If you don’t have the strong credit needed to get approved for a traditional credit card, consider a prepaid card while you work on improving your credit score. The best prepaid credit card in Canada offers similar flexibility to traditional credit cards, without the strict eligibility requirements. Prepaid cards can be used to shop online, book hotels, and even buy plane tickets, and many are free, reloadable, and earn cash back.
Below, we look at the best prepaid credit cards available to Canadians to make your choice a little easier.
Key Points
1. A prepaid credit card is loaded with your own money, so you spend only what you deposit, with no borrowing and no credit check.
2. They are ideal if you have bad credit or no credit and still want to shop online, book travel, and control your spending.
3. The best no-fee reloadable options include the Neo Money card, KOHO (which now has a free Core plan), the Wealthsimple Cash card, and the EQ Bank Card.
4. Big banks like Scotiabank and BMO offer reloadable prepaid cards for about $10 a year, and retailers sell gift-style cards like The Perfect Gift, Vanilla, and Joker.
5. Prepaid cards do not build credit on their own, since payments are not reported to the credit bureaus, though some, like KOHO, offer optional credit building.
What Is The Best Prepaid Credit Card In Canada?
There is no single best prepaid credit card in Canada, since the right one depends on what you want it to do. If your priority is a free, reloadable card that earns rewards, the Neo Money card, KOHO, the Wealthsimple Cash card, and the EQ Bank Card are the strongest picks, and all four charge no monthly fee. If you would rather get a card through a major bank, Scotiabank and BMO both offer reloadable prepaid cards for about $10 a year. And if you just need a one-time card for a gift or a single purchase, a gift-style card like The Perfect Gift, Vanilla, or Joker will do the job.
Here is how the top reloadable options compare.
| Monthly Fees | ||
| Neo Money™ card | $0 | Learn More |
| KOHO Prepaid Mastercard | Koho Core: $0 Koho Essential: $4 or $0* (*conditions apply) | Learn More |
| Wealthsimple Cash | $0 | Learn More |
| EQ Bank Card | $0 | Learn More |
Best Reloadable Prepaid Cards In Canada
These are the best reloadable prepaid cards, each one free to hold and tied to an everyday spending account.
Neo Money™ Card
If you’re looking for a prepaid card but don’t like the idea of having to remember to load funds onto it, check out the Neo Money™ card. With this card, you don’t have to reload it because it’s connected to your everyday account. As long as your everyday account has money in it, your Money Card is automatically loaded.
The Neo Money™ card is a feature of the Neo Chequing account, which is a hybrid of a spending and savings account. When you open an account, you’ll get free access to the Neo Money™ card. This card offers high cashback on spending and high interest on your account balance
Already have a Neo Chequing account? You can get a Neo Money™ card by logging into your account and selecting “card” from the main menu.
Card Fees: No monthly or annual fee, and free everyday transactions.
Rewards Rate
- Up to 3% cash back on gas and grocery
- Up to 1% everywhere else1 (keep a high balance in your Everyday account and earn more cash back)
Minimum Balance: $0
Extra Perks
- Earn Interest: Earn interest on every dollar in your Neo Chequing account.
- ATM: Withdraw cash from any ATM worldwide.
- No Minimum Balance: There are no minimum balances, so you can enjoy your account for free without worrying about how much money is in it.
KOHO Prepaid Mastercard
When you open a spend and save KOHO account, it comes with a prepaid Mastercard. Like Neo, the prepaid card is connected to your KOHO account, so you don’t have to load the card itself. As long as there’s money in your KOHO account, you can use your KOHO Prepaid Mastercard to make purchases online or in store. You can load funds via a direct paycheque deposit or an Interac e-Transfer, then start spending.
You’ll also earn cash back rewards on specific categories and extra cash back when you shop with KOHO partners. KOHO offers four plans, from the free Core account up to Everything, so you can pick the level of cash back and perks you want.
KOHO Joint is now available on all four KOHO plans. Two users can manage everyday spending and savings together, each with their own card and full access to the account. If either account holder has an Everything Plan, those premium benefits automatically apply to the Joint Account at no additional cost.
KOHO Core Account
KOHO Core launched in August 2026 as KOHO’s free base account. There is no monthly fee, and unlike some no-fee cards, the $0 price has no conditions: no direct deposit requirement, no minimum balance, and no monthly deposit target. It still includes KOHO’s core features, including interest on your balance, cash back, free e-Transfers, and credit building at no extra cost.
Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.
Card Fees: $0 per month, with no conditions (no direct deposit or minimum monthly deposit required)
Rewards Rate
- 1% cash back on groceries, transit, and food and drink
- Extra cash back with select merchants (up to 6.5%)
Minimum Balance: $0
Extra Perks
- Earn Interest: Earn 2% interest on the entire balance in your KOHO account, held in a high interest savings account.
- Free Credit Building: Secured credit building is included free and permanently, not sold as a paid add-on.
- Free Transactions: Free e-Transfers and unlimited transactions.
- Free Credit Score: Get your credit score for free in-app.
- Instant Card: Get an instant virtual card plus a physical card with colour options.
- Mobile Wallet: Works with Apple Pay, Google Pay, and Samsung Pay.
- No Credit Check: No credit check needed to open the account.
KOHO Essential Account
The Essential account is KOHO’s entry-level paid plan. It carries a $48 annual fee, but that fee is waived if you set up a direct deposit or deposit at least $1,000 into your account each month, so many users hold it for free. Like Core, it earns interest on your balance and cash back on everyday categories, with credit building available as a paid monthly add-on.
Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.
Card Fees: No fees if you set up a direct deposit or contribute $1,000 per month ($48/year, about $4/month, otherwise)
Rewards Rate
- 1% cash back on groceries, transportation (gas, parking, rideshare apps, etc.), and eating and drinking
- Extra cash back with select merchants (up to 6.5%)
Minimum Balance: $0
Extra Perks
- Earn Interest: Earn 2% savings interest on the entire balance in your KOHO account.
- Free Transactions: Free e-Transfers and no NSF fees.
- Free Credit Score: Get your credit score for free in-app.
- Credit Building: Enroll in KOHO’s credit building program for $10 a month.
- Upgrade KOHO Plan: Move up to KOHO Extra or Everything for higher cash back and extra perks like no foreign transaction fees and a discount on credit building.
Wealthsimple Cash Prepaid Mastercard
Wealthsimple Cash is an everyday spending account you manage through the Wealthsimple app. It comes with a prepaid Mastercard you can use to make purchases online or in-store, and you can also use it to pay bills like your hydro or credit card bill.
You can open a Cash account by downloading the Wealthsimple app and creating an account. You’ll need to be a resident of Canada and at least the age of majority in your province. A valid phone number is also required.
Card Fees: $0
Rewards Rate: Earn 1% back in cash, stock, or crypto on your spending.
Minimum Balance: $0
Extra Perks
- Earn Interest: Earn a variable interest rate on your balance (up to 2.25% or more depending on your Wealthsimple tier).
- Free Transactions: No foreign transaction fees and no ATM fees when using your card in Canada.
- Make Purchases Abroad: Use your card wherever Mastercard is accepted.
- Free Cheque Book: Get a free cheque book when you set up direct deposit into your Wealthsimple Cash account.
- Virtual Card Plus Physical Card: The card comes with both a virtual and a physical card for added flexibility.
EQ Bank Card
The EQ Bank Card is a prepaid Mastercard that earns cash back on all purchases and interest on your balance. It charges no monthly fees and no foreign transaction fees, and it reimburses ATM fees within Canada, which makes it handy for travellers. You can use it anywhere Mastercard is accepted, both online and in-store.
Like the Neo Money card and the KOHO Prepaid Mastercard, the EQ Bank Card requires that you open an EQ Bank personal account, which is connected to the card and serves as its funding source. It’s a smart choice for budget-conscious consumers who want to earn rewards without qualifying for a traditional credit card.
Card Fees: $0
Rewards Rate: Earn 0.5% cash back on every purchase.
Minimum Balance: $0
Extra Perks
- Earn Interest: Earn a competitive variable interest rate on your balance.
- Free ATM Withdrawals: Enjoy free domestic bank machine withdrawals.
- No Foreign Transaction Fees: Save on foreign transaction fees when using your card abroad.
- Mobile Wallet: Compatible with major mobile wallets for contactless payments.
Best Big Bank Prepaid Cards In Canada
Prefer to get your prepaid card through a major bank? These two reloadable options come from Canada’s big banks and cost about $10 a year.
Scotiabank Prepaid Reloadable Visa
The Scotiabank Prepaid Reloadable Visa is a bank-issued reloadable card you can use anywhere Visa is accepted, in Canada and around the world. You load it with your own funds and reload at no extra charge.
Card Fees: $10 annual fee, with no charge to reload.
Rewards Rate: None.
Minimum Balance: $0
Extra Perks
- No Credit Check: Available regardless of your credit history.
- Worldwide Use: Works anywhere Visa is accepted, online and in-store.
- Free Reloads: No fee to add funds to your card.
- Zero Liability: Visa’s Zero Liability protection guards against unauthorized purchases.
BMO Prepaid Mastercard
The BMO Prepaid Mastercard is a reloadable card from one of Canada’s big banks. You load it in advance and spend only the available balance, with no credit check and no interest charges.
Card Fees: $10 annual fee. A 2.5% foreign transaction fee applies to purchases made in a foreign currency.
Rewards Rate: None.
Minimum Balance: $0
Extra Perks
- No Credit Check: Approval does not depend on your credit history.
- Worldwide Use: Works anywhere Mastercard is accepted, online and in-store.
- Mobile Wallet: Add it to your mobile wallet for contactless payments.
- Zero Liability: Protection against unauthorized use.
Other Great Prepaid Cards In Canada
If you don’t need a reloadable account, these gift-style prepaid cards are sold at retailers and are handy for gifts or one-time purchases. They are not reloadable and cannot be used to build credit or withdraw cash.
The Perfect Gift Visa
The Perfect Gift Visa is a non-reloadable prepaid card that can be used anywhere Visa is accepted, both in-store and online. It comes in denominations from $25 to $500 and offers up to 5% cash back at partner merchants, including Loblaws, Canadian Tire, and Shoppers Drug Mart.
Vanilla Prepaid Card
The Vanilla Prepaid Card is a non-reloadable Visa or Mastercard gift card, available in denominations from $20 to $500. You can activate the card at checkout and use it for secure purchases without connecting your bank or credit account. A one-time activation fee of $3.95 to $7.95 applies, and foreign transactions incur a 2.5% fee.
Joker Prepaid Mastercard
The Joker Prepaid Mastercard is a non-reloadable prepaid card sold at over 11,000 Canadian retailers in fixed amounts from $25 to $500. It stands out for earning automatic cash back at select partner merchants.
Card Fees: A one-time purchase fee applies. The card is not reloadable and cannot be used for ATM withdrawals.
Rewards Rate: Automatic cash back at 35+ partner merchants, such as Sephora, Gap, Hudson’s Bay, and American Eagle.
Minimum Balance: Sold in fixed amounts from $25 to $500.
Extra Perks
- No Credit Check: Anyone can buy and use one.
- Balance Doesn’t Expire: Even if the card expires, your balance doesn’t. Contact support for a replacement card with your remaining funds.
- Great For Gifts: A simple option for gift-giving.
Where To Get A Prepaid Credit Card In Canada
There are a few ways to get a prepaid card in Canada, depending on the type you want:
- Online through a fintech app: KOHO, Neo, Wealthsimple, and EQ Bank all let you open an account and get a card from your phone in minutes.
- At a bank: Scotiabank and BMO offer reloadable prepaid cards through the bank.
- At retail stores: Gift-style cards like The Perfect Gift, Vanilla, and Joker are sold at grocery stores, pharmacies, and other retailers.
How Do Prepaid Credit Cards Work?
As mentioned, prepaid credit cards can be used much like regular credit cards. Not only can you use your card to make in-store purchases, but you can also make purchases online or over the phone. Some cards even offer points or cash back rewards with every purchase you make.
Prepaid Vs. Regular Credit Cards
The biggest difference between prepaid credit cards and traditional credit cards is that with the former, no credit is extended. Instead of having a credit limit to spend within, a prepaid credit card requires that you deposit your own money and then spend up to that amount. In this way, you’re spending your own money rather than borrowing it.
| Prepaid Cards | Regular Credit Cards | |
|---|---|---|
| Source Of Funds | Preloaded with your funds | Borrowed funds from the credit issuer |
| Spending Limit | Limited to the loaded amount | Up to your credit limit |
| Credit Check? | Not required | Required |
| Builds Credit? | No | Yes |
| Best For | Consumers with bad credit or no credit history | Consumers who want flexible spending and need to build or improve credit |
Looking for the best credit card options?
Pros And Cons Of Prepaid Credit Cards
Before taking out a prepaid credit card in Canada, make sure you understand the perks and drawbacks.
Pros
- Easy to get approved for: You don’t need a strong credit score or high income to qualify.
- Works like a credit card: You can shop online and in-store just as you would with a regular credit card.
- Helps avoid overspending: You can only spend what you load, which keeps debt in check.
- Great tool for kids: A safe way for children to learn how to manage their money.
Cons
- Cannot build credit: Payment history is not reported to the credit bureaus, so these cards do not build credit on their own.
- May come with fees: Some prepaid cards have transaction fees or monthly fees.
- Not always accepted: A few merchants may not accept prepaid cards, whereas traditional credit cards are accepted almost everywhere.
Learn more: What Are The Pros And Cons Of Prepaid Credit Cards?
Final Thoughts
Prepaid credit cards make it convenient for low-credit consumers to get access to a card without having to meet stringent approval criteria. If you lack the credit strength and income needed to get approved for a regular credit card but still want the convenience of shopping with plastic, then a prepaid credit card may be right for you. Compare the fees, cash back, and features above to find the best prepaid credit card in Canada for your needs.
1 Minimum balance in a Neo Chequing account required to earn the highest rate. Cash back earn is subject to monthly maximum spend limits. Cash back may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cash back offers.
Prepaid Card FAQs
No, you can’t build your credit with a prepaid card on its own, because your payments aren’t reported to the credit bureaus. With a prepaid card, you’re not being lent any credit; you’re using the money you load onto the card. However, some cards come with extra features that can help you build credit, like KOHO, which offers an optional credit building feature (free on the Core plan).
Several strong prepaid cards have no monthly fee, including the Neo Money card, the KOHO Core plan, the Wealthsimple Cash card, and the EQ Bank Card. The best one for you depends on whether you value cash back, interest on your balance, or built-in credit building.
You can get a reloadable prepaid card online through a fintech app like KOHO, Neo, Wealthsimple, or EQ Bank, or through a bank like Scotiabank or BMO. Gift-style cards like The Perfect Gift, Vanilla, and Joker are sold at grocery stores, pharmacies, and other retailers.
No. The STACK Prepaid Mastercard was discontinued on September 11, 2023, and STACK recommended that users switch to KOHO. You can read more in our [STACK Prepaid Mastercard Review](https://loanscanada.ca/credit/stack-prepaid-mastercard-review/).
No. Canada Post and Peoples Trust wound down the Canada Post Prepaid Reloadable Visa Card in 2026, and it is no longer available to new or existing users.
No. CIBC deactivated all Smart Prepaid Visa cards on January 31, 2023, and they are no longer available for purchase.
CIBC discontinued the Air Canada AC Conversion Visa Prepaid Card in August 2024, so it is no longer available.
No. TD Canada Trust does not currently offer a consumer reloadable prepaid Visa or gift card. If you want a bank-issued prepaid card, Scotiabank and BMO are your main big-bank options.
If you don’t have good credit and have had trouble getting approved for a regular credit card, a prepaid card may be a good fit. While prepaid cards cannot be used to build credit on their own, they can be used much like a credit card.
Consumers with good credit and a strong income will likely be approved for a conventional credit card. Those with no credit built yet, or a bad credit history, may find it harder to get approved, and a strong income is typically required for unsecured credit card approval.
¹Minimum balance in a Neo Chequing account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
