More and more prepaid Visa cards and Mastercards are coming out on the Canadian Market. Check out my 2010 Guide to The Top 5 Prepaid Mastercard and Visa Cards in Canada here!
At least, in theory, they should work everywhere, but some of the really anonymous ones may not work online since they don't have mailing addresses or names attached to them. The BMO kind should have no problem working everywhere. In this article, I'll go over which ones are best.
Necessary Background Information on Prepaid Visa/Master Cards in Canada
- Good for Privacy, gifts, can't get a credit card, security (while doing online transactions).
- Often not accepted at hotels/motels/rentals (read for more details)
- Should not contribute to your credit rating. Some do check for identity verification, or because you could go into debt with non-instantly processed payments (Request your FREE Credit Reports at least YEARLY!)
- Not a bad way to carry money if you don't have a credit card while travelling
- Accepted most places where a Mastercard or Visa card are accepted
- Many of the prepaid cards available, in a word, suck. Watch out for monthly fees&what happens to expiring balances (sometimes they're lost!!!)
- The zero-liability policy that Visa and Mastercard have applies to these prepaid cards just like regular Visa and Mastercards.
- Reloadable cards always require ID and some kind of application process
- Non-Reloadable cards are usually more anonymous, but pricier (probably for the convenience factor).
- Most cards on the market charge fees, usually to load up the card with money, but sometimes also to call and check your balance, inactivity fees, fees when you use it at an ATM, fees when you use it, fees when you don't use it, etc. So I'll go over which card is the best in common situations.
- Even though some cards are non-reloadable, you can make purchases with the remaining balance, and make up the rest of the payment in cash/debit/other credit card at most retail stores.
- Some cards, like the Vanilla card cannot be used at gas pumps, though you can pump and pay inside with them.
The Best Canadian Prepaid Mastercard and Visa Cards
The BMO Mosaik Prepaid Travel Mastercard is the best choice for most people. The one-time fee is higher than a lot at $9.95, but the card can always be reloaded for free through on-line bill payment, or by another BMO credit card. Expiry date is 36 months and there are NO charges for each purchase you make, nor with checking your balance online, through an ATM, over the phone or through an agent. So, the customer service is very good, and I think you can trust BMO. There is an inactivity fee if you go more than 12 months without using it. BMO also has a rather decent nationwide presence.
BMO actually charges you if you want a paper statement, so it is a good pseudo-anonymous card, since you will need to formally apply for the card.
New on the block is the Canadian Tire Prepaid Mastercard, no activation fees, no purchase fees, and just $1.50 per card load, which may or may not be cheaper overall for most people.
Some cards are available for an initial price of $2, but their monthly fees start after the 7th month of issuance, which isn't good for most people, so I won't go into those, but they are available from Vancity credit union.
Royal Bank Visa Gift Card (Best Card for Many Situations)
I've written a summary of the Royal Bank Visa Gift Card here, take a read!
You must buy these cards at an RBC branch, no forms are even required! The cards cost just $3.95 to buy and come in amounts of $25 to $500. Watch out though, if you still have a balance after 6 months, they start charging you $1.50 per month. If the card expires and you have money on it still, they charge a "fee" of whatever you have left, ie: you lose it. I believe these card do NOT have your name attached to them at the get-go, and they are not reloadable. You do have to show 2 pieces of ID to buy one however. I'm not sure to what degree they document your info (or just look at it to verify your age and let you go). You can register the card online so that it does have a name (and address I presume) attached to it and use it for online purchases though, or claim it lost/stolen.
RBC isn't forthcoming with what their expiry date is on their website, but rest assured, the cards do have an expiry date.
Vanilla Prepaid Mastercard - The Privacy-filled "Gift-box" Cards
These cards do NOT require you to sign up, so they're pretty much 100% anonymous (though things like what you use to pay for it and/or which computer you used to check your balance online might be trackable). You will still have to sign the actual card and sign receipts at merchants.
For good reason, they "recommend that you write down the Card number and the customer service number on a separate piece of paper in case the Card is lost or stolen."
The Vanilla Prepaid Mastercard Customer Service Number is 1-800-652-9174.
Shoppers Drug Mart sells the "Vanilla" Prepaid Mastercard, as do tons of other retailers. This is actually the People's Trust Mastercard, so it's really a product of a financial institution, not Shoppers themselves. They're not reloadable, and they start charging a monthly fee after 6 months. The initial cost is only $3-$6, but when the monthly fee kicks in, it's $2.50 per month, and the whole card expires after 12 months. Boo-urns!
Visa Prepaid Card Options
Citizens Bank offers a Prepaid Visa Gift Card.
They don't provide too much info on there website at https://www.citizensbank.ca/Personal/Products/VISACards/VISAGiftCard/ but their load fee is just $2, but then they nickel and dime you a bit. For an automated balance inquiry over the phone, they charge $0.50. I'm not sure of any monthly or inactivity fees, you'll have to call them at 1-800-611-8472.
Canadian Prepaid Visa Card & Prepaid Mastercard Conclusions
I think the BMO option is the cheapest and best prepaid option for those that want a cheap card for themselves with their name attached to it. For those that want a bit more anonymity and need a card now, without filling out an application and all that, the Royal Bank Visa Gift Card seems like the way to go, just make sure you spend your money quickly, or you'll start paying monthly fees. For most people, a real credit card is the best option, but it all depends on your circumstances. I'd say that dealing with your own regular credit card company will be easier to deal with than one of these prepaid cards if your card gets compromised, but for some things, these cards are a good option. I will say that internet credit card fraud is rather rare, and that you're usually also vulnerable when you shop at a regular retail store as well, since they often process transactions over the very same networks.
B.M.O is just like a debit! but better!
I have a checking account with B.M.O, so when I applied for the mastercard they linked it to my account, the next day I had my mastercard #, 2 days later I had my pin and used it online to book a hotel for the water park in the falls without having any money on it. I could also transfer fron my checking to my mastercard online and the funds were available in seconds. I've paid bills, went shopping, and yes also did some online casinos. I love it. The best thing is that I don't have to worry about monthly fees, or interest.
Citizens Bank Prepraid
I just bought a Citizens Prepaid 25 dollar Visa at Rexall/Pharmaplus and here are the details (They also had 50 dollar cards).
Not for use at ABMs, online gambling, or preauthorized payments. Online acceptance at all websites cannot be guaranteed due to varying security levels. Card is not reloadable.
I registered my address which was useful since I had an online purchase shipped to my work, which is usually a hassle.
http://www.prepaidgiftcardstore.com/ is their official site to buy online or more info.
www.giftcardstore.ca/visacard/ is where you register your address and can check the balance/statements.
moneymart prepaid visa
Visa is very inconvenient for online gaming. I cant use mine they wont release any funds to poker sites.
Money Mart Prepaid Visa - Extremely frustrated
I have had my Titanium Plus Prepaid Visa from Money Mart for less than one week. I had some difficulty with an online transaction and have found their Customer Service to be extremely frustrating to deal with.
In addition to being charged $1.50 every time I need to speak with a human, hold times are always in excess of 30 minutes.
Just now I applied online for a BMO Prepaid Mastercard.
Anyone else in Edmonton or Alberta have a prepaid card from a company they like?
App Store
Hey what kind of card should I get? I just want like 10.00 on a card to buy apps in the Itunes app store. Preferably one that doesn't have any fees cause I don't have any money or a job unless it's at that moment. Like an Itunes card, but those can't buy apps because of Cabadian law. What's my best option
how long does
how long does it take to recieve the BMO prepaid card....i filled the online application on Jan. 19th and still haven't recieved it..its now feb 10
Ugh still waiting? me too...
Ugh still waiting? me too... this is ridiculous. I'll be calling them again on monday
BMO prepaid credit card
I have been waiting for a month for a reponse and nothing. I spoke with them via telephone and was told it would take 10 days.
I also emailed and no response.
It is so frustrating...
vanilla mastercard
Hey does the vanilla mastercard allow you to register your address? I looking at buying the vanilla mastercard or the RBC visa card
vanilla MC
Do not buy Vanilla MC. No one takes it!
You can go the the vanilla
You can go the the vanilla card website and input an address/name, etc for the card.
hi im looking to buy a pre
hi im looking to buy a pre paid card for online poker one that is easy to fill up and one that lets you deposit more then 600 bucks on my full tilt account
Prepaid for online casino
I had the same issue with my credit card, I set up an online prepaid credit card with Entropay and it was quick and easy, yes there is a fee for each load but so worth it ...... check out the entropay website.
Pokerstars
Hello: Stay away from doing this. I did it where I paid $$ from my P/P mastercard to SPAEROX at pokerstars: He scammed me and now i can't get my $$ back from P/S. Be careful.
moneymart has a prepaid
moneymart has a prepaid nextwave titanium plus visa...its great....http://www.mytitanium.ca/
moneymart has a prepaid nextwave titanium
If you love paying mega-fees, this one is great! LOL!!!
Hotel Reservations - BMO Prepaid MC
1. Has anyone had trouble making hotel reservations in the US with the BMO Card?
2. When making the reservation do I have to have the full amount of the stay on the card when booking or just one night especially if I plan to pay cash at time of check in?
BMO is the best.
In response to the post below:
http://www.mytitanium.ca/visa/english/fees.html
If you really think the fees are worth the convenience of getting it easily then that's all very well, however I'm sticking with my BMO card.
They had trouble verifying my address at first, had to call them a few times. I believe this was due to the fact my postal code isn't on every system yet as I live in a new building, the trick is to just call them up often and check it's going through, don't just assume it's going to come; they won't call you by themselves if something goes wrong (common for financial institutions it seems). I applied for the card at the end of November and got it on Jan 11th, so don't expect miracles in terms of speed. Worth the wait though and the card has been accepted everywhere I've tried. It's just great not to be forced to use an overpriced Interac ATM at a bar when you go to pay your tab.
I'm also using it to buy things in 3 monthly payments online. I assume they do an authorization on the full amount of the card, which must have come back positive despite the fact I didn't have the full amount there. I read on here that they allow auths of up to $10,000 which is awesome. This makes this card perfect for people with tight budgets as well who might be able to pay the full amount over a period of time. I could of course be wrong about the auth but I think it's the only explanation.
For reloading the card I simply use online bill payment with the card number as the account number. Usually shows up in the afternoon/evening of the following day for me, unless it's a weekend.
In summary, this card will do whatever any other Canadian Mastercard would. For those complaining about Amazon MP3, they block ALL canadian cards, not just BMOs.
Hotel Reservations
1. Has anyone had trouble making hotel reservations in the US with the BMO Card?
2. When making the reservation do I have to have the full amount of the stay on the card when booking or just one night especially if I plan to pay cash at time of check in?
Money Mart Canada has New Titanium Pre-Pay Visa Cards
Just go into any MONEY MART in Canada : Young as a 16 yrs old... With ID sign your name and put some money on the card good to go shopping online or to the mall up too you...
I been with Money Mart Titanium Pre-Pay Visa card for 3yrs now in bc vancouver. I travelled to Thailand used my Card there was fine no problems just sign & go ATMS @ 7-11's
Beware that some ATM banks in Thailand they my have no money in the ATM.
www.mytitanium.ca
I've applied for BMO per-paid cards needed verification of my address of some BS so 5days before my flight I call and asked why my card is 2wks late... She the teller @ the bank phoned head office BMO the lady ask about my account she said I needed to have my name & Address checked for Security. So I told her if i dont get my cards by the tuesday I not taking the cards so I said no keep the cards I going to be across the world by the time they get to my house..
so do your research on the pre-payed cards
I picked up a myTreat
I picked up a myTreat prepaid Visa, to buy some stuff online... I'm supposed to register the card at mybalance.ca but there is nowhere to register it to purchase online..... anyone know where to register?
Mytreat can be registered at
Mytreat can be registered at giftcardstore.ca or mybalance.ca
BMO Prepaid Card
I applied for the BMO Prepaid card last Tuesday and on Thursday they asked me to fax in a bank statement. Is this normal? Do they want to see how much money is in my bank account? lol
i applied for one last week
i applied for one last week to and when they called all they wanted was my SIN and proof of address.....bank statement seems odd to me....
SIN
Banks are not allowed to require a SIN when you apply for credit or a prepaid card.
Bmo Card
They never asked me for my SIN but I applied for one of their regular credit cards before, and got denied, and I might of gave it to them then. What do you mean by proof of address? I really hope I'm not denied, I have a Zoompass card but the limit is way too low.
BMO US$ M/C & Paypal
Hi,
I opened up a BMO US$ checking account and received the BMO US$ M/Card.
I was hoping to pay for my Ebay purchases in US Funds directly from my US account to avoid fluctuating exchange rates....
I spoke with Paypal and it seems since I live in Canada, the accounts are in Canada, that they will always use CDN currency whether I use an Canadian $ or US$ bank account. Same answer for the credit card.
I was hoping someone would have some input as I have a good amount of US$ bought @ 1.02 and would like to use it.
Thanks in advance
Larry
US$ Credit Card and Paypal Currency Exchange
Personally, I've had no troubles adding my BMO US$ MC to my Paypal account and charging to it in US Dollars. I did have difficulty with my US-based bank issued Visa, where they charge me a 2% "international exchange" fee.
Perhaps they've changed it? I have a very old Paypal account :)
Pre-Paid Cards
I will be Travelling to New Orleans in March of 2011, I don't want to use my credit card to do so I thought about getting one of these pre paid and just adding money over the next year and a bit; does anyone have any recomendations to a good card that won't cost me an arm and a leg?
Thankyou
Prepaid Card for Future Vacation
Save your money in a high-interest savings account, like those offered by ING Direct. Get the prepaid card closer to when you leave to avoid monthly fees. Either the BMO Prepaid or the Canadian Tire Prepaid Card (Ontario Only) would be goodl. Avoid the Zoompass card, since its limit is only $1000, which may not be enough for you.
Check out the TOP 5 Canadian Prepaid Cards Article.
PrePaid Mastercard for my son..
I want to purchase a prepaid mastercard for my son while he travels. Can I do that from my bank account but with his name on it?
Not good for travelling
Stores in most foreign countries (Europe, South America) require you to show ID (e.g. passport) to verify that you are the person who is identified on the front of the credit card. These credit cards have no personal identification on them and therefore I have found them to be difficult to use overseas.
Regarding this same line of thought... since these cards are 'anonymous', the value of them is instantly FULLY available to ANY user who might find the card if you have lost it. Loosing one is just like loosing a pocket full of paper money! It is instantly GONE, in most cases, never to be recovered.
BMO Is The Best Prepaid Card To Have
The best prepaid card is BMO Master Card. I have one and it works well online shopping and store and gas purchases as well.
Very easy to load from your bank to as bill payment.
You can load up to $10.000 if you like.
Most banks has the bill payment prepaid BMO offer to add to your account.
Takes about 1 to 2 business days to show on your BMO account that you topped up.
To view your BMO statement online will show transactions you made but show up 3 to 4 days later but your balance will show up about 2 to 3 days later. The BMO card look like a real regular credit card. I have no complaints about it.
BMO card is offered all over Canada and can use anywhere.
No monthly fees. One time fee of $9.95 but that is good for 3 years.
The BMO Travel Prepaid Card is the way to go for performance.
WTF BMO called me
ok last wednesday i filled out a application from the BMO website for a prepaid card....they called me today wanting 1 piece of ID and my social insurance number??? WHYYYYY???
BMO Prepaid Mastercard and Credit Checks
I think they want to verify your identity. Maybe the address they have through some database doesn't match your name (have you moved recently or moved often?). This can also happen if you have a very common name. I believe they may run credit checks as well (since someone could mail-order a bunch of stuff and overextend themselves), though the cards DO NOT contribute to your credit rating (unless you somehow become indebted to BMO).
these cards are a RIP OFF!
I was given a $100 vanilla mastercard. I was unable to use my card at a gas stations and gas pumps and also at a restaurant/bar and at least one other place. The card has a $5.95 activation fee and $2.50 monthly maintenance fee! I'm sure that the gift-giver didn't intend for this to be the case! Plus, it turns out that many vendors pre-authorize higher values than the actual cost of what you are buying (e.g. in a restaurant or hotel). In these cases, the higher amount is held against your available balance on the card until the vendor clears their charges. With a normal credit card this kind of thing also happens, but with a $100 card, that severely curtails the usefulness of the card for using when you want where you want. Lastly... it can be surprisingly difficult to spend out the remaining balance on your card, right down to the last penny! If your card has a balance of $13.31 available... it can require several little purchases before you can spend it down to zero because the purchase will be refused all together if the amount is greater than the balance available. Maybe some cards are better, but IMO .... THESE CARDS SUCK!! Regular gift cards or CASH gifts are much better!
Canadian Tire Prepaid Mastercard - Beware! Poor Service
I regret getting this card! I signed-up, forwarded my voided cheque to them and requested an initial load of $50.00.
According to their website, it takes up to 5 business days from the date the funds are withdrawn from your bank account, to appear on your card's balance. This has not been my experience. My bank account was debited for $50 on January 8th. By the 15th, there was still a $0.00 balance on my Canadian Tire Prepaid Mastercard, so I sent them an email for a status update - no response. Then I checked my balance again on January 11th - still $0.00. So I sent them another email enquiry - no response. After waiting a couple of more business days, I called their Customer Service Department. Guess What? There was nothing they could tell me and no advice or help for my situation. The rep said there was nothing she could do and suggested I contact their "support" department. That was not much help since it is the support department that I have been trying to contact through emails. As of today, January 21st it looks like my funds have evaporated and no one from Canadian Tire Prepaid Mastercard (Mint Capital) is getting back to me. This is not over!
Re: Canadian Tire Prepaid Mastercard not just the only bad one
I have a prepaid Much Music Mastercard, which also has the Mint Logo on the back of the card.
I have had them for about 8 months and at first deposits took about 2 or 3 days from the time money was taken from the bank account...
The last 2 months have been a disaster.
I made a $90 deposit on January 8th, it took about 2 weeks to see it on the account January 21st. They say deposits can take up to five business days to be available, yet mine took 9 days. The same thing happened in December when I made another deposit.
Back in December I had to call several times because their website was down for few days. I was charged for more than $1.50 for each call and nobody knew what was going on. Waste of my money for their bad service.
I emailed them after being unable to get into the website and not getting help from the phone reps, requested a refund, I got no reply to my emails or a refund.
And it is so nice that they get to play with our money.
Agree about the MuchMusic card
I was using Titanium card through Money Mart but highly annoyed that the only way to load them was to bring CASH into a Money Mart (lineups, limited hours, etc.) So I checked my TD bank website to see which could be paid as a bill from my bank account online. Enter Much Music card. I ordered 1 for the service charge of $34.95 in October and was using it hassle-free until last week when I went to load it and discover that my bank no longer supports online bill payments to this card! The only way to load it is to set up an autopay option from the muchmusic website, taking 10 days, and then wait 5 days for each load. NO THANKS. As soon as I use the remaining funds on the card, it is getting shredded. Has to be pretty bad for them to have a relationship with a financial institution and LOSE it.
I am going through HELL
I am going through HELL trying to cancel my Much Card. I was using it problem free (1.50 loads) for almost 3 years, then all of a sudden they ONLY take pre-auth'd payments from BMO. I call customer support to cancel the card- they want to charge me $20 (reimbursement fee HA!), I tell them to NOT cancel it and I'll use up all the money QWIK- then shred the card. Everytime I email it takes forever for them to get back to me, the 'customer service' # can do NOTHING for you- except charge $1.99 for the call, of course!
I think I'm just going to suck it up and get a real card that has REAL customer service, y'know?
Just a warning to ppl- DON'T get the MUCH Pre-PAID CARD!!
online transaction
I just want to use a prepaid card to make an online purchase in the states (i'm in quebec),I don't want a service that has delays or is hooked into my bank account info like paypal or googlecheckout .How long should it take to get a bmo prepaid or is it faster just to do the transaction with a money order? I rarely will purchase stuff online since you can get just about anything in my city .
BMO credit check
i had much music card til 2 days ago when they decided to take TD bank of their list..i'm flipping mad...i'm looking at the BMO terms and agreements for the prepaid card it says it does a credit check.....thought it wasn't suppose to??? and if i apply do i have to send ID to them first to show them i'm really who i say i am???
Very Helpful Recommendations
Very, very helpful post - THANK YOU to the author!
is there an age limitation
is there an age limitation to getting one? i would like to buy some games off steam with it if possible
For many prepaid cards u
For many prepaid cards u must be 16 or over, however there are some available in which there is no age limit though those ones may not be relodable.
Can anyone tell me if
Can anyone tell me if prepaid credit cards help build credit back up?
Prepaid Credit Cards Build Credit Rating?
No they do not.
BMO Mosaik Prepaid card
Have had the card for approx a year. $9.95 fee for 3 yrs. Great card. Have bought a few items online, with no problems. Easy to top up. Only problem is going over what you have on your card. Seems that by the time i got the transaction removed, there was not enough money on the card. The charged me a fee, but then again that was my fault for not having any money transferred to my card.
Evidently they don't send the charge back to the company. Later they took the charge off when I had topped up card.
Overall a five store company. BMO has been excellent.!!!
Canadian Tire Prepaid Mastercard Purchase Online
Can anyone verify that the CT Mastercard can be used for online purchases? This would be the only reason that I need to pick up a prepaid credit card. If the BMO doesn't work, I certainly do not want to get that one!
I recently got the BMO
I recently got the BMO Prepaid card and it works fine for Hotel bookings, online shopping etc. Im not with BMO but i find if i make a bill payment to load the funds early in the morning, they usally appear on the prepaid card the next day ready to use even though they say it takes 2-5 business days.
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