Prepaid cards have become one of the most practical financial tools for Canadians who want the convenience of a Mastercard or Visa without going into debt, going through a credit check or paying interest.
Since you can only spend what you load onto the card, there is no risk of overspending and some The best prepaid cards in Canada really competitive cash back on top of your signup bonus now.
This guide covers the best prepaid card promotions available right now, starting with KOHO and Neo Financial, two of the best options in the country, and several other legitimate alternatives worth comparing.
| Card | Signup Bonus | Money Back | Payment | Kind |
| SELECT Mastercard | $40 bonus (Use code GETCASH) | Up to 5% in partners; 1-2% base | $0 – $14.75/mo | Prepaid Mastercard |
| Neo Money (Chequing Account) | $10 (+ $25 by credit card) | 1% base | Free | Prepaid Mastercard |
| EQ Bank Card | Varies by current EQ promo | 0.5% flat on everything | Free | Prepaid Mastercard |
| Neo Secure Mastercard | $25 with approval | 1% gas/groceries | $96/year | Secured credit card |
| Wealthsimple Cash Visa | It’s different | no | Free | Prepaid visa |
1. SELECT Mastercard
KOHO is considered the best prepaid card in Canada, combining real cash, a high-interest spendable balance, budgeting tools and optional credit building into one no-fee product.
CHOICE Sign Up Bonus
- Referral code: GETCASH
- Bonus: $40 cash offercredited after your first purchase of $20 or more within 30 days of signing up
- How to claim: Enter the code when signing up for the KOHO app or use the referral link with a pre-applied code
- Referral program: Refer your friends and family once you’ve joined and earn up to $1,000 in total by referring up to 50 people
- Cashback: 1% on food and transportation on the Free Essential plan; Up to 2% on paid Everything plan, plus extra cash back at select partner merchants
- Fees: Free on Essential; $12/month (Extra) or $14.75/month (Everything) for higher cash back and additional bonuses
- Interest: Earn interest on your entire balance spent up to 3.5% on the Everything plan
- Credit building: An additional supplement that informs the credit bureaus of a positive payment history
- Insurance: Funds held in trust at CDIC member Peoples Trust Company are insured up to $100,000
2. Neo Money (Neo Everyday Account)
Neo Financial’s Prepaid Mastercard is built around a large partner-merchant network and offers the highest per-purchase cash back rates in Canada, provided you shop at Neo’s partner locations.
Neo Sign Up Bonus
- Reference code: D6A4J5H3
- Bonus: $10 is credited after opening a Neo Chequing Account and depositing at least $50
- Neo Credit Card bonus (if you are also applying): An additional $25 with approval, for a total of $35
- How to claim: Enter the referral code during registration or use the referral link with a pre-applied code
- Cashback: 1% base rate on gas and groceries at Neo’s 10,000+ partner retailers, plus bonus cash back (often 3-15%)
- Fees: There is no standard monthly or annual fee Neo Daily Account
- Interest: The linked Neo Money savings account pays competitive interest with no minimum balance
- Insurance: Funds held at CDIC member Concentra Bank and/or People’s Bank of Canada are insured up to $100,000.
3. EQ Bank Card
The EQ Bank Card is a prepaid Mastercard from Equitable Bank that prioritizes simplicity: a fixed cashback rate on every purchase with no categories to track, along with true commission-free foreign spending and ATM access.
- Cashback: Flat 0.5% on every purchase with no categories or partner network to track
- Fees: No monthly fees, no annual fees, no foreign transaction fees (you only pay the standard Mastercard conversion rate, no extra EQ markup)
- ATM access: EQ covers ATM fees charged by other providers in Canada, up to $5 per withdrawal, up to 5 times per month.
- Interest: Loaded balances earn the same interest rate as your linked EQ Bank Personal Account
- Insurance: Insurance up to $100,000 backed by CDIC member Equitable Bank
The best: frequent travelers and anyone who wants a truly simple, no-fee prepaid card without needing to shop through specific partners to earn a decent rate.
4. Neo Secured Mastercard
If your goal is to build or rebuild credit rather than spend prepaid funds, the Neo Secured Mastercard is a real credit card (not prepaid) backed by a refundable deposit, and it’s one of the only ones. Cards protected in Canada that combines loan building with real cash back.
- Signup bonus: According to Neo’s current referral program, $25 cash back is awarded upon approval
- Deposit: A minimum of $50, adjustable up to $10,000, sets your credit limit
- Cashback: Up to 15% at Neo partner merchants, up to 1% on gas and groceries
- Payment: $7.99 per month ($96 per year), waived with $5,000+ in Neo Checking Account
- Credit report: Reports monthly to Equifax and TransUnion
5. Wealthsimple Cash Visa Prepaid Card
For Canadians who already use Wealthsimple for investing or banking, the Wealthsimple Cash prepaid Visa card integrates directly with the Wealthsimple app.
you get $25 welcome bonus after you deposit $100 or more into your new account.
How to choose the right prepaid card
- Want the strongest total cash and proven welcome bonus? KOHO with code GETCASH is the most comprehensive option
- Do you frequently shop at major grocery, gas, or retail chains? Neo Money’s partner network can pay meaningfully more than fixed rate cards
- Do you want simplicity and, above all, free travel expenses? The EQ Bank Card‘s flat 0.5% and zero FX fees are hard to beat
- Need to build or rebuild credit while earning cash back? The Neo Secure Mastercard It is the strongest combination available in Canada
Bottom line
Canada’s prepaid card market has grown considerably, and the days when prepaid cards were a fee-free, no-reward redemption option are largely over.
KOHO and Neo remain the two strongest overall options, each with a legitimate welcome bonus and real cash back, while the EQ Bank Card offers the simplest, most predictable rate for those who don’t want to think about categories or partner networks.
Frequently asked questions
What is the difference between a prepaid card and a secured credit card?
A prepaid card like the KOHO or EQ Bank Card lets you spend only what you load onto it. There are no credit checks, no debt, and no interest payments, but it doesn’t build credit by itself (unless it includes a credit building add-on like KOHO).
A secured credit card, like the Neo Secured Mastercard, is a credit card backed by a refundable security deposit that sets your credit limit. It reports to the credit bureaus and helps build your credit history, although it can carry interest if you don’t pay your balance in full.
Is my money safe in a prepaid card account?
Yes, as long as the card is supported by a CDIC member organization. KOHO’s funds are held in trust at Peoples Trust Company, Neo’s Concentra Bank and Peoples Bank of Canada, and EQ Bank Card at Equitable Bank, all CDIC members, meaning your eligible balance is insured up to $100,000 per depositor, in the rare event that the institution fails.
Do prepaid cards affect my credit score?
Standard prepaid cards, including the base KOHO Mastercard, Neo Money, EQ Bank Card and Wealthsimple Cash Visa, do not affect your credit score in any way because credit is not extended or reported to the bureaus. If building credit is a priority, look for a card specifically with a credit origination feature (like the KOHO add-on) or a real secured credit card (like the Neo Secured Mastercard).
