9 Best Reloadable Credit Cards In Canada (2025)

According to an interview reported by Cards International, the prepaid card industry in Canada has grown by 21% since the year 2020.

This significant growth is accounted for by the changes in payment preferences brought on by the COVID-19 pandemic, as well as the shift towards e-commerce.

Considering the security, convenience and perks of prepaid, reloadable credit cards, this is no surprise.

Reloadable credit cards come with great perks, including little or no FX fees, the option to hold and use multiple currencies at once and cash-back rewards.

In today’s post, we will be going over some of the best reloadable credit cards in Canada.

Whether you’re looking for one to accompany you on your travels, or simply want a no-fuss card that will not be associated with your credit score or lead you into debt, something in this list will suit your needs.

Best Overall

Koho Standard

• 0.5% cash-back on all transactions 
• 1.5% FX fee
• Earn interest on all balances
• No credit check is necessary 
• Credit score building feature available 

Sign Up for Free

Best for Travel

Wise Multi-Currency Card

• Real exchange rate used 
• No FX fees 
• Hold and spend in over 50 currencies 
• Send and receive money across borders 
• Free international ATM withdrawals ($350 CAD each month) 

Sign Up for Free

Best Paid Reloadable Card

Koho Premium Premium

• Up to 2% cash-back
• No FX fees 
• One free international ATM withdrawal per month
• No credit check is necessary 
• Free financial coaching and priority customer service 

Sign Up Here

Features You Should Look For Before Choosing A Reloadable Credit Card

There are a lot of reloadable card options in Canada. Before deciding which one might be the best for you, I recommend considering your intended use for the card.

Are you looking to use it for travel, day-to-day purchases, or online shopping? Or are you simply trying to avoid the hassle of using a regular credit card and impacting your credit score?

Whatever your answer may be, I recommend taking the following features into consideration before going through the list below and ultimately making your decision.

• Is the card travel friendly? That is, what are its features when it comes to foreign exchange (FX), multi-currency use, international ATM withdrawals, and exchange rates? (Keep in mind that most cards charge a 2.5% FX fee when you use them in a foreign currency, but this is not the case with all of them)
• Are you interested in rewards and points? Will you be using the card enough for it to matter?
• What are the monthly or annual fees associated with the card, if any? Is there an activation fee?
• What are the security features in place?
• What are the application criteria?
• Is it equipped with any Visa or Mastercard benefits, such as zero liability?

Depending on your intended use for the card, I recommend keeping these features in mind when looking for a reloadable credit card.

Best Reloadable Credit Card In Canada

Here are the nine best reloadable credit cards in Canada.

1. Koho Standard: Best Free Overall

Standout Features:

• Instant cash-back on all debits (0.5%)
• Lower-than-usual foreign exchange (FX) transaction fee (1.5%)
• $0 per month
• Earn interest on all balances
• Credit check not necessary
• Credit score building feature available
• Sign up for the free Koho account here.

Koho is consistently recognized by publications such as Forbes, Financial Post and Bloomberg, and for a reason.

This standard account by Koho has a $0 annual fee and is completely reloadable. Some of its best features are that you get great interest, cash-back and low FX fees with no monthly or annual cost.

The use of this card does not affect your credit score. If you are keen to build it, however, they do also offer a fantastic program where you can build a positive credit history without ever actually taking out any credit.

This program costs $7 each month, and you can stop once you get a score you like.

Koho is partnered with a federally regulated bank (Peoples Trust.) This means it is also incredibly safe and secure.

You can learn a lot more about this Koho standard account here.

2. Koho Premium Premium: Best Paid Reloadable Card

Standout Features:

• Increased cash-back on purchases (2% on three chosen categories and 0.5% on all other purchases)
• No FX fees
• One free international ATM withdrawal each month
• $9 per month (or $84 annual upfront)
• No credit check is necessary
• Free financial coaching and priority customer service
• Sign up for this product here.

If you thought that the Koho standard account was great, wait until you see the features of their Premium account.

This account has a $9 monthly fee (or $84 when you pay for the entire year upfront) and fantastic cash-back, FX, ATM withdrawal, and coaching perks.

You also still have the fantastic option of building your credit score while you use it as well as great security regulations in place.

If you are planning on using your Koho card while travelling, I highly recommend using the Premium option instead to save on FX fees.

3. Wise Multi-Currency Card: Best for Travel

Standout Features: 

• The real exchange rate used
• No FX fees
• Hold and spend in over 50 currencies
• Send and receive money across borders
• No annual fees
• Free international ATM withdrawals ($350 CAD each month)
• You can sign up for a free Wise account here.

This Wise card is one of the best things you can add to your wallet if you are a regular traveller, shop on international websites, or conduct business overseas.

With no annual fees, exchange rate markups, FX fees and the ability to hold more than 50 currencies at once, this card is truly special when it comes to moving and spending money across borders. 

Wise is widely known for its transparency, low fees, security and offering some of the cheapest international money transfers on the market.

Once you’re a customer, you can easily order your multi-currency Visa card and start spending in Canada or overseas.

4. Wealthsimple Spend Card: Best for Stock and Crypto Rewards

Standout Features:

• 1% cash-back in the form of stocks, crypto, or cash
• $0 monthly fee
• Low FX fees
• Deposits protected for up to $100,000 through the CDIC

This card is a great option if you are already a Wealthsimple user or simply want your cash-back rewards in the form of investments in stocks or cryptocurrencies.

One thing to beware of with this card is that although Wealthsimple does not charge any foreign exchange (FX) fees, Visa does.

If you are looking for a good reloadable card to travel with, I recommend other options, such as Wise or Koho Premium.

Otherwise, this card is amazing.

You can sign up for Wealthsimple here.

Curious to know more about Wealthsimple, if you don’t already? Start with this post.

5. MOGO Card: Best for Security + Environmental Impact

Standout Features:

• Free monthly credit score monitoring
• Free monthly identity fraud protection
• No monthly fee
• Every transaction results in one tree planted
• Sustainably invest in Bitcoin with every transaction 

This MOGO reloadable Visa card is incredibly innovative, secure and has the environment in mind – not something you see with most reloadable cards.

Each time you tap or spend on your card, one tree planted is planted, and you also earn 50 “green satoshis” rewards (bits of bitcoin.) So over time, you can see your invested rewards take off.

Another standout feature of the MOGO card is its security. Services such as identity fraud monitoring can cost several hundred dollars each year, but it is free with MOGO.

You also have good options to lock your card on the app if you ever lose it or are unsure about security.

There are some fees associated with certain transactions with MOGO, as is usually the case with most cards. These are:

• $1.50 per domestic ATM use, $3 per international ATM use
• 2.5% FX fee
• $1.99 account inactivity fee (one-year period)

Besides these features, MOGO also has fantastic features to help you track your spending and save more money each month.

You can sign up for MOGO here.

6. Stack Card: Best for Cash-Back

Standout Features:

• No monthly fees
• Cash-back at more than 140 Canadian retailers
• Mastercard zero-liability protection
• Early pay-day feature
• No ATM fees (including international)
• Cash-back on FX transactions (purchases and ATM withdrawals abroad)

Stack is another good reloadable option to use both in Canada and abroad. They offer great cash-back services and perks while using your card overseas, such as extra cash-back on FX purchases and no ATM fees regardless of where you are.

Like Koho, Stack is partnered with Peoples Trust Company, a federally regulated financial institution. As a result, your deposits with Stack are protected for up to $100,000 through CDIC.

Stack also offers other great features, such as the option to freeze your card instantly on the app and a program called Stack Travel to help you save up to 20% on your next vacation if you use your Stack reloadable Mastercard.

7. RBC Virtual Debit Visa: Best Big Bank Option

Standout Features: 

• Directly transfer money from your RBC chequing account
• Backed by the biggest bank in Canada
• 24/7 fraud control and zero liability protection
• Earn and redeem points through the RBC Vantage program
• Instant activation and access

This card from RBC is a great option for online purchases.

Better yet, the peace of mind that you can gain from using a virtual card like this is coupled with the ability to still earn RBC Vantage points and get zero liability protection from Visa.

And don’t let the name fool you; you are still able to get a physical card delivered to your home despite it being a “virtual” card.

If you are already an RBC customer looking for a more secure way to spend without taking out credit or worrying about making monthly payments, I highly recommend this card.

8. CIBC AC Conversion Visa Prepaid: Best Big Bank Travel

Standout Features: 

• Load up to ten different currencies
• Save on FX fees
• No activation fee
• Cash-back available

This CIBC AC Conversion Prepaid Card is your best bet for a good reloadable travel card provided by a big bank.

Partnered with Air Canada, the card allows you to load funds and convert up to ten different currencies. You also have the option to freeze your exchange rate every time you load, so you don’t have to worry about fluctuations in the market.

You can sign up for this card online or at the CIBC Banking Centre located in the Toronto Pearson airport. You do not have to be a CIBC client in order to apply, and there is no credit check required, which is great.

9. BMO Prepaid Mastercard: Runner-Up

Standout Features: 

• Extended warranty and purchase protection
• Transfer funds directly from your BMO account or from another bank
• $6.95 annual fee
• Mastercard Zero Liability

This card is a better option than using your debit card in certain instances, such as when you are abroad or shopping online. This is especially because you can take advantage of the extended warranty, purchase protection and the Mastercard Zero Liability features.

With this card, you also do not have to worry about any negative effects on your credit score.

You can sign up for this reloadable BMO card online. According to the BMO website, they will get back to you in less than 60 seconds.

Pros and Cons of Reloadable Credit Cards

There are some pros and cons to using a reloadable credit card. Let’s cover what these are to help you decide whether you should get one.

• Buying and using a reloadable credit card will not affect your credit score
• No credit check is necessary
• Significantly lower in annual or monthly fees compared to some credit cards
• Your funds do not expire
• A more secure option than a regular debit when it comes to travel and online shopping
• No monthly credit card payments or debt involved
• You can only spend what you have, helping you save money and track your spending better

• You can’t build your credit score if that is your goal
• No insurance protection
• No interest accrued on your card balance (unlike a chequing or savings account)
• No easy access to credit in case of emergencies (you can only spend what you have)

Are Reloadable Credit Cards A Good Idea?

There is certainly nothing wrong with using a reloadable credit card. In fact, they prove to be a better option than regular credit cards in some instances, such as when travelling or making online purchases.

With that said, reloadable credit cards can’t always replace regular credit cards. Things such as insurance protection, access to credit, and high cash-back or travel rewards are not characteristics of reloadable credit cards.

If you are eligible for a credit card, I would recommend having at least one.

You can still use your reloadable card when you feel it is appropriate, but your regular credit card can help you build your credit score over time (as long as you make your minimum payments on time), get insurance protection in certain instances, and have access to credit when necessary.

I’m a big believer that combining various products from different financial institutions can be a really effective way of having all of your financial needs met. This certainly also applies to reloadable credit cards.

Conclusion

Secure and convenient, reloadable credit cards can be a fantastic option for your day-to-day purchases and travels.

In fact, with perks such as no FX fees, real exchange rates and free international ATM withdrawals, some of these prepaid cards can save you big bucks.

If you are looking for a no-fuss spending option, I would definitely recommend a reloadable credit card to you.

Another reason why reloadable credit cards may be right for you is if you are concerned with your credit score.

Luckily, there are many ways to improve this score. To start, I recommend checking out this post on the seven steps you can take to improve your credit score by at least 100 points.