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Vanilla Prepaid Card Review: 6 Better Alternatives for 2023

Prepaid cards like the Vanilla Prepaid Card (Visa or Mastercard) are easy to purchase and are popularly used as gifts.

Whether it is a birthday, graduation, or retirement, you can easily gift someone a Vanilla prepaid gift card, and they can use the funds to buy whatever they want.

That said, Vanilla prepaid cards have taken a bad rap for the fees they charge and several other limitations.

This Vanilla Prepaid Card review covers how it works, its pros and cons, and alternative prepaid cards you can use to earn rewards and save on fees.

What is the Vanilla Prepaid Card?

Vanilla Prepaid Cards are “prepaid cards,” i.e. they are not credit cards, and you can only spend the funds already loaded on the card.

For example, if the card you purchase has a $100 denomination, the most you can spend with the card following activation is $100.

Vanilla Prepaid Cards are available as:

  • Vanilla Prepaid Mastercard, or 
  • Vanilla Prepaid Visa cards

The Vanilla Prepaid Mastercard is available in $25, $50, $100, and $200 denominations.

The Vanilla Visa Prepaid Card is available in $25, $50, $75, $100, $150, $200, and $250 denominations.

The two prepaid cards are not reloadable, which is a major downside. Both the Vanilla Prepaid Mastercard and Vanilla Visa Prepaid Card are issued by Peoples Trust Company, under license from Mastercard and Visa, respectively.

In addition to these two prepaid cards, you may also have come across other Vanilla products, including:

  • One Vanilla
  • MyVanilla Card, and 
  • Vanilla Reload

Vanilla prepaid cards can be purchased at several retailers like Walmart, 7-11, London Drugs, Best Buy, Petro-Canada, Giant Tiger, Shell, and Ultramar.

Related: Best Virtual Credit Cards in Canada

Vanilla Prepaid Card Review

How Do Vanilla Prepaid Cards Work?

After purchasing the Vanilla Prepaid Card, you need to sign it on the back. 

It is also recommended that you write down the card number and customer service number in case the card becomes lost or stolen.

When making a payment, simply present your card as you would for a credit card transaction. For online purchases, you will need to add your postal code to your card. You can accomplish this by logging into your online account.

Vanilla Prepaid Card Fees

There is an initial activation fee when you purchase the card.

For the Vanilla Prepaid Visa, the activation fees are as follows:

DenominationActivation Fee
$25 card$3.95
$50 card$4.95
$75 card$5.50
$100 card$5.95
$150 card$6.50
$200 card$6.95
$250 card$7.50

There is also a 2.5% foreign exchange service fee when you make payments in a currency other than Canadian dollars.

Pros of The Vanilla Prepaid Card

The main benefit of this card is that you can simply walk into a store and buy it. There are no credit checks, and you get a card that works in most places where either Visa or Mastercard are accepted.

Also, your funds don’t expire, and you can request a replacement card when your prepaid card has expired.

Cons of The Vanilla Prepaid Card

There are many limitations and downsides to the Vanilla Prepaid Card:

  • There is an activation fee ranging between $3.95 and $7.95
  • The card is not accepted at gas stations
  • The card is not reloadable, and there is a $500 maximum limit for balances and daily spend
  • It cannot be used at ATMs or for withdrawing cash at point-of-sale
  • The Vanilla Prepaid Card cannot be used for recurring billing
  • You cannot transfer your balance to another prepaid card
  • It does not offer any rewards, such as cash back

Vanilla Prepaid Card Alternatives

The following prepaid cards are free and offer benefits, including cash back rewards, access to early paycheques, free credit scores, and more.

1. KOHO Prepaid Mastercard

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

The KOHO Prepaid Mastercard is a free reloadable card you can use to make payments online, in-store, and abroad.

Users get a physical card in the mail and a virtual card (instantly) they can add to Apple Pay or Google Pay or use directly.

This card can be used at millions of locations worldwide, and it offers:

  • Up to 5% cash back on purchases at select retailers and 1% cash back on groceries
  • A free budgeting app you can use to track your income and expenses
  • Savings interest rate on your balance

If you’d like to earn a higher cash back rate (2% for three categories of spending and 5% at partners) and pay zero FX fees when you shop abroad, you can upgrade to KOHO Premium for a $9 monthly or $84 annual fee.

The free KOHO Mastercard also comes with unlimited debit transactions and Interac e-Transfers.

You can apply here and get a $20 bonus after making your first purchase/payment.

2. EQ Bank Card

EQ Bank Card

eq bank card-img

Earn 2.50%* interest on your balance

0.50% cash back on purchases

No monthly account or FX fees

Free ATM withdrawals

The EQ Bank Card is a recent addition to its suite of financial products. It is one of the best prepaid cards in Canada.

If you already have a savings account with the bank, you can easily request a card from your dashboard. If not, you can get the free Mastercard by opening an EQ Savings Plus Account online.

The EQ Bank Card offers several benefits, including:

  • 2.50% savings interest on your entire balance
  • 0.50% unlimited cash back on all purchases
  • Free ATM withdrawals anywhere in Canada
  • No foreign currency exchange fees when making payments in a foreign currency (saving you up to 3% on fees)
  • No monthly or annual fees

To fund your card, simply transfer money from your savings account to it. The Savings Plus Account includes unlimited debit and Interac e-Transfer transactions.

3. Wealthsimple Cash Card

Wealthsimple Cash Card

wealthsimple logo

Prepaid Mastercard

1% cash back on all purchases

Free money transfer app

Access to virtual and physical card

The Wealthsimple Cash Prepaid Visa Card is a free reloadable card that offers cash back rewards.

Users earn 1% cash back on all purchases and also enjoy access to a free instant money transfer app.

You can either spend the cash rewards or invest it in stocks (via Wealthsimple Trade) or cryptocurrencies (via Wealthsimple Crypto).

While Wealthsimple does not charge FX fees, you will pay the standard Visa currency conversion fee when you use the card to make payments abroad.

The Cash Card has a high maximum daily spending limit of $10,000 CAD.

4. STACK Prepaid Mastercard

STACK Mastercard

STACK logo

$5 sign up bonus after $300 deposit

No FX fees abroad (terms apply)

Access to early payroll

Unlimited bill payments

The Stack Prepaid Mastercard is a great option if you plan to use a prepaid card while travelling aboard.

The card also offers cash back rewards at some retailers.

When you actively use your card for everyday purchases ($350 or more spending per month), FX fees are waived on up to $1,000 CAD spent abroad. The monthly fee of $7.99 is also waived.

5. Mogo Visa Platinum Prepaid Card

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

The Mogo Visa Platinum Prepaid Card (MogoCard) is a reloadable card you can use wherever Visa is accepted.

This free card offsets your carbon emissions when you shop by planting a tree every time you spend. Users also get access to free credit scores and can invest in bitcoin using the MogoCrypto app.

There are no fees to add funds or spend using the MogoCard. The standard 2.5% fee applies when you spend abroad, and ATM fees ($1.50 or $3) are charged when you withdraw at any ATM locally or abroad.

6. No-Fee Credit Cards

If you have a decent credit score, you may be better off applying for a no-fee credit card and:

  • Benefit from the flexibility of spending credit
  • Earn cash back on all spending
  • Improve your credit score when you pay off your balances on time

The following credit cards have no annual fee and are easy to get approved for:

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 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

Vanilla Prepaid Card FAQ

Where can I buy Vanilla Prepaid Cards?

You can buy Vanilla prepaid cards at thousands of locations in Canada, including Walmart, 7-11, Giant Tiger, and Best Buy.

How do I check my Vanilla prepaid card balance?

Log in to your online account or call the customer support number on your card.

What is the phone number for the Vanilla Prepaid Card?

For the Vanilla Prepaid Mastercard, the phone number for customer service is 1-800-652-9174. For Visa cards, the phone number is 1-844-864-6951.

How do I get money off my Vanilla Prepaid Card?

Vanilla Prepaid Cards are non-refundable. If you lose the card, you can request a replacement card.

How do I reload my Vanilla Prepaid Card?

How do I reload my Vanilla Prepaid Card? You cannot reload or add new funds to a Vanilla Prepaid Mastercard or Visa card.


Best Credit Offers in May 2023

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with an optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get the best no-fee cash back credit card in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

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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 Forbes, 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.

1 thought on “Vanilla Prepaid Card Review: 6 Better Alternatives for 2023”

  1. Gravatar for DonnaB

    You also need to watch for “non-activity” fees on the Vanilla pre-paid cards. Although, the funds do not expire, if you do not use the card for a certain length of time, a $2.00 fee is taken off the balance each month for non-activity. This will reduce your balance available and those fees cannot be recovered. This takes people by surprise because the expiry date shown on the card is usually a few years, so people don’t realize that they will lose money with these fees being taken off before the card expires.

    You can use the card for a partial payment if you don’t have enough balance left for the full purchase. However, you need to know the exact balance on the card as the card systems do not read the balance and the card will be declined if the cashier does not enter the exact balance left on the card.

    Overall, my experience with the Vanilla cards has been very poor and I do not recommend them.

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