Prepaid Credit Cards in Canada: 7 Reloadable Cards Compared (2026)

A prepaid credit card in Canada is not a credit card at all: it is a reloadable Visa or Mastercard that spends money you have already loaded. This page compares seven cards a Canadian resident can get from a bank, a fintech or a post office, using each provider’s own fee pages as checked between October 7 and October 11, 2026. Definitions and consumer rules come from the Financial Consumer Agency of Canada (FCAC) and the Canada Deposit Insurance Corporation (CDIC). This page is general education, not financial advice; fees and rates change, and the cardholder agreement is what applies to you.

What is a prepaid credit card in Canada?

A prepaid credit card is a payment card you load with your own money before using it, on a network such as Visa, Mastercard or American Express. FCAC’s definition: “When you use the card, the merchant deducts the amount you use from the total amount on the card.”

CDIC adds the part that separates it from a credit card: “You can only spend the amount that’s on the card – there’s no credit or overdraft.” That is why the search term “prepaid credit card” is a loose label. No lender extends credit, there is no monthly bill and no interest is charged on purchases. KOHO describes its own card as not linked to a credit line, so you can only spend money you've loaded.

FCAC separates two kinds of network-branded prepaid card.

How to read this table: Store gift cards are a third kind (CDIC calls them closed loop cards) and are not covered on this page.

Type of card	Can you reload it?	Cash withdrawals	Expiry
Prepaid card issued by a financial institution (American Express, Mastercard or Visa logo)	Yes, as many times as you want until the card expires; a reload fee may apply	May be possible	The money on the card won't expire; the card itself can
Promotional prepaid card (from a promotional, loyalty or award program)	No	No	There's usually an expiry date

Source: Prepaid cards (FCAC) — what a prepaid card is; Prepaid cards (FCAC) — where a network-branded prepaid card works; Prepaid cards (FCAC) — reloading; Prepaid cards (FCAC) — fees lower the value; Prepaid cards (FCAC) — activation fee example; Prepaid cards (FCAC) — toll-free balance line; Prepaid cards (FCAC) — registration; Prepaid cards (FCAC) — cancelling; Prepaid cards (FCAC) — holds on funds; Prepaid cards (FCAC) — lost cards; Prepaid cards (FCAC) — zero liability; Prepaid cards — know your rights (FCAC) — who the rules cover; Prepaid cards — know your rights (FCAC) — CDIC statement; Prepaid cards — know your rights (FCAC) — maintenance charges; Prepaid cards — know your rights (FCAC) — overdraft charges; Prepaid cards — know your rights (FCAC) — notice of new or higher charges; Prepaid cards — know your rights (FCAC) — funds do not expire; Frequently asked questions (CDIC) — What are prepaid cards and are they covered?; Frequently asked questions (CDIC) — no credit or overdraft; Frequently asked questions (CDIC) — closed loop cards; Choosing a credit card (FCAC) — secured credit cards. In effect from October 16, 2025; checked October 11, 2026.

Every card compared below is the first kind: reloadable, issued by or on behalf of a financial institution, and usable at most merchants that accept credit cards on the same network. FCAC’s own example is that a prepaid Mastercard can be used at a store that accepts Mastercard credit cards.

Prepaid cards in Canada at a glance

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Seven reloadable cards in Canada: monthly fee, foreign exchange fee, cash back, interest, ATM fees and CDIC wording

Feature	Monthly or annual fee	Foreign exchange fee	Cash back	Interest on the balance	ATM fees	CDIC wording from the provider
EQ Bank Card (prepaid Mastercard)	$0 — no monthly or annual fees	none — EQ Bank adds no FX fee or markup (Mastercard's conversion rate still applies)	0.5% cash back on purchases, in Canada and abroad	1.50% (EQ Bank rates effective October 2, 2026)	no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month	up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member)
Wealthsimple prepaid Visa	$0	0% (Visa's conversion rate still applies)	None listed on Wealthsimple's chequing page	1.25% for Core clients	no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed	up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member)
KOHO prepaid Mastercard	No plan: free. Essential: $7 a month, or $0 in a month you set up direct deposit or deposit $1,000	1.5% on Essential; none on Extra or Everything (Mastercard's conversion rate still applies)	No plan: 0% — no cash back without a plan. On essentials with a plan: 1% on Essential, 1.5% on Extra and 2% on Everything	No plan: 0.5% (after opting in). Plans: 2% on Essential, 2.5% on Extra and 3.5% on Everything	free from KOHO (the ATM operator may still add its own fee)	up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest
Neo Money card (prepaid Mastercard)	free on Essentials (Build costs $0–9.99 a month and Grow $14.99 a month)	3% on purchases in a foreign currency (Neo's fee schedule, correct as of September 1, 2026)	1% cash back on gas and groceries	0.1% on Neo Chequing	set by your Neo membership tier from January 1, 2027 (Neo's fee schedule doesn't list the amounts); the ATM operator may add its own fee	eligible for CDIC insurance up to $100,000
Wise card (debit, not prepaid)	$0	no foreign transaction fee (Wise's currency conversion fee still applies when it converts)	None listed on Wise's card fee page	2.22% (variable, dated February 25, 2026), an opt-in feature	Free up to $100 a month, then $2.69 + 2.69%	Wise advertises up to $100,000 on Canadian balances
BMO Prepaid Mastercard	$9.99 a year	Not stated on BMO's product page	None listed on BMO's product page	None listed on BMO's product page	Cash at ATMs on the Mastercard network; fees not stated on the product page	Not stated for card funds on the product page
Canada Post Cash Passport (prepaid Mastercard)	$15 to buy, $3 per reload; inactivity fee of $2.80 a month	a foreign exchange fee when you pay in a currency that isn't loaded on the card (the percentage is in the card's terms, not on Canada Post's page)	None listed on Canada Post's pages	no interest on the card balance	fixed ATM fees, set out in the card's terms (the amounts are not on Canada Post's page), with no cash advance fee	Not stated on Canada Post's pages

Sources: each provider's own card, pricing and legal pages, checked October 7 to 11, 2026. 'Not stated' means the provider's public page did not give the figure; the cardholder agreement does.

The table in sentences, card by card.

EQ Bank Card. The card is a prepaid reloadable Mastercard issued by Equitable Bank (EQ Bank is its trade name). It costs $0 — no monthly or annual fees, and on foreign purchases the answer is none — EQ Bank adds no FX fee or markup (Mastercard's conversion rate still applies). It pays 0.5% cash back on purchases, in Canada and abroad, and money on the card earns 1.50% (EQ Bank rates effective October 2, 2026), or 2.75% (1.50% base + 1.25% bonus) when you keep qualifying recurring direct deposits of at least $2,000 a month going into a Personal Account or Joint Account. On ATMs: no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month. Because the issuer is a bank, the deposit insurance statement is direct: up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member). The EQ Bank review covers the account the card draws from.

Wealthsimple prepaid Visa. The card is a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account. The monthly fee is $0, the foreign transaction fee is 0% (Visa's conversion rate still applies), and on ATMs Wealthsimple lists no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. Core clients earn 1.25% on the chequing balance. Cash back is the gap: Wealthsimple’s chequing page lists no cash-back rate for this card. On deposit insurance, Wealthsimple states coverage of up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). The card spends Canadian dollars only (the chequing account can't hold USD). The Wealthsimple prepaid Visa card guide has the limits and set-up steps.

KOHO prepaid Mastercard. The card is a prepaid Mastercard issued by KOHO Financial Inc.. With no plan it is free; the Essential plan is $7 a month, or $0 in a month you set up direct deposit or deposit $1,000, and the higher plans cost $18 a month for Extra and $22 a month for Everything on monthly billing. The foreign transaction fee is 1.5% on Essential; none on Extra or Everything (Mastercard's conversion rate still applies). Cash back on essentials is 1% on Essential, 1.5% on Extra and 2% on Everything, against 0% — no cash back without a plan for an account with no plan. Interest is 0.5% (after opting in) with no plan and 2% on Essential, 2.5% on Extra and 3.5% on Everything on the plans. ATM withdrawals are free from KOHO (the ATM operator may still add its own fee). KOHO says balances are eligible for CDIC protection up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest. The KOHO review compares the plans in full.

Neo Money card. The card is a prepaid Mastercard (the Neo Money™ card), powered by the Neo Chequing account, and it is free on Essentials (Build costs $0–9.99 a month and Grow $14.99 a month). Foreign purchases cost 3% on purchases in a foreign currency (Neo's fee schedule, correct as of September 1, 2026), and that fee is rebated only on the paid Grow membership ($14.99 a month), for the first CAD$10,000 of foreign spending each month; Essentials and Build members pay the fee. The card pays 1% cash back on gas and groceries, with a catch: the 1% cash back on gas and groceries stops once you hit a monthly spend limit, which Neo shows in its app rather than on its website. Neo Chequing pays 0.1%. ATM fees are set by your Neo membership tier from January 1, 2027 (Neo's fee schedule doesn't list the amounts); the ATM operator may add its own fee. Neo says the account is eligible for CDIC insurance up to $100,000. The KOHO vs Neo comparison sets the two fintech cards side by side.

Wise card. Wise describes it as a debit card for your Wise account, so it is not a prepaid card, but it also spends only what is in the account. The monthly fee is $0. Wise charges no foreign transaction fee (Wise's currency conversion fee still applies when it converts), with conversion priced from 0.19%, and the card spends in 40+ currencies. ATM withdrawals are free up to $100 a month, then cost $2.69 + 2.69%. Wise’s published interest rate on Canadian dollars, an opt-in feature, is 2.22% (variable, dated February 25, 2026), and it advertises CDIC insurance of up to $100,000 on eligible Canadian balances. The Wise Canada review covers transfers and conversion costs.

BMO Prepaid Mastercard. The annual fee is $9.99 a year. BMO describes the card as having no balance to pay off each month and no interest charges. Opening it involves a soft credit check that does not affect your credit score. Loading is a transfer from a BMO chequing or savings account in online or mobile banking; without a BMO account, the limit is any amount under $1,000 from an account at most other financial institutions, sent the way a bill payment is. BMO lists extended warranty and purchase protection as benefits. BMO’s product page does not state a foreign currency fee, an ATM fee or whether the card funds are CDIC-insured, so those cells stay empty here instead of being filled with a guess.

Canada Post Cash Passport. The card costs $15 to buy and $3 per reload, with an inactivity fee of $2.80 a month, charged only if the card goes unused after 12 months, and never on a card with no balance. It is issued by Peoples Trust Company, under licence from Mastercard and holds Canadian dollars, US dollars, euros, British pounds, Japanese yen, Australian dollars and Mexican pesos. Canada Post advertises no transaction fee on purchases, fixed ATM fees, set out in the card's terms (the amounts are not on Canada Post's page), with no cash advance fee, and a foreign exchange fee when you pay in a currency that isn't loaded on the card (the percentage is in the card's terms, not on Canada Post's page). There is no interest on the card balance. Reloading happens at a post office with the card, government-issued photo ID and a form of payment; Canada Post says a card bought at a post office can also be reloaded online.

What is the best prepaid credit card in Canada?

No single prepaid card is best for every Canadian; the fee tables point to different cards depending on where the money comes from and where it is spent. Matching the published features to situations:

• No monthly fee, with cash back and interest: the EQ Bank Card costs $0 — no monthly or annual fees and pays 0.5% cash back on purchases, in Canada and abroad.
• Spending in foreign currencies: Wealthsimple’s foreign transaction fee is 0% (Visa's conversion rate still applies), and EQ Bank’s answer is none — EQ Bank adds no FX fee or markup (Mastercard's conversion rate still applies). Wise and the Cash Passport are the two cards here that hold foreign currencies in advance.
• Frequent ATM withdrawals: Wealthsimple’s reimbursement of ATM-operator fees has no cap — Wealthsimple reimburses an unlimited number of ATM fees with no maximum amount; EQ Bank’s has a monthly limit; Neo reimburses only on paid memberships.
• Working on a credit file: KOHO sells a credit-building line of credit next to its prepaid card, for $10 a month.
• Cash back on gas and groceries: the Neo Money card pays 1% cash back on gas and groceries up to a monthly spend limit, and KOHO pays 1% on Essential, 1.5% on Extra and 2% on Everything on essentials.
• Staying with a Big 5 bank: the BMO Prepaid Mastercard at $9.99 a year.
• Buying a card in person: the Cash Passport is sold at post offices.

A worked example: what the fees add up to

Take a hypothetical cardholder who spends $1,000 a month, of which $200 is in US dollars, and makes no ATM withdrawals. On the EQ Bank Card, the published cash-back rate gives about $60 a year with no monthly fee and no EQ Bank currency markup. On the Wealthsimple prepaid Visa, the published monthly fee and foreign transaction fee are also nil, and Wealthsimple publishes no cash-back rate for the card. On the Neo Money card’s free tier, the foreign transaction fee comes to about $72 a year, before any gas and grocery cash back. On the BMO Prepaid Mastercard, the known cost is the annual fee of $9.99 a year; its foreign currency fee is not on the product page. The example ignores interest earned and the payment networks’ own conversion rates, and a different spending pattern gives a different order.

Where Wealthsimple fits

Wealthsimple’s published features line up with a specific pattern: everyday spending plus foreign purchases and ATM use, without cash back. The foreign transaction fee is 0% (Visa's conversion rate still applies), ATM-operator fees (which Wealthsimple puts at usually about $3.00 per withdrawal, charged by the ATM operator (not Wealthsimple)) are reimbursed with no cap — Wealthsimple reimburses an unlimited number of ATM fees with no maximum amount, and the balance earns 1.25% for Core clients. Where it loses: the EQ Bank Card pays cash back while Wealthsimple publishes no cash-back rate for its card, the card is a Visa (not accepted in Costco Canada warehouses (Costco takes only Mastercard in-warehouse); Wealthsimple suggests buying a Costco Shop Card on Costco.ca with the Visa card instead), and Wealthsimple is not itself a CDIC member. For readers who decide it fits, a Wealthsimple Chequing account with the prepaid Visa can be opened through YieldMaple’s referral link . The Wealthsimple Chequing vs EQ Bank comparison goes through the two no-fee options line by line.

Which prepaid Mastercard and prepaid Visa cards can you get in Canada?

Five of the seven cards here are prepaid Mastercards, one is a prepaid Visa and one, from Wise, is a debit card. The network matters mainly for where the card is accepted.

FCAC notes that a prepaid card works at most merchants that accept credit cards on the same network. One Canadian wrinkle: Wealthsimple says its Visa card is not accepted in Costco Canada warehouses (Costco takes only Mastercard in-warehouse); Wealthsimple suggests buying a Costco Shop Card on Costco.ca with the Visa card instead. At a payment terminal, Wealthsimple’s instruction for its prepaid card is to choose “credit” at a payment terminal and “chequing” at an ATM.

Does a prepaid card build credit?

No, a prepaid card does not build credit on its own, according to the providers that sell them. KOHO says its prepaid card doesn't build credit on its own, and Wealthsimple’s answer on credit score impact is none — Wealthsimple says its prepaid cards won't impact your credit score.

The reason follows from the definition: CDIC describes a prepaid card as having no credit or overdraft, so there are no loan payments for a lender to report. FCAC’s prepaid card pages do not mention credit reports at all.

Two things on this page do touch a credit file. KOHO sells Credit Building, a separate line of credit that costs $10 a month and reports your payment history to Equifax and TransUnion; the KOHO Credit Building guide explains how it works. And BMO, unlike KOHO and Wealthsimple, runs a soft credit check that does not affect your credit score when the prepaid account is opened. KOHO, by contrast, advertises instant approval with no credit check.

FCAC describes a secured credit card as an option for people with no credit history or bad credit, including newcomers to Canada; it is a real credit card backed by a security deposit. The guide to credit cards for people with no credit history covers that route.

Is money on a prepaid card protected by CDIC?

Only if the money is held as an eligible deposit at a CDIC member institution. CDIC says whether prepaid card funds are protected “depends on how and where the funds are kept.”

How to read this table: CDIC protects eligible deposits if a member institution fails. It does not cover fraud or theft; card network zero liability policies and the issuer's terms deal with those.

Question	What the regulator says	Source
Is the money CDIC-insured?	It depends on how and where the funds are kept. Funds deposited at a CDIC member institution that meet CDIC's requirements may be eligible for protection if that member fails	CDIC
Who do you ask?	CDIC says to contact the fintech directly if it manages your prepaid card	CDIC
Are store gift cards covered?	No. Closed loop cards, such as a coffee shop or retail gift card, are not protected by CDIC	CDIC
Lost or stolen card	You must register the card to be protected from unauthorized transactions; in some cases losing the card is the same as losing cash	FCAC
Unauthorized transactions	You may not have to pay if the card has a zero liability policy or fraud protection guarantee; you may have to pay if you shared your PIN or didn't protect the card	FCAC

Source: Prepaid cards (FCAC) — what a prepaid card is; Prepaid cards (FCAC) — where a network-branded prepaid card works; Prepaid cards (FCAC) — reloading; Prepaid cards (FCAC) — fees lower the value; Prepaid cards (FCAC) — activation fee example; Prepaid cards (FCAC) — toll-free balance line; Prepaid cards (FCAC) — registration; Prepaid cards (FCAC) — cancelling; Prepaid cards (FCAC) — holds on funds; Prepaid cards (FCAC) — lost cards; Prepaid cards (FCAC) — zero liability; Prepaid cards — know your rights (FCAC) — who the rules cover; Prepaid cards — know your rights (FCAC) — CDIC statement; Prepaid cards — know your rights (FCAC) — maintenance charges; Prepaid cards — know your rights (FCAC) — overdraft charges; Prepaid cards — know your rights (FCAC) — notice of new or higher charges; Prepaid cards — know your rights (FCAC) — funds do not expire; Frequently asked questions (CDIC) — What are prepaid cards and are they covered?; Frequently asked questions (CDIC) — no credit or overdraft; Frequently asked questions (CDIC) — closed loop cards; Choosing a credit card (FCAC) — secured credit cards. In effect from October 16, 2025; checked October 11, 2026.

Deposit insurance and fraud protection are two separate things. CDIC covers the failure of a member institution, up to $100,000 per insured category. Unauthorized transactions are a matter for the card’s zero liability policy and the cardholder agreement, and FCAC says a card must be registered to be protected if it is lost or stolen.

What each provider says about its own card:

• EQ Bank: up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member).
• Wealthsimple: coverage of up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member), which works out to up to $100,000 per beneficiary, per CDIC member institution.
• KOHO: eligible up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest; balances that are not opted in are not eligible for CDIC protection.
• Neo: Neo Chequing is eligible for CDIC insurance up to $100,000.
• Wise: advertises up to $100,000 of CDIC insurance on eligible Canadian balances. Wise is not a CDIC member, and the wording differs between its account page and its interest feature, so the current terms on Wise’s site are the place to confirm it.
• BMO and Canada Post: the product pages checked do not say whether card funds are CDIC-insured. FCAC says federally regulated issuers must disclose, before issuing a card, when CDIC does not insure the funds, so the answer is in the disclosure that comes with the card.

The CDIC insurance guide explains the categories and how fintech arrangements are treated.

What fees do prepaid cards charge?

Prepaid cards can charge fees to activate, load, use, check, replace or simply keep the card, and FCAC warns that fees lower the value on the card. FCAC’s example: a $50 prepaid card with an activation fee of $4.95 holds $45.05.

How to read this table: Not every card charges every fee. The card's terms and conditions list the ones that apply.

Fee for	Detail
Activating the card	A one-time, non-refundable activation or purchase fee on some cards, either a flat amount or tied to the card's value
Making purchases	Listed by FCAC as a possible charge
Checking the balance	A fee may apply; federally regulated issuers must give a toll-free number for balance checks
Withdrawing money from an ATM	Listed by FCAC as a possible charge
Replacing the card	Including a new card after the old one expires
Customizing the card	Listed by FCAC as a possible charge
Loading more money	A reload fee may apply
Covering overdrafts	Federally regulated issuers need your express consent before charging this
Transferring remaining funds to a new card	Listed by FCAC as a possible charge
Inactivity	A charge to maintain the card if it isn't used for a certain period
Monthly fee	A charge to keep the card active each month

Source: Prepaid cards (FCAC) — what a prepaid card is; Prepaid cards (FCAC) — where a network-branded prepaid card works; Prepaid cards (FCAC) — reloading; Prepaid cards (FCAC) — fees lower the value; Prepaid cards (FCAC) — activation fee example; Prepaid cards (FCAC) — toll-free balance line; Prepaid cards (FCAC) — registration; Prepaid cards (FCAC) — cancelling; Prepaid cards (FCAC) — holds on funds; Prepaid cards (FCAC) — lost cards; Prepaid cards (FCAC) — zero liability; Prepaid cards — know your rights (FCAC) — who the rules cover; Prepaid cards — know your rights (FCAC) — CDIC statement; Prepaid cards — know your rights (FCAC) — maintenance charges; Prepaid cards — know your rights (FCAC) — overdraft charges; Prepaid cards — know your rights (FCAC) — notice of new or higher charges; Prepaid cards — know your rights (FCAC) — funds do not expire; Frequently asked questions (CDIC) — What are prepaid cards and are they covered?; Frequently asked questions (CDIC) — no credit or overdraft; Frequently asked questions (CDIC) — closed loop cards; Choosing a credit card (FCAC) — secured credit cards. In effect from October 16, 2025; checked October 11, 2026.

The seven cards on this page show how different the fee models are. The fintech and EQ Bank cards have no purchase or activation fee and make their money elsewhere, while the Cash Passport charges $15 up front and $3 per reload. Loading method matters too: KOHO charges $3.00 per load for loads by debit card on its lower plans. Inactivity is the quiet one: the Cash Passport’s fee is $2.80 a month, charged only if the card goes unused after 12 months, and never on a card with no balance.

A checklist for reading any prepaid card’s fee table:

1. Purchase or activation fee, and whether it comes out of the first load.
2. Monthly, annual or plan fee, and the rule that waives it.
3. Reload fee for each loading method: bank transfer, e-Transfer, debit card, cash.
4. Foreign currency fee, on top of the network’s exchange rate.
5. ATM fee from the card issuer, separate from the fee the ATM’s owner charges.
6. Inactivity fee, and how many months trigger it.
7. Replacement and closing fees, including the cost of getting the balance back.

Where do prepaid cards run into trouble?

Prepaid cards most often fail where a merchant places a hold larger than the purchase: hotels, car rentals, restaurants and pay-at-the-pump gas stations. FCAC advises checking acceptance before buying a card.

Situation	What can happen
Hotels and vehicle rental agencies	May place a temporary hold on money on the card, which can take time to clear after the bill is settled
Pay-at-the-pump gas stations	May place a temporary hold; FCAC suggests checking whether the station accepts the card at all
Restaurants and service businesses	May reserve extra funds to cover a tip
Any merchant	Can decline the card if it doesn't accept prepaid cards, the balance is too low or there is a hold on the funds
Cancelling	Generally not possible; some issuers allow it for a fee taken from the remaining balance
Paying bills	May be possible with a reloadable card; check the agreement and whether the biller accepts prepaid cards

Source: Prepaid cards (FCAC) — what a prepaid card is; Prepaid cards (FCAC) — where a network-branded prepaid card works; Prepaid cards (FCAC) — reloading; Prepaid cards (FCAC) — fees lower the value; Prepaid cards (FCAC) — activation fee example; Prepaid cards (FCAC) — toll-free balance line; Prepaid cards (FCAC) — registration; Prepaid cards (FCAC) — cancelling; Prepaid cards (FCAC) — holds on funds; Prepaid cards (FCAC) — lost cards; Prepaid cards (FCAC) — zero liability; Prepaid cards — know your rights (FCAC) — who the rules cover; Prepaid cards — know your rights (FCAC) — CDIC statement; Prepaid cards — know your rights (FCAC) — maintenance charges; Prepaid cards — know your rights (FCAC) — overdraft charges; Prepaid cards — know your rights (FCAC) — notice of new or higher charges; Prepaid cards — know your rights (FCAC) — funds do not expire; Frequently asked questions (CDIC) — What are prepaid cards and are they covered?; Frequently asked questions (CDIC) — no credit or overdraft; Frequently asked questions (CDIC) — closed loop cards; Choosing a credit card (FCAC) — secured credit cards. In effect from October 16, 2025; checked October 11, 2026.

Providers describe the same limits in their own terms. KOHO says its card may not work at unattended terminals such as parking machines and pay-at-the-pump fuel stations. Canada Post says a Cash Passport needs 20% more than the bill available at restaurants and bars, because a tolerance is added to the authorized amount. A hold reduces the spendable balance until the merchant settles, so a card with exactly enough money for a hotel bill can still be declined at check-in.

Prepaid card vs debit card vs credit card

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In sentences: a prepaid card and a debit card both spend your own money, and neither builds a credit history. The difference is where the money sits: a prepaid balance is loaded onto the card or an account behind it, while a debit card draws on a chequing account. That is why the cards from EQ Bank, Wealthsimple and Neo, each tied to an everyday account, are often what people searching for the best debit card in Canada end up comparing. A credit card is the only one of the three that involves borrowing, which is also why it is the only one that reports payments. The best banks in Canada page compares the chequing accounts behind bank debit cards.

What rights do you have with a prepaid card?

Prepaid cards issued by federally regulated financial institutions come with disclosure rules, limits on certain charges and a ban on expiry dates for loaded funds. FCAC says these rules do not apply to cards issued by provincially regulated institutions or retailers.

How to read this table: FCAC: these rights apply when you are dealing with a federally regulated financial institution, such as a bank or federal credit union.

Topic	What the issuer must do
Who the rules cover	Federally regulated financial institutions, such as banks and federal credit unions. FCAC says the disclosure rules do not apply to prepaid cards issued by provincially regulated financial institutions or retailers
Before the card is issued	The issuer's name, any expiry dates, a toll-free number for questions and complaints, restrictions on use and all charges that may apply
Deposit insurance	A statement that CDIC doesn't insure the funds, when that's the case
Maintenance charges	Only 1 year after activation, unless the card is promotional, or it is reloadable and you gave express consent
Overdraft charges	Only with your express consent; using the card does not count as consent
New or higher charges	Notice sent to your most recent address at least 30 days before the change, and shown on the issuer's website for at least 60 days before it
Expiry of your money	No expiry date on funds loaded onto a prepaid card; the card itself can expire, and a fee may apply to move the funds to a new card

Source: Prepaid cards (FCAC) — what a prepaid card is; Prepaid cards (FCAC) — where a network-branded prepaid card works; Prepaid cards (FCAC) — reloading; Prepaid cards (FCAC) — fees lower the value; Prepaid cards (FCAC) — activation fee example; Prepaid cards (FCAC) — toll-free balance line; Prepaid cards (FCAC) — registration; Prepaid cards (FCAC) — cancelling; Prepaid cards (FCAC) — holds on funds; Prepaid cards (FCAC) — lost cards; Prepaid cards (FCAC) — zero liability; Prepaid cards — know your rights (FCAC) — who the rules cover; Prepaid cards — know your rights (FCAC) — CDIC statement; Prepaid cards — know your rights (FCAC) — maintenance charges; Prepaid cards — know your rights (FCAC) — overdraft charges; Prepaid cards — know your rights (FCAC) — notice of new or higher charges; Prepaid cards — know your rights (FCAC) — funds do not expire; Frequently asked questions (CDIC) — What are prepaid cards and are they covered?; Frequently asked questions (CDIC) — no credit or overdraft; Frequently asked questions (CDIC) — closed loop cards; Choosing a credit card (FCAC) — secured credit cards. In effect from October 16, 2025; checked October 11, 2026.

The practical step is finding out who issues the card, because the brand on the front is not always the issuer. The Cash Passport sold by Canada Post, for example, is issued by Peoples Trust Company, under licence from Mastercard. The issuer’s name must appear on a federally regulated card or its packaging, along with a toll-free number for questions and complaints.

Common mistakes with prepaid cards

• Expecting it to build credit. KOHO and Wealthsimple both say their prepaid cards do not; a credit-building product or a secured credit card is a separate thing.
• Assuming the balance is CDIC-insured. Coverage depends on where the provider keeps the money, and KOHO’s depends on an opt-in.
• Ignoring the foreign currency fee. It ranges from none at Wealthsimple and EQ Bank to a percentage of every foreign purchase on Neo’s free tier.
• Loading exactly the amount of a hotel or restaurant bill. Holds and tolerances can exceed the bill.
• Not registering the card. FCAC says registration is required to be protected from unauthorized transactions if the card is lost or stolen.
• Leaving a balance on an unused card. An inactivity fee, where one exists, comes out of the balance.
• Buying a promotional card and expecting to reload it. FCAC says promotional prepaid cards cannot be reloaded and usually have an expiry date.

How this list was put together

YieldMaple read each provider’s own card, pricing and legal pages between October 7 and October 11, 2026 and recorded only fees, rates, card types and coverage statements written there, with the exact wording saved for each fact. BMO’s and Canada Post’s pages were read on October 11, 2026. Where a public page did not state a figure, such as BMO’s foreign currency fee or the Cash Passport’s ATM fee amounts, the figure is left out. The list is not exhaustive: other prepaid cards are sold in Canada, and leaving one out is not a judgment about it. The cards are grouped by fee model and are not ranked. Wealthsimple is the only provider on this page reached through a referral link, which is disclosed above the first link; no provider supplied information or paid to be listed.