Joker Mastercard?

Where can I use the Joker Mastercard? The Joker Mastercard can be used to make payments worldwide wherever Mastercard is accepted.

What is the best prepaid card in Canada?

The top prepaid card in Canada is the KOHO Mastercard. It offers a bunch of rewards and does not have a fee for its free version.

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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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