If you’re looking for a credit card to make purchases more convenient but aren’t able to qualify for one, then a prepaid card might be right for you. Simply buy a prepaid card with the amount you need, and spend it online or in person.
There are a few prepaid cards to choose from, including the Joker Prepaid Mastercard. Let’s take a closer look at this prepaid card and what it has to offer.
What Is The Joker Prepaid Mastercard?
The Joker Prepaid Mastercard is a card that allows you to make purchases as you would with a conventional debit or credit card, both in-store and online. You can even use it to pay your bills. The card can be used anywhere that Mastercard is accepted.
However, it’s not a reloadable prepaid card, which means you can’t add money to the card account or withdraw funds via an ATM. Instead, the Joker Prepaid Mastercard comes in different amounts, including $25, $50, $100, $200, and $500.
Interestingly, the Joker Prepaid Mastercard is not issued by a bank or credit union and is instead provided by the Peoples Trust Company, a subsidiary of Peoples Group.
Types Of Joker Prepaid Cards
There are two types of Joker Prepaid Mastercards to choose from, including the following:
Physical Joker Prepaid MasterCard
The physical prepaid card is one that you carry with you to use wherever Mastercard is supported, whether online or offline. It looks much like a typical credit or debit card, with a unique 16-digit number that you input when shopping online, a CVV2 code (a 3-digit code on the back), and an expiry date.
Virtual Joker Prepaid MasterCard
You can also use your Joker Prepaid MasterCard virtually without having to carry a physical card around with you. Instead, the virtual Joker Prepaid MasterCard is stored digitally on your mobile device. Like the physical version, your virtual card also comes with a 16-digit card number, CVV2 code, and expiry date.
However, you won’t be able to use your virtual card in physical locations where a manual card swipe is required.
How To Use The Joker Prepaid Mastercard
As mentioned, you can use your Joker Prepaid Mastercard with merchants that accept Mastercard. Once you’re ready to complete your purchase, simply swipe the card in the point-of-sale terminal (when shopping in person) and sign the receipt. If you’re shopping online, you’ll need to input the 16-digit code, expiry date, and CVV2 code, much like you would with a regular credit card.
Whenever you complete a purchase using your prepaid card, the total purchase amount (including taxes) will be deducted from the current card balance. You can continue using the card until the balance reaches zero.
Once you’ve spent the entire amount, the card can no longer be used because it is not reloadable. You’ll need to purchase a new card.
Joker Prepaid Mastercard Costs
The Joker Prepaid Mastercard makes spending with a credit card easy, but there are some costs associated with it:
- Purchase/activation fee: $7.95
- Foreign transaction fee: 2.5%
Joker Prepaid Mastercard Spending Limits
Depending on your financial and credit health, traditional credit cards come with very high credit limits. However, the Joker Prepaid Mastercard comes with very low spending limits which is as follows:
- Maximum card balance: $500 CAD
- Maximum single spend: $500 CAD ($75 CAD in the European Economic Area)
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Features Of The Joker Prepaid Mastercard
The Joker Prepaid Mastercard comes with some clever features, including the following:
Minimal Personal Data Linked To You
Since there is no personal data connecting the card to you, there’s no risk of hacking when you use the card at a physical point-of-sale terminal. While there is some personal information needed when you use the card to shop online, the data on you and your spending habits is very limited.
Virtual And Physical Card Options
For those who are concerned about losing a single-use prepaid mastercard won’t have to worry with the Joker Prepaid Mastercard. In addition to a traditional physical card, the Joker Prepaid Mastercard also offers a virtual version, eliminating the risk of losing your card and money.
No Expiry Date On Your Funds
Although there is an expiry date on your Joker Prepaid Mastercard, the actual funds will never expire. If the card expires while you still have money on it, all you need to do is buy a new card and request to have your remaining balance transferred over.
You can purchase a virtual prepaid card by scanning the QR card at a physical store.
Drawbacks Of The Joker Prepaid Mastercard
While the Joker Prepaid Mastercard has some unique perks, there are a few drawbacks you should consider before buying one:
No Rewards On Purchases
Some prepaid cards, like the KOHO Prepaid Mastercard, allow cardholders to earn cash back rewards with every purchase. Unfortunately, the Joker Prepaid Mastercard does not offer a rewards system.
Can’t Be Reloaded
Unlike conventional prepaid cards, the Joker Prepaid Mastercard is not reloadable. Meaning, after you’ve spent the entire amount on the card, you can no longer add more money to it and will have to toss it.
When you purchase the card, there is a fee of $7.95 per, no matter what the amount loaded onto each card may be. In addition, using the card in other currencies will lead to a foreign exchange fee of 2.5%.
Moreover, you can’t use your Joker Prepaid Mastercard to withdraw cash from an ATM.
Funds Are Not CDIC Insured.
With regular credit cards, the funds are covered by the Canada Deposit Insurance Corporation (CDIC). However, the funds loaded on the Joker Prepaid MasterCard are not protected under the CDIC, nor are they covered under the MasterCard Zero liability plan.
Where Can You Purchase The Joker Prepaid Mastercard?
You can buy the Joker Prepaid Mastercard at several retailers across Canada, including the following:
- Save on Foods
- Shoppers Drug Mart
- Canadian Tire
- Home Depot
You can also buy the virtual prepaid card at certain retail locations and online at Giftcards Canada.
What Happens If My Joker Prepaid Card Has Been Stolen?
If your card has been stolen, you can contact Joker customer service to have your card re-issued. You will need to provide you name, card number, the expiry date and the card value and transaction history. If there is a balance, they will cancel the card and re-issue you a new one with the remaining balance.
Do note, that all transactions prior to you notifying Joker of the stolen card will be regarded as though you authorized them. Be sure to call Joker’s customer service to report a missing card immediately after discovering it’s been stolen.
Can Joker Cancel A Pending Transaction?
It doesn’t seem like Joker can cancel a transaction that is already in process, but you can dispute the charge after it’s been made. If you have an unauthorized charge on your card, then you can dispute it by filling out their “Dispute Form” within 60 days of the transaction you’d like to dispute.
Say goodbye to a lengthy application process, added interest fees and outstanding balances with the Joker Prepaid Mastercard. Just buy the card with the right amount of money that you need to spend, and go.