Canada Post Prepaid Reloadable Visa Review

Canada Post Prepaid Reloadable Visa Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 4, 2021

The Canada Post Visa Prepaid Card is a reloadable card that can be used anywhere in the world where Visa is accepted. It can be used in person, online, or over the phone to make purchases, as well as to withdraw cash from ATMs worldwide, giving consumers the freedom to use the card much like a credit card. No bank account is required, and funds can be loaded on to the card as often as needed. 

In addition to offering a convenient way to spend your money, the Canada Post Visa Prepaid Card allows you to track your expenditures to help make budgeting easier. Having this card in your wallet is a lot safer than carrying cash, and with the Zero Liability Policy from Visa, you’ll be protected against unauthorized purchases or theft.  

Let’s take a closer look at the Canada Post Visa Prepaid Card to help you decide if this type of reloadable credit card is right for you.

What Kind of Prepaid Cards Does Canada Post Offer? 

Canada Post offers the following prepaid credit cards:

Canada Post Visa Prepaid Card

With the Canada Post Visa Prepaid Card, you can take your money with you anywhere you happen to go without actually carrying cash. Simply preload your card with a certain amount of money, then feel free to spend it wherever Visa is accepted. Shop online or by phone like a regular credit card but without the exorbitant fees that are typical with the average credit card. 

Load up your funds at any Canada Post location or online, and shop in confidence knowing that your money is protected. You won’t be liable for any expenditures made as a result of unauthorized purchases. 

The card is also great for people travelling abroad who don’t want to carry a lot of cash around with them. 

Cash Passport Prepaid Mastercard

Similar to the Canada Post Visa Prepaid Card, the Cash Passport Prepaid Mastercard is a prepaid credit card that acts somewhat like a credit card in that you can use it to shop virtually without having to divulge any sensitive credit card information. Load up the card with the funds you intend to spend and use it wherever Mastercard is accepted. 

This prepaid card is great for travel as well as shopping on international websites in local currencies. Load any supported combination of currencies easily and quickly and use it at any ATM location across the globe. The Cash Passport Prepaid Mastercard knows the appropriate currency to use thanks to the innovative technology that allows you to load the card in any of the following currencies:

  • Canadian dollar
  • US dollar
  • Australian dollar
  • British Pound
  • Euro
  • Japanese yen
  • Mexican Peso

If there isn’t enough of the right currency for the payment being made, the smart technology will still process the transaction by using another wallet rather than declining a transaction (along with a foreign exchange fee). When you notice a favourable exchange rate advertised, you can lock it in by loading at the right time and won’t be charged interest on the balance on the card.

Pros and Cons of Using the Canada Post Visa Prepaid Card

Pros 

  • Security. Thanks to the chip and PIN protection, your money is secure when you carry your card. Even if the card is stolen, your money isn’t. 
  • Simple to use. All you need to do is load your card up with money whenever you need to top it up and start using it immediately. 
  • Convenience. There’s nothing more convenient than having all your money stored in a compact prepaid credit card rather than filling your wallet with easily-stolen cash. You can use it whenever a purchase needs to be made. 
  • Budgeting and managing your money. The Canada Post Prepaid Reloadable Visa is perfect if you’re looking to budget and manage your money, whether at home or while travelling.
  • Save on interest charges. Since this is not an actual credit card, there are no interest charges to worry about.
  • Send money to family and friends. Use the free card-to-card transfer feature to send funds to anyone you want to. 
  • Quick and easy setup. The process of getting your card is easy, and no credit check is required. 

Cons 

  • Monthly fee charged
  • Unable to build credit using the card

How Much Does it Cost To Open an Account With Canada Post?

To get the Canada Post Visa Prepaid Card, you’ll have to pay an upfront fee of $15 to buy it. Then, you’ll need to pay a monthly service fee of $3 as well as a $3 reload fee. However, there is no fee associated with purchase transactions. 

How Do You Open a Prepaid Card Account With Canada Post?

The Canada Post Visa Prepaid Card can be purchased for $15 at a post office without the need to submit any banking information or having a credit check conducted. Once you have your card, you can register it online or in-person and load it at any Canada Post location, through your online banking platform, or through the zenwallet app.

Card Product Details Overview

Product FeatureCanada Post Visa Prepaid CardCash Passport Prepaid Mastercard
Card Purchase Fee$15$15
Monthly Account Fee$3 monthly service fee$2.80 monthly inactivity fee
Transaction Fee0% 1.5% (domestic purchases)
Reload Fee$3$3
ATM Withdrawal Fee$2$3 CAD 
$2.50 USD 
1.90 EUR 
1.70 GBP 
275 JPY 
$3 AUD 
32 MXN 
Foreign Transaction Fee2.5%3.25%
RewardsNoneNone
Card Limits$10,000 balance at any time.
$500 maximum reload amount at one time in person.
$2,500 maximum reload amount at one time online.
$500 maximum ATM withdrawal limit per day.
$8,500 balance at any time.
$8,500 maximum reload amount at one time in 24 hours.
$960 maximum ATM withdrawal limit per day.

Is the Canada Post Visa Prepaid Card Right For You?

You might want to consider taking out the Canada Post Visa Prepaid Card if you want:

  • To control your credit card spending 
  • To avoid accumulating credit card debt
  • To avoid sky-high credit card fees
  • A simple and convenient way to track your expenditures
  • The convenience of not having to carry cash

Prepaid Credit Card FAQs

What is the minimum and maximum amount that can be loaded on to the Canada Post Visa Prepaid Card? 

The minimum amount to load the card is $25, and the maximum is $2,500. The maximum load amount over the life of the card is $40,000.

Can the Canada Post Visa Prepaid Card be used to purchase items online?

Yes, you can use this prepaid card to make online purchases like you would with a traditional credit card.

Can the Canada Post Visa Prepaid Card be used to build my credit score?

No, this card will not help you build your credit score because payments are not reported to credit bureaus.

Final Thoughts

The Canada Post Visa Prepaid Card is yet another prepaid credit card product available to Canadians that does not require approval to obtain, as is the case with traditional credit cards. You can use it as a credit card to make online purchases, but won’t have to be stuck paying high-interest rates on your balance or other expensive fees that often come with credit cards. If you’re looking for a simple and convenient way to shop, then the Canada Post Visa Prepaid Card may be a product worth looking further into.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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