Prepaid Visa and Mastercard Credit Cards in Canada

Introduction

This article is about getting prepaid cards in Canada and Quebec. If you would like to find the best cards to get in the US, you can read about them in this article.

Credit cards can be difficult for people who struggled financially in the past.

Nowadays, Visa and Mastercard have created products that open up the freedom of swiping a branded credit card without needing a good credit report or a good credit score.

If you need to pay with a credit card over the phone or Internet, you can choose any of the following:

Note that:

  • No credit investigation is required to get one of the following “credit cards”.
  • It is required that you can prove your identity to get reloadable credit cards and for the CIBC Visa Debit card.

Carte de crédit Vanilla Mastercard prépayéeVanilla Mastercard Prepaid Credit Card

Credit Card Type
Prepaid

Reloadable?
No

How much money can the card hold?
25$ CAD
50$ CAD
100$ CAD
200$ CAD

Activation Fees
25$ card: 3.95$ (15.8%)
50$ card: 4.95$ (9.90%)
100$ card: 5.95$ (5.95%)
200$ card: 6.95$ (3.98%)

Replacement Fees for a Lost Card
9.95$

Standard Lifetyme
6 months

Fees After the 6th Month of Activation
2.50$/month

Works with Online Poker Rooms?
Yes: Poker Stars and Fult Tilt Poker

Where can we buy the Vanilla Mastercard Giftcard?
Petro-Canada
Jean Coutu Drugstores
Shopper Drug Mart
Duane Reade’s
7-11 Convenience Store

 

Visa Prepaid Giftcard Credit Card

Type of Credit Card
Prepaid

Reloadable?
No

How much money can the card hold?
25$ CAD
50$ CAD
100$ CAD
200$ CAD
250$ CAD 

Activation Fees
25$ card: 3.95$ (15.8%)
50$ card: 4.95$ (9.90%)
100$ card: 5.95$ (5.95%)
200$ card: 6.95$ (3.98%)
250$ card: 7.50$ (3.00%)

Replacement Fees for Lost Card
20$

Standard Lifetime
12 months

Monthly Fee after the 12th Month of Activation
2.00$/month

Works with Online Poker Rooms?
Yes: Fult Tilt Poker

Where to get a Visa Giftcard Prepaid Credit Card?
Jean Coutu Drugstore
Shoppers Drug Mart
Couche-Tard Convenience Stores
Dominion
MACS
Pharma Plus
Rexall
Sobeys

Frais ponctuels, une seule fois, payables en argent comptant et en espèces ou par carte de débit seulement

Carte de crédit prépayée Visa Cadeau RBC Banque Royale du CanadaVisa RBC Giftcard Prepaid Credit Card
(Royal Bank of Canada)

Credit Card Type
Prepaid

Reloadable?
No

How much money can the card hold?
Customer’s Choice
Minimum: 25$ CAD
Maximum: 500$ CAD

Activation Fees
3.95$ no matter how much you put
on the prepaid card


Replacement fees for card
15.00$

Standard Lifetime
6 months

Fees after the 6th month of activation

1.50$/month

Works with online Poker Rooms?
Not tested

Where to get the Visa RBC Prepaid Credit Card Giftcard?
Royal Bank of Canada (RBC)

Frais ponctuels, une seule fois, payables en argent comptant et en espèces ou
par carte de débit seulement

Carte de crédit prépayée Visa Titanium Plus rechargeableReloadable Visa Titanium Plus Credit Card

Credit Card Type
Prepaid

Reloadable?
Yes

How much money can the card hold?
Minimum prepaid amount prépayé: 10$
Maximum prepaid amount: 7500$
Maximum possible balance: 10,000$

Activation Fees
20$+taxes (one time fee)

Maintenance Fees
7.50$ or 15$ per month
(depending on choosen plan)

Reload Fees
2.00$ or free
(depending on choosen plan)

Usage Fees
0.50$/transaction or free
(depending on choosen plan)

Replacement Fees
5.00$

Standard Lifetime
“Unlimited”

Works with Online Poker Rooms?
Not tested

Where to get reloadable Visa Titanium+ Credut Card
MoneyMart
InstaChèques

Carte de paiement Visa Debit CIBC
CIBC Visa Debit Card (with Interac)

Card Type
Debit

Reloadable?
“Yes”

How much money can the card hold?
CIBC bank account balance

Usage Fees
Normal bank fees applies
Choose your plan at the bank

Card Replacement Fees
Doesn’t apply

Standard Lifetime
Unlimited, as long as your CIBC bank account is active

Works with Online Poker Rooms?
Yes: Poker Stars and Fult Tilt Poker

Where and how to get a CIBC Debit Card?
Open a bank account at your CIBC bank

Note regarding the CIBC Visa Debit card
The card has two functions: it’s a card that works with Interac (direct payment) and that is accepted almost anywhere where the Visa Card is accepted. The cash limit that you can use with the CIBC Visa Debit Card is your bank account’s balance.

Carte Visa Prépayée Rechargeable Postes Canada - Canada Post Visa Reloadable Prepaid Card


Visa Prepaid and Reloadable
Credit Card from Canada Post

Activation fee
One time fee paid in money or cash, or with debit card
15$

Monthly service fee
3$

Reload fee
3$

Negative balance fee
5$

ATM withdrawal fee
2$

Customer service call
1$

Replacement card
20$

Expiration of the card
The card expires 2 years after delivery

Maximum balance
10,000$

Complies with Internet poker sites
Untested
Should work
Not recommended

Foreign currency exchange fee
2,5%

Notes about the fees
*The monthly service fees are deducted on the card balance at
the beggining of each month.
*The ATM service supplier can charge extra fees for a withdrawal.

Where To Find The Best Interest Checking Accounts

Building your finances can be pretty hard sometimes. You need to set up checking accounts and all the other personal finance items. The first step you should take is setting up a checking account! Your paycheck can be deposited into the checking account and connected to savings as well. Credit card and other bills can be directly drawn from this checking account.

If you are trying to rebuild or polish your finances, its best to start out by  drawing a financial map to guide you. This will allow you to clearly visualize all of your options. Finding the checking account that will fit your needs is not that hard. There are a lot of ATMs available out there and likewise, a lot of banks willing to take your deposits!

How do I pick the best Checking Account for me?

The Online Checking Accounts

If you prefer not to go to the bank office and to do everything online, then the online checking account is a very comfortable option. It offers good yields and rewards but at some point, if you want to deposit real cash you will have to make a trip to the bank. Otherwise, it is easy to do all the procedures via internet. Some banks offer rewards and various fee reductions if you use the online service.

Reward Checking Accounts

If you do not like the idea of scanning checks, there are a lot of online services. You can also access a reward checking account. These are some accounts that offer nice high yields just as long as you make a double digit debit card transaction.

Credit Union or the Community Banks

Check to see if you have a community bank or a local credit union in your area. There are a lot of small community credit unions that offer a lot of nice incentives. Some offer free fees for the transactions.

Best Free Checking Accounts

Here are the 10 largest options

Bank of America MyAccess Checking – you do not have to pay a maintenance fee when certain prerequisites are met:

  • Have at least one qualifying direct deposit of $250 or more -or-
  • Maintain a minimum daily balance of $1,500 or more.
  • Students under age 23 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.

Free Checking BB&T – there is a minimum monthly fee and no minimum balance needed. Fees can be avoided if with certain qualifications.
Capital One Rewards Checking – no service fees and you get unlimited check writing and reward miles.
Chase Checking – there is not monthly fee and you pay a fix fee of $6.
Citibank EZChecking – you pay no fee if you have a minimum of $1,500 across linked Citibank accounts.
HSBC Choice Checking – the direct deposit is free.
PNC Bank Free Checking – there is no service charge and also no minimum balance. No ATM fees as well. SunTrust Free Checking – it is also without a minimum balance.
the U.S. Bank with their Silver Package – 0 maintenance fee.

There are a lot of major banks that offer a free checking account. Ideally, you should look for those banks that have no maintenance fees (like Citibank). You should always keep an eye on your transactions and the fees they are applied to you on your monthly statement. Remember that the free checking accounts are quite rare and in some cases you really need to read all the lines of the contract in order to see if the account is actually free or not. Some accounts can hit you with daily or monthly averages and minimums.

High Interest Checking Accounts

When you have a checking account one way to make money with it is by collecting the interest. Some people say that it is best to use reward credit cards for each month’s spending and not writing checks using the debit card. Usually this is said for the cases when the monthly balance is $10,000 to $50,000, when there is a decent interest rate. One important thing is the fact that the maximum interest rate is much lower than the savings. If you have a good credit then you can qualify for a lot of reward credits. These ones offer a lot of ways to earn points and even airline miles and they’re a great way to channel all your loans. Your money will no longer just be sitting in the account, they will create new value. By keeping a close eye on them you are able to win some profit.

 At the end of the month, you have to pay the credit card balance. This allows you to collect the interest from the savings account. If you pay the balance in full then you avoid the finance charges. At the end of the year you will have a nice sum in your account and you can convert it to cash or airline flights or some gift cards. A lot of people are ready to do this and make the money work for them and this is one of the methods of making money without any risk. Gathering all these benefits is a clear way of saving some money. If you do not want to make a trip to the bank you should know that there is the possibility of creating an online checking account. In this way you will be able to create your account and benefit from it, immediately, not to mention the fact that all the operations can be done from the computer.

In the last few months, as the economy went into recession, many small banks closed down. Millions of workers were jobless for a long period of time. These victims are now trying to reorganize their lives and put their lives and bank accounts together. Right now many people see the bank interest as a safe way to make some extra money without taking extra risks, as this is one of the most reliable sources of profit. Unfortunately, in the last few years the interest rate has decreased a lot. It has lowered from 6% to 2%. Even so, this has not discouraged many people and they still consider this a good way to save money. If you compare this with the traditional banks, then you will see that there are a lot of banks that offer nice packages with attractive interest rates. You can search for these banks online and on Google you will get an impressive array of sites that offer you online banking services. Simply click on the link that goes to their website page and then read what they have to offer. There are a lot of online banks that offer you good rates, low commissions and a lot of nice saving packages for your money. These virtual banks must be very transparent and offer you all the details regarding their money offer. Also, make sure that they are trust worthy before signing anything.

Business Interest Checking Accounts

When you are beginning a new business there are a lot of things you need to figure out. For example, the checking account has to be in order. You have a lot of bank choices that you can take advantage of, with many opportunities. You can do a small checklist in order to evaluate the new bank and what kind of checking accounts they offer.

This article will tell you about the things you need to consider when doing that.

1. Is it checking account free?

There are a lot of banks that offer free checking for your business. You need to see if your offers are the same. Also, if the account is not free then you need to see if there are some additional fees to pay there. Sum up all the fees that you have to pay and then see if you have some extra charges as well.

2. What are the types of fees that you have to pay?

These additional fees can vary from one bank to another. You can pay a fee for every transaction. Beyond a certain number of fees you can pay an extra one. There are also cases when one needs to pay a fee if the account balance falls bellow one level. There are even banks that charge a fee if you do not do any transactions over a period of time.

3. What does APY mean for the account?

APY represents an annual percentage yield. This refers to that amount where you can earn interest for a deposit amount. It is calculated over a year. The higher your APY is, the better.

4. Can you open that account online?

There are some banks that offer this service but you need to check with them first.

5. Do they offer some kind of cash incentive?

There are banks specially designed for businesses and they offer cash incentives of between $50 and $100 when you open such a business account.

6. Is it FDIC insured?

This is very important and you need to check if the bank is insured. This means that the government will cover your money if that bank will be bankrupt. In some cases the government only covers a certain sum.

7. What other services do they offer?

Some banks offer a lot services like merchant credit card processing, payrolls and lock boxes plus business loans.

8. Custom checks?

This can be a nice service depending on the line of work that you do. If you need this service some banks offer it.

9. Do they charge the overdraft fees?

There are some banks that charge when you go on overdraft. These over draft programs are opt in. This means that you can check all the details before signing in the process. So read everything, including the small letters and make sure you can sustain the overdraft fees. There are some banks that do not charge anything for the overdraft so when you are shopping for such a business account ask all these questions so that you do not have some bad surprises. Create an excel sheet and enter there all the data you get from the banks and then compare them to see which one is the best and has the most benefits for your business.

Credit Card Refinancing

If you want to consolidate your debt there are a number of different ways that you can go about doing it. Follow these steps to get your debt under control.

1. Get all of your numbers in one place

This means gathering up your bills and your outstanding debt on all cards. Once you know how much you owe then make a simple total. Then go to this credit card calcualtor website to see how much you will end up paying in extra charges because the APR is so high.

2. Calculate how much it would cost to refinance

Usually, refinancing is not free. It usually cost you something to transfer or take out a new loan, but the savings can be immense. It is good to know just how much you will save and then compare it to the price of taking out the refinancing loan.

3. Shop around for the best rates

Obviously, it depends which service your going to use and your credit score will also determine the rate that you’ll be able to get on the refinancing interest. There are a number of aggrigator sites out there that take the guess work out of the ranges. Unfortunately, you will need to go though and fill out a lot of online “paperwork” to get approved for these loans. Then there is often a period of review when you will then have to wait for the instituion to make the approval.

4. Pay the balance off immediately

Make sure that you take the check or refinancing deposit and pay off the balances immediately. The longer you wait the more apt you’ll be to spend the money on something that will not help you to pay off the balance of your cards in the future.

Remember: Aim a bit higher, becuase you want to make sure that all the balances are paid off and that you did not forget to include THIS MONTH’S balance and interest!

5. Bonus: Do something with the savings

Knowing that you are going to be saving possibly thousands for yourself by refinancing, take some of that money and put it to the side. Reward yourself and your loved ones with a bit of a party at the end when its completely paid off. If it is a large sum, consider having a small halfway party to keep the momentum going.