Best Joint Prepaid Card of 2025

Managing shared expenses with your partner, roommate, or family member shouldn't require endless calculations and e-transfers. You need groceries, someone pays. Rent is due, the other person covers it. Then comes the awkward dance of figuring out who owes what.

The honest truth: Canada doesn't currently offer many true joint prepaid card options where two people have equal legal ownership and separate cards for the same account.

KOHO leads as the best joint prepaid card in Canada, offering a prepaid Mastercard that works everywhere while providing features like high-interest savings, cash back rewards, instant cash advance and credit building.

1. KOHO Joint Prepaid Mastercard

No credit check required: Get approved regardless of your credit history, perfect for newcomers, students, or anyone building credit history.

Accepted everywhere Mastercard is: You get the freedom to spend smarter and safer.

Earn cash back: With up to 2% on groceries, transit, and dining — plus up to 6.5% extra at partner merchants. Simple rewards, no fine print.

High-interest savings: Earn up to 3.50% interest on your entire balance.

Credit building: With Credit Building, KOHO members have seen their credit scores go up by an average of 31+ points in just 4 months¹.

Cash advance: Get up to $250 interest-free right when you need it.

Budgeting tools: Track spending by category, set budgets, and get real time insights into your money habits.

Instant virtual card: Start using your card for online purchases immediately while waiting for the physical card to arrive.

Open a joint account with KOHO

Manage shared expenses, savings and budgeting with ease. Start your money journey together—no monthly fees and instant setup.

KOHO joint account makes sharing money and earning rewards together effortless. No friction. Just growth.

With your account, you can both earn:

• Up to 3.5% Interest¹

• Up to 2% unlimited Cash Back on essentials²

• No hidden fees or minimum balance

• No branch visit, no credit check required

Why joint prepaid cards?

No debt risk whatsoever. Unlike joint credit cards where one person's overspending affects both of you, prepaid cards let you only spend what you've loaded. You can't go into debt, period.

Better spending control. Seeing your actual available balance instead of a credit limit helps couples stick to budgets more effectively. You're dealing with real money, not borrowed money.

No overdraft fees. Can't overdraw money you don't have. This eliminates one of the most frustrating and expensive aspects of traditional joint checking accounts.

Faster setup. Traditional banks might take days or weeks to set up joint accounts. KOHO's joint prepaid card can be up and running in minutes.

Setting up your joint prepaid account for success

Discuss contributions upfront. Will you split everything 50/50? Contribute proportionally based on income? Decide before opening the account to avoid future arguments.

Define what the account covers. Is this for all household expenses or just rent and utilities? Clear boundaries prevent confusion about what should come from shared money versus personal funds.

Set spending thresholds. Agree on amounts that require discussion before spending. Maybe purchases under $100 are fine without checking in, but anything over needs a quick text.

Schedule quick monthly check-ins. Spend 10 minutes reviewing spending, discussing upcoming expenses, and making sure you're both comfortable with how things are going.

Keep some money separate. Even with joint accounts, most financial experts recommend each person maintaining some individual money for personal spending without judgment.

Managing different income levels fairly

Not all couples earn the same amount, and that's perfectly normal. Joint prepaid cards can accommodate different contribution levels easily.

The proportional method works well: If one person earns 60% of household income and the other earns 40%, each contributes that percentage to shared expenses.

Example: If shared monthly expenses are $2,500, the higher earner contributes $1,500 while the other contributes $1,000. Both people feel the contribution is fair relative to their income.

Set up automatic transfers for these amounts right after payday. The system runs itself without anyone having to remember or manually calculate contributions.

Common concerns about joint prepaid cards

"What if my partner spends all the money?"

This requires trust in any joint account situation. Start by setting spending limits you're both comfortable with and maintaining open communication. Consider keeping the joint account balance lower and contributing more frequently rather than loading large amounts at once.

"Can I see everything they buy?"

Yes, complete transparency is built in. Both people see all transactions. If this feels uncomfortable, a joint account might not be right for your relationship yet.

"What happens if we break up?"

Unlike traditional joint accounts with complex legal entanglements, closing a joint prepaid account is typically simpler. However, discuss upfront how you'll handle the account if the relationship ends.

"Will this affect my credit score?"

Traditional prepaid cards don't impact credit scores at all.

Growing money together

KOHO's joint prepaid account isn't just for spending shared money – it helps you grow it too.

High-interest savings on your balance means money sitting in your joint account for upcoming bills is actually earning interest instead of doing nothing. Even small balances add up over time.

Shared savings goals let both partners contribute toward specific objectives – emergency funds, vacation savings, or house down payments. Watch your progress together and celebrate hitting milestones.

Cash back on everyday spending means you're earning money back on groceries, gas, and other necessities you're buying anyway. Those rewards can go toward fun shared experiences.

Joint prepaid accounts offer a real solution

Joint prepaid cards solve a real problem that millions of Canadians face – managing shared expenses without constant calculation and coordination hassles.

For couples, roommates, or family members tired of splitting receipts and sending e-transfers back and forth, a joint prepaid card offers a simpler path to financial coordination.

The key is choosing a solution that provides both the transparency needed for healthy financial relationships and the features that help you build a stronger financial future together.