Best Prepaid Cards Compared
| Card | Network | Cashback | Monthly Fee | Credit Building | Best For |
|---|---|---|---|---|---|
| KOHO Essential | Visa | Up to 1% | $0 | Optional ($10/mo) | Best free option |
| KOHO Extra | Visa | Up to 2% | $9/mo | Included | Cashback + credit building |
| KOHO Everything | Visa | Up to 5% | $19/mo | Included | Maximizing rewards |
| Wealthsimple Cash | Visa | 1% | $0 | ❌ | Investment ecosystem |
| Stack Prepaid | Mastercard | Limited offers | $0 | ❌ | No FX fees (travel) |
| CIBC AC Conversion Prepaid | Visa | Aeroplan miles | $0 | ❌ | Travel points |
| Mogo Visa Platinum Prepaid | Visa | 2% bitcoin cashback | $0 | Optional | Crypto rewards |
KOHO
Plan Comparison
| Feature | Essential ($0) | Extra ($9) | Everything ($19) |
|---|---|---|---|
| Cashback (purchases) | 0.5% | 1% | 2% |
| Partner cashback | Up to 5% | Up to 5% | Up to 5% |
| Savings interest | 0.5% | 3% | 5% |
| Credit building | $10/mo add-on | ✅ Included | ✅ Included |
| Price matching | ❌ | ✅ | ✅ |
| Instant e-transfer cover | ❌ | ❌ | ✅ |
| Network | Visa | Visa | Visa |
Pros and Cons
| Pros | Cons |
|---|---|
| No credit check | Cannot be used for all pre-authorized payments |
| Automatic savings features | Lower cashback than traditional credit cards |
| Credit building option | ATM fees apply ($1.50 or with plan) |
| Partner cashback up to 5% | Some merchants may not accept prepaid |
| CDIC-protected deposits |
Wealthsimple Cash
| Feature | Details |
|---|---|
| Cashback | 1% (5% first month, Premium users higher) |
| Monthly fee | $0 |
| Savings interest | 4% (on Cash account) |
| Network | Visa |
| Foreign exchange fee | 1.5% (0% for Premium) |
| Credit building | ❌ |
| Best for | People already in Wealthsimple ecosystem |
Stack Prepaid Mastercard
| Feature | Details |
|---|---|
| Cashback | Through partner offers only |
| Monthly fee | $0 |
| Foreign exchange fee | 0% |
| Network | Mastercard |
| Credit building | ❌ |
| ATM withdrawals | $0 (at select ATMs) |
| Best for | International purchases and travel |
Prepaid vs Secured vs Regular Credit Card
| Feature | Prepaid Card | Secured Credit Card | Regular Credit Card |
|---|---|---|---|
| Credit check | ❌ None | Sometimes minimal | ✅ Full check |
| Builds credit | Usually no (KOHO optional) | ✅ Yes | ✅ Yes |
| Spending limit | Based on loaded funds | Based on deposit | Based on creditworthiness |
| Annual fee | Usually $0 | $0-$75 | $0-$170+ |
| Interest charges | None (prepaid) | 19-22% | 19-22% |
| Rewards | Limited | Minimal | 1-5% cashback/points |
| Best for | No credit history, budgeting | Building/rebuilding credit | Established credit |
Who Should Use a Prepaid Card?
| Situation | Why Prepaid Works |
|---|---|
| No credit history (newcomer) | No credit check required |
| Rebuilding credit | Can pair with KOHO credit building |
| Teenagers (13+) | Parental controls, budgeting |
| Budgeting discipline | Can only spend what you load |
| Online purchases (security) | Limited exposure if compromised |
| International travel | Stack has 0% FX fees |
| No bank account yet | Can receive direct deposits (KOHO, Wealthsimple) |
Fees Comparison
| Fee | KOHO Essential | Wealthsimple Cash | Stack |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| ATM withdrawal | $1.50 | $0 (some) | $0 (some) |
| FX fee | 1.5% | 1.5% | 0% |
| e-Transfer (send) | $0 | $0 | $0 |
| e-Transfer (receive) | $0 | $0 | $0 |
| Inactivity fee | $0 | $0 | $0 |
| Replacement card | $5-$10 | $0 | $5 |
How to Choose
| Priority | Best Card |
|---|---|
| Best cashback (free) | KOHO Essential |
| Best cashback (paid plan) | KOHO Everything |
| Build credit with prepaid | KOHO Extra or Everything |
| Best for travel (no FX fees) | Stack |
| Best savings interest | Wealthsimple Cash (4%) |
| Best for teens | KOHO (age 13+) |
| Best overall ecosystem | Wealthsimple Cash (investing + banking) |