There are a few prepaid credit cards that Canadians can choose from. While they are not as popular as in the United States, there are still a few companies that provide prepaid credit cards in Canada. Prepaid credit cards normally come in two types: those that are purchased for a fixed value and generally cannot be refilled and those that don’t have any preset value on them and that can have money added onto them after they are purchased.
The majority of prepaid cards found in Canada are gift cards bearing the Visa or MasterCard logo. These can be purchased from many locations, such as supermarkets, convenience stores and banks. The most popular types of prepaid gift cards are the Vanilla MasterCard and the Citizens Bank prepaid Visa card. These can be purchased for amounts of $25, $50 or $100, plus a small activation fee that is currently around $3 to $4. These prepaid cards can then be used anywhere that a normal Visa or MasterCard credit card is accepted. You can check your balance by calling the toll-free number on the back of the card or by logging into a secure web site. It is also possible to make purchases online with these cards, however you would have to register the card first by going on the issuer’s website and inputting your name and address, which must match the information that you use when ordering online so that the transaction goes through.
There are also some American Express brand prepaid cards available. While these are mostly sold to companies who give them out to their employees as part of a rewards or bonus program, American Express also sells some of their prepaid cards at certain Shoppers Drug Mart location across Canada. These are slightly less popular, as American Express cards are not as widely accepted as cards issued by Visa or Master Card.
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There are also reloadable prepaid credit cards available in Canada. One of those is the prepaid MasterCard that is issued by BMO. It can be refilled by doing a bank transfer or by transferring funds directly from another BMO credit card. The check cashing chain Money Mart also has a prepaid Master Card that can be refilled with money and used exactly in the same way that a regular credit card would. However, when you use such a card, make sure you read the fine print to see if there are any transaction fees or a monthly charge that is deducted from your balance.
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