The Best Prepaid Credit Cards in Canada for 2023

1. KOHO

KOHO’s millennial-friendly social media advertising makes it likely that you’ve seen its name before. But, if you have been unsure of what exactly this company does, here is some demystification.

KOHO is a fintech company (not a bank) that has been around since 2014. The company offers mobile app banking services as well as a prepaid VISA credit card. The latter is what we’ll focus

KOHO’s prepaid Visa Card allows users to load a Visa card with a set amount of money that they would like to spend. Think of it as a credit card that has been pre-loaded with funds. Not only does this make it easy to stay under budget, but users also have the option of using RoundUps, which will round up money spent to the next dollar amount and deposit the spare change in a chequing account.

The best part of this card is that it allows spenders to earn cashback on their spending.

Account-holders have the option of upgrading to KOHO Premium, which gives the option of earning up to 2% cashback on certain purchase categories such as groceries or transportation.

Otherwise, users with a regular account can earn 0.5% cashback.

2. Stack

While a relatively new player on the scene, the Stack Mastercard stands out among prepaid credit cards for its lack of foreign transaction fees. It also comes without an annual fee and allows spenders to earn rewards with certain retail partners. Users also have access to purchase round-ups for quicker savings.

The Stack card is a bit of a hybrid between a debit card and a traditional credit card. Cardholders have the option to load money onto their Stack Mastercard through methods such as Interac e-transfer or even through scheduled direct deposit.

Where the card shines, though, is its absence of foreign exchange fees. This makes it an ideal choice for travelers who would otherwise be subject to a fee of up to 2.5% with their regular bank account for spending in foreign currencies

Also, since this card is a Mastercard, you can use it at Costco, which prepaid VISA cards can’t offer!

3. MOGO

MOGO is a Canadian fintech company that has been around in some capacity since 2003.

The MOGO Prepaid VISA allows spenders a deep analytical dive into their spending habits. Thanks to its insightful app allowing users to see a representation of how they spend their money, with suggestions for ways that they can cut back.

Unlike some of the other cards on this list, MOGO does not offer its customers an opportunity to earn rewards or cashback on their purchases.

However, it does come with unconventional benefits that some may find enticing, such as free access to a regular Equifax credit check as well as Identity Fraud Protection. MOGO also pays a carbon tax offset for every purchase that its customers make.

4. PC Money

PC Financial is a popular option among Canadians looking to take a frugal and functional approach to money, so it’s no surprise that they offer an attractive prepaid credit card.

PC Money functions as a standard prepaid credit card and comes complete with a basic but functional bank account.

Like other PC Financial products, the PC Money card comes with the opportunity to earn PC Optimum points and even offers a sign-up offer of 50,000 bonus PC Optimum points. Also, true to its nature, this card comes without a monthly fee.

Because the PC Money card can also work like a bank account, you can set up a bill payment schedule with PC Money. It’s not the only card that functions like a bank account, but it is easily the best no-frills option.

5. Wealthsimple Cash Card

If you’re new to Wealthsimple, you’re late to the party — but we are happy to welcome you anyways! Wealthsimple is a Canadian online investment management service that has blossomed in popularity in recent years.

While the app focuses on registered savings accounts and its staple robo-advisor product, it also offers a prepaid VISA card in the Wealthsimple Cash Card. There’s one catch, though — it’s not available. At least, not yet.

While a Wealthsimple Cash account can allow you to make free transfers between your bank accounts and your Wealthsimple cash account, it also allows you to benefit from a zero-fee account with a good interest rate. The physical card element would allow users to use this account as a prepaid VISA is not yet available.

However, there are plans to make the Wealthsimple Cash Card a reality, both physical and electronic. Once it’s available, Wealthsimple Cash will distribute a functional advantage to anyone with a Wealthsimple account.