Prepaid Visa cards are becoming more popular in Canada as they come with a variety of perks and are easy to get. Just like a regular credit card, they work at all outlets that accept Visa cards, including online stores. However, virtual prepaid Visa cards can only be used at virtual stores.
While all prepaid cards are supposed to do the same job, they differ in terms of features, fees, and limitations. Today, we’ll have a look at the five best prepaid Visa cards in Canada so you can pick the right one.
Read about the best prepaid cards in Canada.
Mogo Visa Platinum Prepaid Card
Maximum balance: $10,000
Maximum ATM withdrawal per day: $500
The Mogo Visa Platinum Prepaid Card may not look very exciting but it has a lot going in its favour. You can get the card for free but it will cost you to withdraw money through an automated teller machine (ATM). The fee is $1.50 for domestic withdrawals and $3 for international withdrawals.
Fortunately, there are no additional charges when you use the card online. Plus, you’ll be able to check your credit score for free through the app.
The company charges 2.5% foreign exchange fees and $1.99 inactivity fee. You can avoid the latter by exhausting your card or making sure you use it at least once every 12 months. But, be careful as this prepaid card may not be suitable for big purchases as the maximum balance is only $10,000.
It does have an edge over other options when it comes to the maximum point-of-sale (POS) amount per day, which stands at $5,000. Also, there are a variety of deposit methods including some instant options. Plus, they’re free with very few limitations.
ATM withdrawals are limited to once a day. On the downside, the company doesn't offer many rewards.
There's only one benefit: it will plant a tree every time you use MogoCard for a purchase. This makes it a great choice for people who want to help the environment.
CIBC AC Conversion™️ Visa* Prepaid Card
Maximum balance: $20,000
Maximum ATM withdrawal per day: $500
There are few prepaid Visa cards as exciting as the CIBC AC Conversion™️ Visa* Prepaid Card. It is marketed as a travel card and is designed to save money on conversion fees. The card supports ten currencies including:
- Canadian Dollars
- Mexican Pesos
- US Dollars
- British Pounds
- Swiss Francs
- Australian Dollars
- Hong Kong Dollars
- Japanese Yen
- Turkish Lira.
You will have to pay a conversion fee of 2.5% when using unsupported currencies. On the plus side, ATM withdrawals are free in Canada and the first international withdrawal is also free. It will cost you $3.50 per transaction after the first one.
This personal identification number (PIN) and contactless enabled card offers 1% cash back rewards on all eligible purchases until October 31, 2023. Plus, depositing money is simple.
You can do so by visiting a nearby CIBC branch or through the online portal. The bank allows users to deposit Canadian Dollars and the system will convert it into your desired (supported) currency without you having to worry about conversion charges.
Wealthsimple Cash Visa Prepaid Card
Maximum balance: –
Maximum ATM withdrawal per day: $1,000
Wealthsimple offers a P2P payment app that comes with Wealthsimple Cash Visa Prepaid Card. With this card, you’ll get to do a lot more than what you’ll do with a traditional prepaid Visa card. The card is free to own with no ATM withdrawal charges, free deposits, and 2.5% foreign transaction fees.
This is the card for people who wish to spend without having to worry about limitations. There appear to be no limits on maximum balance and ATM transactions but you will not be able to deposit more than $5,000 per month. This is also the maximum POS amount you can spend in a day.
You can use banks and cards to deposit money. Supported names include TD, Tangerine, ATB, RBC, Scotiabank, and CIBC. Rewards include referral bonuses, usually under $50, and cashback up to 5% at supported stores.
Plus, you will earn interest on your deposits at the rate of 1%. We think it can be a great option for users who want everything under a single umbrella. With this service, you will not only be able to shop online and offline but also pay bills and transfer cash instantly.
We Financial Visa Prepaid Card
Fees: $4.95 per month
Maximum balance: $20,000
Maximum ATM withdrawal per day: $1,500
The We Financial Visa Prepaid Card is technically free to apply for but expect to pay $4.95 per month for continued use. The card can be a great pick for users who want ease as it comes with some cool features.
You get an additional card for $10 and the ability to request an exception that will boost your maximum card balance to $100,000 and maximum ATM withdrawal to $2,500.
The bank will look at factors such as your financial situation and history when considering applications to increase limitations. Once approved, you will be able to make large purchases as well.
Beware that the bank charges a variety of fees including foreign transaction fee (2.5%), replacement fee ($10), and instant replacement fee ($15).
There are several ways to deposit money including PayDirect and Value Reload. With PayDirect, you'll be able to receive a part of your government benefits and/or payroll directly to your account. This option is free.
On the other hand is Value Reload, which costs $3 per deposit. With this option, you’ll be able to add money to your card by visiting any supported store.
Some other impressive features include the ability to pay bills, make card to card transfers, and set up pre-authorised debits. Moreover, you can set up alerts to ensure you’re well aware of the latest transactions. With the exception of KOHO Prepaid Mastercard, few prepaid cards in Canada come with such rich features.
Vanilla Prepaid Visa Card
Fees: One time activation fee starting as low as $3.95
Maximum balance: $250
Maximum ATM withdrawal per day: N/A
The Vanilla Prepaid Card is different from other cards on this list as it is not a reloadable card. The card comes with a specific amount of money. You can choose from different denominations including $50, $75, $100, $150, and $250.
There is no fee to purchase a card but you will have to activate your card before it can be used. Activation charges depend on the value of the card and start as low as $3.95 and go as high as $8.95.
This might sound like a con but it can prove to be the biggest advantage of this card. Since there's a limited amount of money to spend, you will never run the risk of going out of budget. Plus, it can also be used as a gift card.
Vanilla doesn’t offer any rewards and you will have to get a new card once your balance goes zero. Also, the card can only be used to shop at online and physical stores. You will, however, not be able to use it at ATMs.
Best Prepaid Visa Cards in Canada: Frequently Asked Question
We have covered some of the best prepaid Visa cards in this article. It will be hard to pick a single option as each card comes with its own pros and cons. Consider factors such as associated fees, additional charges, limitations, and rewards when selecting a card.
No, prepaid cards cannot be used to build credit. In fact, they will not impact your credit score, and companies that issue prepaid cards don’t ask for credit scores. If you’re looking to improve your credit score, you should look into applying for a secured credit card.
There are no limits on how many prepaid cards an individual can own; however, you might not be able to have multiple cards from the same brand.
Waste no time and contact the company right away. They will block your card and issue you a new one. In most cases, you will have to pay a fee to get a replacement card.
Prepaid cards are easy to get. There are no credit requirements and applications are approved right away. You might, however, be asked to submit address proof and identity documents since most cards are only issued to Canadian nationals or residents. Also, in some cases, there might be age limits. Check the online site for eligibility requirements.
Most prepaid cards are safe to use as they utilise PIN and chip technology that provides an extra layer of security. Moreover, some come with instant notifications so that you are always aware of the latest transactions. Look at specific features such as insurance coverage and fraud protection guarantee when selecting a prepaid card.