Best Prepaid Cards in Canada - September 2026

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TD First Class Travel^® Visa Infinite* Card

TD TD Rewards First-Year Annual Fee Rebate

Annual fee: $0 $139No annual fee the first year; No annual fee the first year
Our valuation: $1,039Milesopedia first-year estimate First-year valueWelcome bonus$800Annual fee rebated$139Annual credit$100Total$1,039Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.; Milesopedia first-year estimateFirst-year valueWelcome bonus$800Annual fee rebated$139Annual credit$100Total$1,039Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: Up to 160,000 points; + First Year Annual Fee Rebate

With the TD First Class Travel^® Visa Infinite* Card, you can earn up to 160,000 TD Rewards Points^† as well as an Annual Fee rebate for the first year^†:

20,000 TD Rewards Points for the first purchase made with your card^†
140,000 TD Rewards Points when you spend $7,500 within 180 days of account opening^†
A Birthday Bonus of up to 10,000 TD Rewards Points^†

Get an annual TD Travel Credit^† of $100 when you book at Expedia^® For TD, and enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program (a value of up to $277)^†.

With the TD First Class Travel^® Visa Infinite* Card, you earn:

8 TD Rewards Points^† for every $1 you spend when you book travel through Expedia^® For TD^†
6 TD Rewards Points^† per dollar on your grocery, dining and public transit purchases
4 TD Rewards Points^† per dollar on your recurring bill payments and purchases of streaming services as well as digital games and media
2 TD Rewards Points^† per dollar on all other purchases made with your card

This card also allows you to enjoy a range of travel benefits, including an annual travel credit, complimentary airport lounge visits, and a birthday bonus that boosts your points each year^†.

Legal

^†Terms and conditions apply.

Annual fee

Primary card$139

Additional card$50

Annual income required

Individual$60,000

Household$100,000

Conversion fees

2.5%

Earning rate

6xGroceries
6xRestaurants
6xTransit
4xBills & recurring payments
4xStreaming
2xAll spending

Value

1st Year Value$1,406

2nd Year Value$531

Card benefits

Concierge service24/7

Airport lounge access$160

Travel insurance

Travel medical (under 55)Up to $2,000,000 / 21 days

Travel medical (55-64)Up to $2,000,000 / 21 days

Travel medical (65+)Up to $2,000,000 / 4 days

Trip CancellationUp to $1,500

Trip InterruptionUp to $5,000

Delayed BaggageUp to $1,000

Lost BaggageUp to $1,000

Flight DelayUp to $500

Hotel BurglaryUp to $2,500

Travel AccidentUp to $500,000

Purchase protection

Purchase ProtectionIncluded

Extended Warranty+1 years

Mobile DeviceUp to $1,000

Auto Rental CollisionUp to $65,000 / 48 days

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KOHO Prepaid Mastercard Extra Plan

KOHOCash Back

Annual fee: $144
Welcome offer: No current welcome offer

Features
Issuer: KOHO
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $144/yr
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 0 %

Issuer terms

Special offer:

Enter the code KOHOMILES when applying for your card.
Get 3 months’ subscription to the Extra Plan for free (a discount of $18 per month) and $20 cash back

Features:

Earn 1.5% cash back on 3 main spending categories (food, bills & services, meals and beverages) plus a minimum 0.25% cash back on all purchases.
Accepted at Costco
Earn 2.5% interest on your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
$18 per month billed monthly or $144 per year billed annually ($12 per month)
No conversion fees on foreign purchases
1 free international ATM withdrawal per month
Credit enhancement for $7/month instead of $10
Access all KOHO account features such as Safe, Goals and Rounding Amounts
Get access to a cash advance of up to $250 at 0% interest with KOHO Cover

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Rewards: Rate
Groceries: 1.5x
Transit: 1.5x
Gas & EV: 1.5x

Read full review

Pros

Simple and straightforward

Cons

No welcome bonus

Special offer:

Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back

The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:

1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants

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EQ Bank Card

EQCash Back

Annual fee: $0
Welcome offer: No current welcome offer

Features
Issuer: EQ
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $0
Min. annual income: —
Household income: $0+

Issuer terms

Free withdrawals at any ATM in Canada
0.5% cash back on every purchase
Earn the same excellent rate as your Personal Account
No foreign exchange fees, monthly fees, or other hidden fees

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Pros

No annual fee

Cons

No welcome bonus
Modest reward rates

With the EQ Bank Card, you pay no foreign exchange fees for purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card with which you can make free withdrawals at any ATM in Canada.

In addition, you earn the same excellent rate as your Personal Account, as well as 0.5% cash back on every purchase made with the EQ Bank Card.

Since it is a Mastercard, you can use it anywhere in the world as well as in Costco warehouses in Canada.

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Neo Money Card

Neo Cash Back

Annual fee: $0
Welcome offer: No current welcome offer

Features
Issuer: Neo
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $0
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 2.5 %

Issuer terms

Everyday cashback

6% on average on restaurants, bars and cafés
4% on your favorite apps (Netflix, Disney+, Crave, Apple, Uber, Lyft, SkipTheDishes, DoorDash and UberEats)
Up to 3% on gas and groceries

Features and benefits

Personalized insights powered by generative chat AI (coming soon)
Digital card available to use immediately
Get cashback at thousands of local and national partners

Read full review

Pros

No annual fee

Cons

No welcome bonus

With the Neo Money^™ card, you get up to 6% cash back:

6% on average on restaurants, bars and cafés
4% on your favorite apps (Netflix, Disney+, Crave, Apple, Uber, Lyft, SkipTheDishes, DoorDash and UberEats)
Up to 3% on gas and groceries

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KOHO Prepaid Mastercard® Essential Plan

KOHOCash Back

Annual fee: $48
Our valuation: $20Milesopedia first-year estimate First-year valueWelcome bonus$20Total$20Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.; Milesopedia first-year estimateFirst-year valueWelcome bonus$20Total$20Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: $20 cash back

Features
Issuer: KOHO
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $48/yr
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 1.5 %

Issuer terms

Special offer:

Enter the code MILESOPEDIA when you apply for your card
Earn a $20 cash bonus when you sign up for a KOHO account with our link and make your first purchase within 30 days of registration

Features:

Get 1% cash back on groceries, meals, drinks and transportation
Accepted at Costco
Get 2% interest on your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
$4 per month billed monthly or $48 per year billed annually
Access all KOHO account features such as Safe, Goals and Rounding Amounts
Get access to a cash advance of up to $250 at 0% interest with KOHO Cover

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Pros

Welcome bonus of $20

Cons

Fewer premium perks

Special Offer:

Enter the code MILESOPEDIA when you apply for your card
Get $20 when you open a KOHO account and make your first purchase within 30 days of signing up.

The features of the KOHO Prepaid Mastercard with the Essential Plan are as follows:

Earn 1% cash back on on groceries, eating & drinking, and transportation
Accepted at Costco
Get 2% interest on your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
Automate your savings with Goals and RoundUps. Rounding off every purchase allows you to set aside savings, while goals make it easier to save for the things that make you happy.
Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
Create custom budgets and track your spending habits. Know where you’re at in real time with instant notifications every time you spend.
Strengthen your credit rating with our 6-month Credit Enhancement Program for only $10/month
Get access to a cash advance of up to $250 at 0% interest with KOHO Cover

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KOHO Prepaid Mastercard® Everything Plan

KOHOCash Back

Annual fee: $177
Welcome offer: No current welcome offer

Features
Issuer: KOHO
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $177/yr
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 0 %

Issuer terms

Special offer:

Enter the code EARNKOHO when applying for your card.
Get 2 months of the Everything Plan for free

Features:

Earn an extra 2% cashback on eating & drinking, billing & services, and groceries on top of minimum 0.5% cash back on all purchases. Plus, receive up to 50% cash back at selected merchants.
Accepted at Costco
Earn 3.5% interest on both your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
$22 per month billed monthly or $177 per year billed annually ($14.75 per month)
Access the following features, exclusive to the Everything Plan:
- No FX fees on purchases
- 1 free international ATM withdrawal per month
- Credit enhancement for $5/month instead of $10
- Access all the features of a KOHO account such as Card Security, Goals, and RoundUps.
- Strengthen your credit with the 6-month Credit Enhancement Program for only $5/month and earn cash back with the KOHO Prepaid Mastercard Complet.
- Get access to a cash advance of up to $250 at 0% interest with KOHO Cover

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Rewards: Rate
Gas & EV: 2x
Groceries: 2x
Transit: 2x

Read full review

Pros

2x on groceries

Cons

High annual fee ($177)
No welcome bonus

Special offer:

Enter the code EARNKOHO when applying for your card.
Get 2 months of the Everything Plan for free

The KOHO Prepaid Mastercard with Everything Plan gives you more cash back:

2% on food, beverages and bills
0.5% on all other purchases
Up to 5% cash back at selected partner merchants

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JA Money card—powered by Neo

Neo Cash Back

Annual fee: $0
Welcome offer: No current welcome offer

Features
Issuer: Neo
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $0
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 2.5 %

Issuer terms

A game-changer card for teens

A card designed for teens and great for all. The JA Money card—powered by Neo gives you the tools to manage your money, save smarter, and get rewarded.

Exclusive cashback offers at Neo partners

Restaurants & Food Delivery: Enjoy 5% average cashback at awesome restaurants and Uber Eats.
Clothing & Footwear: Shop the latest styles and score 2% cashback at stores like Dynamite, JD Sports, and Simons.
Books & eBooks: Catch up on reading with 2% cashback at places like Chapters, Indigo, and Kobo.
Games & Entertainment: Level up with 2% cashback at spots like PlayStation, Xbox, Nintendo, and Steam.
Health & Fitness: Stay active with 2% cashback at places like GoodLife Fitness and YMCA.
And more: Use the Neo app to discover over 10,000 places to earn rewards— it’s like the Google Maps of cashback.

Features and benefits

Get notified in real time: Know what’s happening with your money at all times. Get notified anytime money goes in or out of your account, freeze and unfreeze your card instantly.
Safe, secure deposits: Deposits are eligible for CDIC protection², and payments are protected by a world-class security infrastructure.
Advanced app security: Protect your account with Face ID, fingerprint lock, and two-factor authentication.

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Rewards: Rate
Restaurants: 5x
Entertainment: 2x

Read full review

Pros

No annual fee
5x at restaurants

Cons

No welcome bonus

The JA Money card—powered by Neo, is ideal for teenagers. You can get this prepaid Mastercard from the age of 13 (14 in Quebec).

With the the JA Money card—powered by Neo, you get up to 5% cash back:

Restaurants & Food Delivery: Enjoy 5% average cashback at awesome restaurants and Uber Eats.
Clothing & Footwear: Shop the latest styles and score 2% cashback at stores like Dynamite, JD Sports, and Simons.
Books & eBooks: Catch up on reading with 2% cashback at places like Chapters, Indigo, and Kobo.
Games & Entertainment: Level up with 2% cashback at spots like PlayStation, Xbox, Nintendo, and Steam.
Health & Fitness: Stay active with 2% cashback at places like GoodLife Fitness and YMCA.

Read full review

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Wise Visa Card

Wise

Annual fee: $0
Welcome offer: No current welcome offer

Features
Issuer: Wise
Network
Loyalty Program: —

Fees and terms
Annual Fee: $0
Min. annual income: —

Interest rates
Foreign transaction fee: 0 %

Issuer terms

No annual fee
Hold and exchange 40+ currencies in your Wise account
Spend money in over 150 countries, withdraw cash from 2.3 million ATMs.
Convert currencies with market exchange rates and transparent, low fees.
View and manage your account in the Wise app
Freeze and unfreeze your card instantly
Spend any currency you hold in the account for free when you have enough balance
The automatic conversion feature ensures that you always pay the lowest possible charges when you spend currencies you don’t have in your account.
Check your currency balances in the app – and get instant transaction notifications for security
It’s a debit card, not a credit card – easier to manage your budget without running up debts or incurring credit charges

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Pros

No annual fee

Cons

No welcome bonus
Modest reward rates

With the Wise Card, a no-annual-fee card, you can hold and exchange over 40 currencies directly in your Wise account.

With the Wise Card, you can spend freely in over 150 countries and withdraw cash from 2.3 million ATMs. Your ATM withdrawals are free up to CAD 100 per calendar month.

You can also take advantage of currency conversions at market exchange rates, with transparent, low fees. These fees will be much lower than those your credit card charges (generally 2.5% of the transaction).

You can manage your account easily with the Wise application. Moreover, you can manage your card with complete peace of mind by freezing and thawing it instantly. The automatic currency conversion feature ensures that you always pay the lowest possible fees when using currencies not held on your account…

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BMO Prepaid Mastercard®*

BMO

Annual fee: $10
Welcome offer: No current welcome offer

Features
Issuer: BMO
Network
Loyalty Program: —

Fees and terms
Annual Fee: $10/yr
Min. annual income: —
Household income: $0+

Interest rates
Foreign transaction fee: 2.5 %

Issuer terms

Prepaid card

Read full review

Pros

Simple and straightforward

Cons

No welcome bonus
Modest reward rates

The BMO Prepaid Mastercard is a reloadable prepaid card, not a credit card: you load it in advance and spend only the available balance, with no credit check and no interest. It is a useful option for managing a budget, shopping online with peace of mind or giving someone a convenient way to pay.

Because it is accepted everywhere Mastercard is accepted, it works just as well day to day as when travelling. The annual fee is $10.

A 2.5% foreign transaction fee applies to purchases made in a foreign currency. As a prepaid card, it does not earn rewards and does not help build your credit history.

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Wealthsimple Prepaid Card

WealthsimpleCash Back

Annual fee: $0
Our valuation: $25Milesopedia first-year estimate First-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.; Milesopedia first-year estimateFirst-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: $25 cash back

Features
Issuer: Wealthsimple
Network
Loyalty Program: Cash Back

Fees and terms
Annual Fee: $0
Min. annual income: —

Issuer terms

Welcome Offer: $25 cash bonus for any new Wealthsimple client who opens and funds their account with as little as $1 within 30 days
No monthly fees
No foreign transaction fees
No ATM fees

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Pros

No annual fee
Welcome bonus of $25

Cons

Modest reward rates

With the Wealthsimple prepaid card, you can access your available funds in your Wealthsimple chequing account. Wealthsimple is gradually replacing its Mastercard with a Visa Platinum Prepaid card.

With this welcome offer, you can get $25 cash back as a new Wealthsimple client. To do this, you simply need to open an account and then deposit at least $1 within 30 days.

You can invest your money in an investment account or a cryptocurrency of your choice. Also, you earn interest on your Wealthsimple Cash account balance! Wealthsimple Generation clients can earn an interest rate of up to 2.25%.

In addition, there are no foreign transaction fees for any purchase made in a currency other than the Canadian dollar and no annual fees.

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A prepaid card uses money you load in advance or keep in the linked account. There is no credit line, no interest and no credit check to get one, which makes it useful for budgeting, teens or anyone who wants to avoid debt.

What to compare

Compare monthly plan fees, ATM withdrawal fees and foreign-currency conversion costs. Some prepaid cards pay cash back or interest on the balance; others offer an optional service that reports to the credit bureaus. A prepaid card on its own does not build credit history.

FAQ

Frequently Asked Questions

Is a prepaid card a credit card?

No. You spend money you have already loaded, so there is no credit line and no interest. Most prepaid cards run on the Visa or Mastercard network and work wherever those are accepted.

Does a prepaid card help my credit score?

Not by itself, since no credit is extended. Some providers offer a paid credit-building option that reports a recurring payment to the credit bureaus.

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Annual fee

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Conversion fees

Earning rate

Value

Card benefits

Travel insurance

Purchase protection

Issuer terms

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Issuer terms

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What to compare

Frequently Asked Questions

Is a prepaid card a credit card?

Does a prepaid card help my credit score?

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