Deciding on the best prepaid credit cards in Canada is pretty subjective. Some people are looking for a prepaid credit card because they want to increase their credit score while others prefer a hybrid card that allows you to preload funds and get rewards while using a credit card network.

Prepaid credit cards don’t give you nearly as many rewards as some of the best travel credit cards in Canada, but you don’t need to worry about having a high income or interest charges since you can only spend what you have. Here are my top picks for the best prepaid credit cards in Canada and what makes them special

Best prepaid credit cards in Canada


  • No annual fee
  • Bonus 1% cash back for 90 days when using my referral code CASHMONEY
  • 0.5% cash-back on all purchases
  • Automated savings goals
  • Real-time spending insights

Although KOHO uses the Visa network, they aren’t technically a credit card. You can still use your card to pay wherever Visa is accepted, but your history doesn’t get reported to the credit bureaus which means it won’t have any effect on your credit score.

So why do people use KOHO? Well, first off, you’ll get an extra 1% cash back for a total of 1.5% cash back for the first 90 days when you use my KOHO referral code CASHMONEY, but most people like KOHO because it helps them keep their spending under control. Obviously, you can only spend what you have preloaded onto your card, but the activity breakdown will help you analyze your spending so you can make adjustments as needed. Best of all, you’ll earn 0.5% cash-back on all your purchases. Read my KOHO review now for more details.

Home Trust Secured Annual Fee Visa Card

  • $59 annual fee
  • Make purchases wherever Visa is accepted
  • 14.90% interest rate

As you can see, the Home Trust Secured Annual Fee Visa Card has an annual fee and no benefits, but it’s still one of the best prepaid credit cards since your payment history gets reported to the credit bureaus. This is an ideal card for people who are looking to improve their credit score or currently don’t qualify for a traditional credit card.

Since this is a secured credit card, you have to put down security funds. Your credit limit will typically increase as you put down additional money. Think of those funds as a deposit which can’t be used to pay your balance. This may seem odd, but it’s a way to show Home Trust and the credit bureaus that you’re being responsible with your money. Your funds will be returned if you ever decide to close your account so you’ll never lose that money.

STACK Mastercard

  • No annual fee
  • No foreign transaction fees
  • Discounts at select merchants
  • $25 free when you sign up with my referral link

Not only stack one of the best prepaid credit cards in Canada, but it’s also one of the best credit cards without foreign transaction fees. That’s right, with STACK, you don’t pay any exchange fees when you withdraw money from a foreign ATM. The local ATM might charge you a processing fee, but stack won’t. In other words, STACK is likely the cheapest way to get foreign currency.

What makes STACK unique is that they don’t focus on cash-back rewards. Instead, you get special offers such as $15 off your first order with Foodora, up to $3 off at McDonald’s, 15% off and more. Quite often these offers are worth 20% more in cash-back so they can be quite lucrative. Read my STACK Mastercard review now or use my referral link and get $25 when you activate your card. This offer is $5 more than the standard referral of $20 which a great incentive to get you started. Note that you must click this link via your mobile device for it to work.