Prepaid cards are ideal for budgeting, building credit, travel, and anyone who cannot qualify for a traditional credit card. Here are Canada's 6 best prepaid cards in 2025.
KOHO is Canada's leading prepaid Mastercard that functions like a full bank account. Earn cashback on purchases, build credit with the Credit Building add-on, and get free e-Transfers. Free plan available or upgraded paid plans with more perks.
EQ Bank's prepaid Mastercard earns 0.5% cashback on all purchases with no monthly fee. Linked directly to your EQ Bank savings account which earns competitive interest. Great combination of savings and spending in one place.
The Wealthsimple Cash card earns 1% cashback in cash (not points) and integrates seamlessly with Wealthsimple's investing and banking ecosystem. Great for existing Wealthsimple users.
Designed for travelers — load multiple currencies and avoid foreign transaction fees abroad. Best for BMO customers who travel internationally.
Available at Canada Post locations with no credit check required. Reloadable and accepted everywhere Mastercard is accepted. Simple and accessible for those without bank accounts.
Available at grocery stores and pharmacies. Good for gifts or one-time use. Not reloadable — single-use purposes only.
| Card | Monthly Fee | Cashback | Credit Building | No Credit Check |
|---|---|---|---|---|
| KOHO | Free or $7–$19 | 0.5–2% | Yes ($7/mo add-on) | Yes |
| EQ Bank Card | Free | 0.5% | No | Yes |
| Wealthsimple Cash | Free | 1% | No | Yes |
| BMO Prepaid Travel | $6.95 | None | No | Yes |
| Canada Post | $4.95 | None | No | Yes |
KOHO is consistently ranked Canada's best prepaid card due to its cashback rewards, free plan, credit-building feature, and no credit check requirement. The $100 sign-up bonus with code 45ET55JSYA makes it even more attractive.
Not automatically — but KOHO's Credit Builder add-on ($7/month) reports to Equifax to help build your credit score over time. This is unique among prepaid cards in Canada.
No. None of the prepaid cards listed above require a credit check. They're a great option for newcomers to Canada, those with poor credit, or anyone who prefers not to use credit.
Yes. Prepaid Mastercard and Visa cards work anywhere those networks are accepted, including online shopping, subscriptions, and in-app purchases.
A debit card draws directly from your bank account. A prepaid card requires you to load funds first. Prepaid cards often have more features for people who don't have traditional bank accounts.
It depends on the card. KOHO and the EQ Bank card have no mandatory monthly fees. BMO's prepaid travel card charges $6.95/month. Canada Post charges $4.95/month. Always read the fee schedule before signing up.