Titanium+ Prepaid Mastercard Review 2022: Fees, Pros, Cons & Alternatives

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by Enoch Omololu

Updated

Advertiser Disclosure

Prepaid cards like the Titanium+ Prepaid Mastercard give you the benefits of a credit card without the annual fee and interest payments.

They also come in handy if you have bad credit and are unable to qualify for a regular credit card.

This Titanium+ Prepaid Mastercard review covers how it works, associated fees, limits, pros, cons, and alternative prepaid cards you can use.

What is the Titanium+ Prepaid Mastercard?

The Titanium+ Prepaid Mastercard is issued by Peoples Trust Company under license by Mastercard. It is a bit popular and you may have come across it at Money Mart or Insta Cheques locations in your area.

Like a standard prepaid card, you can only spend the funds you have loaded on the card, and there are no purchase or cash advance interest fees.

The Titanium+ Prepaid Mastercard can be used whenever Mastercard credit cards are accepted.

Titanium+ Prepaid Mastercard Features

Worldwide acceptance:  You can use this card at millions of locations worldwide.

Multiple load options: Load your Titanium Mastercard using DirectLoad, Vanilla Reload, and at 525 Money Mart and Insta Cheques locations in Canada.

Easy qualification: Have bad credit? You can still qualify for this card as there’s no credit check.

Chip & PIN security: The Titanium+ Prepaid Mastercard is more secure than carrying cash.

Contactless payments: Simply tap and go while making payments at the point of sale terminals.

Zero liability: Cardholders enjoy Mastercard’s Zero Liability protection against fraudulent use that results in unauthorized transactions.

Identity theft alerts: You can sign up to receive alerts when suspicious transactions occur on your card.

How To Apply For The Titanium+ Prepaid Mastercard

You can easily purchase a Titanium+ Card at a Money Mart or Insta Cheques store. You will need a valid address and two pieces of government-issued ID.

There’s no credit check, however, you must be a resident of Canada and at least 18 or 19 years old, depending on your province.

To activate your Titanium+ Prepaid Mastercard, call 1-866-914-5863 and follow the voice prompts.

How To Load Your Card

You can simply walk into any Money Mart store to add funds to your card.

Alternatively, provide a DirectLoad form to your employer so your paycheque is deposited directly onto the card.

Lastly, you can purchase a Vanilla Reload PIN to load your card.

How To Check Your Balance

If you have signed up for alerts, a text or email is sent to you after each transaction with details about your balance.

You can also sign in to Titanium+ Card account online to view balances or call 1-866-914-5863 to get the information.

Titanium+ Prepaid Mastercard Review

Titanium+ Prepaid Mastercard Fees

These are several fees associated with using this card

Fee typeStandard PlanBundle Plan
New card activation$9.99 + tax$9.99 + tax
Card personalization$4.99$4.99
DirectLoad$2.99Free
Cash (in-store)$2.99Free
Vanilla Reload$3.95$3.95
ATM withdrawal (Canada)$1.99$1.99
ATM withdrawal (abroad)$2.99 + 3%$1.99 + 3%
POS transaction in CAD$0.50Free
POS transaction foreign currency$0.99 + 3%$0.99 + 3%
Card to card transfer$2.99$1.99
Live customer service$1.50$1.50
Monthly statement upon request$1.99Free
Replacement card$4.99$4.99
Automated customer service$0.25$0.25

Instead of paying these onerous fees, you could be better off with a free prepaid card like KOHO (sign up here).

Titanium+ Prepaid Mastercard Limits

Some limits and balance thresholds to watch out for when using the Titanium Prepaid Card include:

LimitsAmounts
Maximum card balance$15,000
Minimum card load$10
Maximum daily load (in-store)$7,500
Maximum daily load (DirectLoad)$7,500
Maximum daily load (Vanilla Reload)$500
Maximum daily load (mobile cheque cashing)$7,500
Maximum card to card transfer (per transaction)$500
Maximum card to card transfer (daily)$2,500
Maximum spend at POS (daily)$7,500
Maximum number of POS transactions daily30
Maximum daily ATM withdrawal amount$1,000
Maximum daily ATM withdrawals10

Check your card agreement for other applicable fees and limits.

Pros of Titanium+ Prepaid Mastercard

  • Does not require a credit check
  • Can be used at millions of locations worldwide
  • Easy to load funds
  • Mastercard’s Zero Liability protection

Cons of Titanium+ Prepaid Mastercard

  • Has lots of fees for various transactions
  • Cannot be used for making installment or recurring bills, gratuities, car rental or hotel payments, or paying for gas at the pump
  • Deposits are not guaranteed by the Canada Deposits Insurance Corporation (CDIC)
  • Does not improve your credit score

Best Prepaid Cards in Canada

The top prepaid cards in Canada offer rewards and do not have monthly or annual fees.

They include:

KOHO Prepaid Card

The KOHO Prepaid Card offers multiple benefits and features like:

  • 0.50% cash back on all purchases
  • Easy to reload
  • Free budgeting app and automated savings (earn 1.20% on your balance)
  • Access to a credit building service at a low cost
  • Up to 5% cash back at participating retailers
  • Access to early payroll
  • Free Interac e-Transfers
  • A physical and virtual card, and more

Unlike the Titanium+ Prepaid Mastercard, the KOHO Card is free to load, activate, and use for purchases.

You can cash out your cash back earnings at any time.

Get a $20 bonus here when you sign up and make your first purchase (use referral code CASHBACK).

KOHO Prepaid Mastercard (formerly KOHO Visa)

Rewards: Earn 0.50% cash back on all purchases; Up to 10% 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

Wealthsimple Cash Card

The Wealthsimple Cash Prepaid Visa Card offers 1% cash back on all purchases.

Cardholders can also use the Wealthsimple Cash App to send and receive money instantly for free in Canada.

You can use the Cash Card at POS, ATMs, and for online purchases.

Wealthsimple Cash Card

wealthsimple logo

Sign up bonus

1% cash back on all purchases

Free money transfer app

Access to virtual and physical card

Mogo Platinum Visa Prepaid Card

The MogoCard is a reloadable prepaid Visa card offered by Mogo Inc.

This free card gives you free bitcoin with every purchase and it also offsets your carbon emissions by planting trees on your behalf.

Cardholders can also access their free credit score using the Mogo App.

Mogo Visa* Platinum Prepaid Card

Rewards: Offsets your carbon emissions when you spend with the card; free credit scores

Welcome offer: N/A

Interest rates: 0%

Annual fee: $0

Titanium+ Prepaid Mastercard FAQs

How do I activate my Titanium Mastercard?

You can activate your Titanium Prepaid Mastercard by calling the company’s phone number at 1-866-914-5863.

Is the Titanium+ Prepaid Mastercard safe?

Yes, your Titanium Mastercard is safe to use and it is backed with Zero Liability in the event that fraudulent unauthorized transactions occur.

What is the best prepaid credit card in Canada?

The KOHO Prepaid Card is the best prepaid card in Canada, offering cash back rewards and many other benefits.

Does the Titanium+ Prepaid Mastercard improve credit?

No, the Titanium Plus Prepaid Mastercard is not a credit card and does not affect your credit score.

Are prepaid cards worth it?

If you are trying to rebuild your credit or have a bad credit score, a prepaid card can help you manage your finances and avoid interest charges.

Related:

Titanium+ Prepaid Mastercard review
3.5

Summary

The Titanium+ Prepaid Mastercard review covers how it works, fees, pros, cons, and the best prepaid cards in Canada.

Titanium+ Prepaid Mastercard Review 2022: Fees, Pros, Cons & Alternatives

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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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