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Prepaid cards have become an increasingly popular option in Canada for those looking to control spending, avoid credit checks, or simply manage their money more efficiently. However, not all prepaid cards deliver meaningful value—many lack rewards, charge unnecessary fees, or offer limited features. After reviewing the top options available, we’ve identified the best prepaid cards in Canada that combine strong benefits, minimal fees, and real everyday value.
on KOHO's website
RECOMMENDED CREDIT SCORE
4.9/5
The KOHO Essential Mastercard is an excellent choice for people with poor or no credit who want a prepaid card that offers a few perks, like cash back and interest on balances. However, the rewards and benefits are not as robust as traditional credit cards, and the annual fee may not be justifiable unless you're maximizing the features like direct deposit and credit building.
Pros
Cons
Rewards
Benefits
Details
Unlimited e-Transfers
Interest on Balance
Eligibility
Credit Score
Annual Income
The KOHO Essential plan stands out as the best overall prepaid card thanks to its strong everyday earning potential and competitive interest rate. Cardholders earn cash back on groceries, eating & drinking, and transportation — categories that make up a large portion of most Canadians’ monthly spending. On top of that, you can earn up to 6.5% extra cash back at selected merchants, significantly boosting your rewards.
What truly separates KOHO Essential is the interest earned on your entire balance, allowing your money to grow while it sits in your account. This combination of higher-category rewards and strong interest makes it one of the most rewarding no-fee prepaid options in Canada.
on EQ Bank's website
RECOMMENDED CREDIT SCORE
4.4/5
The EQ bank card is not a credit card; it's a prepaid card, so you will not be able to get the same level of rewards as when using a credit card and it will not build credit. But if getting a prepaid card is your goal, then this card is, without a doubt, the best choice. Voted the best "Prepaid Card" in Canada, this card offers rewards and benefits that are mostly not offered by other prepaid cards. Earning interest on balance, rewards on purchases, no foreign transaction fee, and especially the unique no ATM fee that no other card provides, makes this card the best among prepaid cards.
Pros
Cons
Rewards
Benefits
Details
No Foreign Transaction Fees
Free ATM withdrawal
Interest on Balance
Eligibility
Credit Score
Annual Income
The EQ Bank Card is a solid alternative for those who prefer a simple, flat-rate structure. It offers cash back on every purchase, along with interest on your balance, although both the cash back and interest rates are substantially lower than those offered by KOHO Essential.
The card also comes with practical benefits like no foreign transaction fees and free ATM withdrawals in Canada, making it a convenient option for travel and easy cash access. However, when it comes to overall earning power from both spending and balance interest, KOHO Essential delivers stronger everyday value.
on KOHO's website
Welcome Bonus
Get 2 months for free using promo code KOHOFINLY
Annual Fee
$177
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
4.6/5
The KOHO Everything Mastercard offers a combination of high cash back rewards and a unique 5% interest on your balance, along with no foreign transaction fees. While the $228 annual fee is steep for a prepaid card, it could be worth it for those who can maintain a high balance and frequently make purchases in the bonus categories.
Pros
Cons
Rewards
Benefits
Details
No Foreign Transaction Fees
Interest on Balance
Unlimited e-Transfers
Discount
Eligibility
Credit Score
Annual Income
The KOHO Everything plan is the premium upgrade for users who want to maximize rewards and features. While it comes with a monthly subscription fee, it offers higher cash back rates, enhanced savings tools, and additional perks compared to the Essential plan.
This card is ideal for individuals who use their prepaid card frequently and want to earn stronger returns on everyday purchases. If you’re looking for a prepaid solution that combines budgeting tools, elevated rewards, and premium benefits, KOHO Everything delivers excellent long-term value.
