Enjoy These Prepaid Card Benefits
- The perfect companion to cash and your CIBC debit and credit cards.
- Available to buy at banking centres, and through CIBC Online Banking® and the CIBC Mobile Banking App®.
- You can buy up to 5 prepaid cards, one for each currency.
- Buying and using a prepaid card wont affect your credit rating.
- Load funds from your CIBC bank account or CIBC Personal Line of Credit, or with your credit or debit card at the Toronto Pearson Airport Banking Centre.
- Save time when shopping online: use online banking to set up a Visa Checkout account with this card.
- Free cash withdrawals at CIBC ATMs within Canada.
- The ATM cash withdrawal fee is waived for one withdrawal outside of Canada per month.
- Funds don’t expire3.
- Free 24/7 online access to your account balance and transactions.
Best Prepaid Debit Cards And Alternatives: Summary
We looked at 40 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Where multiple card plans existed, only the basic monthly fee plan was considered.
We analyzed four categories for each card: general fees and features, purchases and withdrawals, reload fees and options, and other services such as bill pay and savings accounts. The cards that made this list had the best combination of these categories. Some cards in this roundup have nonbank program managers that partner with banks. Regardless, all the cards issuers are banks that insure consumers money through the Federal Deposit Insurance Corp. No cards above have overdraft fees.
Prepaid debit cards that we considered included:ACE Elite Visa Prepaid Debit Card, American Express Serve, Bluebird by American Express, Fifth Third Access 360° Reloadable Prepaid Card, Green Dot Prepaid Visa Card, Mango Visa Prepaid Card, Netspend Prepaid Card, PayPal Prepaid Mastercard, RushCardPrepaid Visa Card.
What the ratings mean:
Why Would I Use A Prepaid Card
- Prepaid cards are a convenient way to pay for things if you are not carrying cash.
- You do not owe a bill since you are using money you already have.
- You do not need a bank account to use a prepaid card.
- You do not need a good credit history to use a prepaid card.
Learn more about your credit history.
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Cibc Ac Conversion Visa Prepaid Card
This card is unique in that it can hold more than one currency at a time, saving you the hassle of currency exchanges when you are travelling abroad.
The CIBC AC Conversion prepaid card can take up to 10 currencies including USD, EUR, GBP, JPY, and more. After locking in an exchange rate, you can simply make payments in the currency of your choice. You dont need to be a CIBC-customer to apply and the bank does not run a credit check.
- Monthly fee: $0
- Reload method: Online banking
- Best for: Holding multiple currencies
Regular transaction fees apply if you need to make an ATM withdrawal outside Canada the first ATM withdrawal is free each month.
Prepaid Debit Cards Vs Credit And Debit Cards
Heres a quick breakdown:
Prepaid debit cards pay before: You load money onto the card via cash, checks, direct deposit or a transfer from another account before paying for transactions.
Debit cards pay now: You use money directly from a checking account when paying for purchases or withdrawing money from an ATM.
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Using Prepaid Cards For In
Prepaid cards are a great way to save up for big purchases or little treats youd otherwise buy without thinking. As they can be used anywhere youd used a standard debit card, theres no limit to the kind of thing you can use it to buy.
Saving up for something special like a new TV or an outfit for a special occasion? You could load spare cash onto your card until you reach the amount you need to buy that special item in store.
Want to limit yourself to how much you spend on luxuries like cosmetics or set a budget for a night out? A prepaid debit card is a great way to keep your spending in check. Theres no danger of sneaking that new lipstick or expensive video games into your cart if you know youve only got enough credit to cover what you originally went in for.
Whatever you find yourself spending on in store, a prepaid card encourages you to ask yourself if you really need that thing, stopping you from spending more than you have.
Is A Gift Card A Kind Of A Prepaid Card
A gift card is different from a prepaid card. You need to understand that a gift card is specifically for shopping at a particular store or stores. You cannot withdraw or send money using a gift card. Prepaid cards have the option of sending money, shopping at accepted points as well as withdrawing cash from ATM points. You can use a prepaid card to buy a reloadable gift cards with no fees from merchants who sell them.
Again, money loaded in prepaid cards does not expire. You can use it at any time you wish. Gift cards can expire. It means that when you receive one, you should use it within a specified time. After that, the card becomes a mere plastic.
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How Do I Use My Vanilla Prepaid Card
You can purchase your Vanilla Prepaid card at any participating stores and gas stations. Once you have it, you can immediately activate the card the minute you make your first purchase. As with other Prepaid Cards, you are required to sign the back of the card when you buy it.
When you purchase an item online or in-store, just present your card at the time of payment. The card balance will reduce according to the amount of purchase . You can use your card in combination with a second payment method in the event the cost of your purchase item exceeds the balance on your card.
Vanilla Prepaid cards can be used outside Canada too, anywhere Mastercard or Visa is accepted which is a big plus when compared to a debit card. Just keep in mind that there is a 2.5% foreign exchange fee, but that’s standard for most credit cards as well.
Benefits Of A Free Prepaid Credit Card
There are numerous advantages of a free prepaid credit card in the following, we mention the crucial benefits of the free prepaid card.
- The prepaid card aids you to adhere to the spending limit as per your budget.
- The card is easy to obtain if you are not looking for any other credit card
- No employment verification is queried for card issuance.
- Also can be used to distribute salaries to the employees
- You cant get into debt as it offers no credit facility
- Some banks even allow you to withdraw cash using the card
- Can be used to pay utility bills
- Also, it can function as a gift card or travel card.
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Using Prepaid Cards Online
Prepaid cards can be used anywhere youd use a standard bank card, and most are supported by Visa, Mastercard or American Express. So it doesnt matter whether youre spending in a store or online as long as theres cash on your card, you can shop.
Using a reloadable prepaid card is a great way to help you budget as you can only spend whats loaded on your card. You cant go into your overdraft or spend more than youd expected so theyre a great way to limit your spending. Find out more about how prepaid cards work with our guide.
Theyre great if youve been given some cash as a birthday or Christmas gift but want to be able to spend it at your favorite online store, or if you dont have a bank account and need to order online.
The only limit will be if an online store doesnt accept a particular provider like Discovery or American Express, though youd have that same issue with a standard debit or credit card too.
What Is A Prepaid Card
A prepaid card is a card you can use to pay for things. You buy a card with money loaded on it. Then you can use the card to spend up to that amount.
A prepaid card is also called a prepaid debit card, or a stored-value card. You can buy prepaid cards at many stores and online.
Many prepaid cards come with the Visa or MasterCard logo. These prepaid cards look just like a credit card.
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Using A Reloadable Visa Card Can Help Reduce Your Risk Of Business Fraud
A key benefit of using reloadable debit cards that are Visas in your company is that doing so can help to reduce your risk of business fraud. You can replace outdated payments systems with the cards that have a heightened risk of internal and external thefts such as petty cash, reimbursements, and checks.
The controls on the cards can help you to enforce your expense policy. Using cards instead of alternative payment methods can also help to limit your employees ability to access your accounts and your money. The cards cannot be used to withdraw money from your account, and the controls allow you to prevent unauthorized purchases.
If an employee attempts to purchase something that you have restricted, it will be declined at the point of sale. You will see that the attempt was made so that you can deal with it as you see fit.
Making A Purchase With Your Visa Gift Card
- What if I change my mind and want to cancel a purchase?
If a merchant cancels a purchase transaction for you, it may take three to seven business days for the cancellation to show up on your Visa Gift card record and for the funds to be credited to your card and available for use. Check the balance on your card, either online or by phone, to see when your cancelled purchase transaction has been processed. Refer to the back of your card for the web site address/phone number of the financial institution that issued your card.
- Why was my Visa Gift card declined?
- Your card may have expired. Check the expiry date printed on the front of your card. In this case, let the merchant know how much remaining balance you have on your card. The merchant may split the transaction and allow you to pay for part of your purchase with the Gift card, and then the remaining part of your purchase with another form of payment, such as a credit, debit or cash.
- Your remaining card balance may be less than the value of the item you wish to purchase.
- Merchants who only possess a manual imprint machine cannot accept Gift cards which have the phrase “ELECTRONIC USE ONLY” printed on the front of the card.
- Some internet merchants use fraud protection software that may decline a Gift card purchase transaction.
- Your card may not be activated or registered yet. Follow the activation and registration instructions that came with the card, or contact the card issuer
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Cibc Smart Prepaid Travel Visa Card
The CIBC Smart Prepaid Travel Visa Card serves as a great payment method when youre moving around all you have to do is choose a currency and top up your card online through mobile banking or at any CIBC branch location. You will then benefit from a fixed exchange rate which will allow you to avoid unpleasant surprises related to exchange rates. The available currencies are US Dollars, Euros, Pounds Sterling and Mexican Pesos. Only these four currencies are available: Canadian dollars are not accepted by this card.
The minimum card amount and maximum balance vary from one currency to another. We invite you to visit the CIBC bank website to find out what these amounts are depending on your chosen currency. You will be able to access your account details online at any time and this prepaid credit card allows you to travel with peace of mind thanks to its chip card technology recognized around the world as a security standard. Active fraud monitoring is also available to detect any unauthorized activity.
The Benefits Of Prepaid Cards
What makes these prepaid credit cards such a handy financial asset? Here are just a few examples:
- Purchasing power for Canadians with credit concerns or ambition to build credit
- Reduced or eliminated overdraft fees and interest
- Secure & cost-effective online and in-store purchases
- Automated bill payments
From families, to individuals, to business owners and travellers, there are perks to enjoy with prepaid credit cards in Canada, but also fees and factors to consider.
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The Canada Post Prepaid Visa
The Canada Post Visa Prepaid Card is a prepaid card which you can use globally in any country that accepts VISA cards as electronic payments for online and offline transactions. You can also use ATM facilities anywhere in the world. Like the CIBC prepaid cards, this card is ideal if you are travelling and dont want to carry cash.
With this card, you:
- Dont need a credit check
- Dont need a bank account
- Can reload it at any time, as often as youd like
- It comes with purchase security insurance and an extended manufacturers warranty
The main downside to this card is its maintenance fee which is $3.00 and the reload fee which is $3.00.
Green Dot Visa Debit Cards
Your banking. Your choice. Green Dot has an account for you.
Green Dot Visa® Debit cards have smart everyday banking features to help you better access, budget and manage your moneyanytime, anywhere you need it.
- No monthly fees with qualifying direct deposit
- Get your pay up to 2 days early
- Overdraft protection up to $200 with opt-in & eligible direct deposit
Personalized card required. Fees and limits apply. Learn more
See account agreement for terms and conditions. When you direct deposit $500 or more in the previous monthly period, otherwise $7.95 per month. Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. $15 fee may apply for each purchase transaction not repaid withing 24 hours of authorization of first transaction that overdraws account. Overdrafts paid at our discretion.
Personalized card required. Fees and limits apply. Learn more
See account agreement for terms and conditions. $15 fee may apply for each purchase transaction not repaid withing 24 hours of authorization of first transaction that overdraws account. Overdrafts paid at our discretion.
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The 9 Best Reloadable Prepaid Cards With No Fees
A prepaid card is a type of card that requires you to load with money to use it. You can use a prepaid card to purchase goods and services from online stores or at physical shops that accept the card services. Most financial institutions provide reloadable prepaid cards with no fees. You only need to recharge with a certain amount of money, and you are good to go.
A prepaid card works just like the debit card. However, the two are different in that a prepaid card has no connection with any bank account. You use what you have loaded at any merchant store accepting the card. On the other hand, a debit card links to your bank account. Therefore, when you use the card to buy goods and services, the spend money deducts from your account.
With a prepaid card, you have no limitation to buying goods and services only. You can as well send money to someone else using a checking account. What you do, you input the card number during checking out and enter the PIN after indicating the amount you wish to send. You can also buy gift cards online with a checking account from stores such as Amazon for anybody.
Prepaid Debit Card Issuers
There are many prepaid debit card issuers, and they have different rules, fees and places their card is accepted. Some of them include OmniCard, Netspend and Bluebird by American Express. Some individual companies also offer prepaid cards, such as Walgreens and other brick-and-mortar retail merchants. When you load your card, most prepaid debit card issuers will deduct a fee from the amount. For instance, if you put $200 on the card, you might only have $175 to spend.
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When You Should Get A Prepaid Card
Prepaid cards are a good option for parents who want to give their kids spending money without handing them cash that could potentially get lost. You can request a new prepaid card if it goes missing, and many card issuers allow you to lock your card to prevent unauthorized use.
And since you can incur overdraft fees with a debit card or quickly run up a balance on a credit card, a prepaid card can help you limit your kids spending to the amount loaded on the card.
Choosing a prepaid card could be a good choice for you if you have a history of overspending. A prepaid card might be a better alternative than a debit or credit card, as it can force you to stick to a budget by declining purchases that exceed the balance in your account. But make sure it makes financial sense. Even though you’re saving on potential interest charges or overdraft fees, the monthly fees on a prepaid card can get very expensive, too. If you decide that using a prepaid card makes it easier for you to manage your finances, make sure to sign up for a no-fee card.