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 cannot 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 for 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 enter 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 Fees
There are several fees associated with using this card:
| Fee type | Standard Plan | Bundle Plan |
| New card activation | $9.99 + tax | $9.99 + tax |
| Card personalization | $4.99 | $4.99 |
| DirectLoad | $2.99 | Free |
| Cash (in-store) | $2.99 | Free |
| 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 | $0.50 | Free |
| 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 | $1.99 | Free |
| 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:
| Limits | Amounts |
| 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 daily | 30 |
| Maximum daily ATM withdrawal amount | $1,000 |
| Maximum daily ATM withdrawals | 10 |
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 Deposit 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:
- Up to 5% cash back on purchases
- Easy to reload
- Free budgeting app and automated savings
- Access to a credit building service at a low cost
- 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 also cash out your cash back earnings at any time.
Get a $20 bonus when you sign up and make your first purchase (use referral code CASHBACK).
KOHO Prepaid Mastercard
Rewards: Earn 1% cash back on groceries and transportation; Up to 5% cashback at select partners; Earn 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 rate fee: 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
Prepaid Mastercard
1% cash back on all purchases
Free money transfer app
Access to virtual and physical card
Titanium+ Prepaid Mastercard FAQs
You can activate your Titanium Prepaid Mastercard by calling the company’s phone number at 1-866-914-5863.
Yes, your Titanium Mastercard is safe to use, and it is backed with Zero Liability if fraudulent, unauthorized transactions occur.
The KOHO Prepaid Card is the best prepaid card in Canada, offering cash back rewards and many other benefits.
No, the Titanium Plus Prepaid Mastercard is not a credit card and does not affect your credit score.
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:
- Vanilla Prepaid Card Review
- Canada Post Passport Mastercard Review
- BMO Prepaid Mastercard Review
- Best RBC Secured Credit Cards
- Best TD Secured Credit Cards
Titanium+ Prepaid Mastercard review
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Summary
The Titanium+ Prepaid Mastercard review covers how it works, fees, pros, cons, and the best prepaid cards in Canada.
