The Best Prepaid Credit Cards in Canada

Prepaid “credit” cards in Canada are usually prepaid reloadable cards on the Visa or Mastercard network.

You load your own money, then tap and shop like you would with a debit or credit card—but you’re not borrowing, so there’s no traditional purchase interest.

They’re great if you want card convenience, online shopping, and travel flexibility without taking on more debt.

KOHO Essential

If you’re looking for a prepaid card that feels like a modern everyday account.

KOHO Essential is designed to work like a no fee monthly account for most people because:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• Enjoy unlimited transactions & free e-transfers (never worry about fees when sending money to someone again).

• No minimum balance required, ever.

Other Prepaid Cards in Canada

1. BMO Prepaid Mastercard

A bank issued prepaid Mastercard you load with your own funds and use like a regular card:

• Works broadly wherever Mastercard is accepted, online and in-store

• Lets you separate spending from your main chequing account

• Typically comes with no rewards and standard foreign transaction fees, making it more of a simple payment tool than a perks card

2. Wealthsimple Cash Card

A prepaid Mastercard linked to Wealthsimple’s cash/spend account:

• Lets you spend from a cash balance that can earn interest in their account

• Offers cash back on purchases

• Integrated into the Wealthsimple app, alongside investing and other products

3. EQ Bank Card

A prepaid Mastercard linked to your EQ Bank account:

• Pulls directly from your EQ savings/balance, which can earn a competitive interest rate until you spend

• Often positioned around low fee/no monthly fee everyday use

• Works well for people who want a simple card + high interest savings