About Cibc Prepaid Cards
You need an active CIBC Canadian or CIBC US$ Personal Account, or a CIBC personal line of credit. You also need to have a valid Canadian address and a valid form of identification. There is no minimum age requirement.
If you are not a CIBC client, you can buy a prepaid card using debit or credit at Greater Toronto Area Airport banking centres. You must provide 1 piece of identification to purchase a prepaid card using your debit or credit card.
Non-residents and visitors can also buy prepaid cards. However, in order to buy a prepaid card, you must have a valid Canadian address and provide 1 piece of identification.
Learn more about valid ID.
No, prepaid cards are not credit cards.
Unlike a credit card, which allows you to access a credit limit and pay the bill later, prepaid cards let you load what you need in advance.
A prepaid card is a reloadable Visa card where the funds never expire, whereas a credit card is revolving credit that goes against your liabilities.
You can load funds onto your prepaid card from a CIBC bank account or personal line of credit.
Unlike a credit card, statements will not be mailed out. Statements for prepaid cards are available online. It is recommended to review your history at least once every 30 days to report any fraudulent or disputed transactions.
Cash advances are not applicable with the prepaid Visa card at merchant point-of-sale terminals. You can, however, withdraw cash at ATMs.
What Can A Prepaid Visa Card Be Used For
So do prepaid Visa cards work, or is it just a nice idea?
Well, let me make it clear that they definitely do work. They are issued by Visa, which has been around for years and is reliable. So it is definitely a real way to have money.
And it is very easy to use.
There are some prepaid Visa cards that can only be used in your own country. This depends on the card you get. You will be able to find out if this is the case by reading the terms, where you get the card.
But in general, you can use a prepaid card as a normal Visa card. You can use it in any shop both online and offline if the shop or service accepts Visa debit.
If you get virtual visa cards, you can of course only use these for online shopping. But with what you can buy online nowadays, it will definitely not be a problem to find a way to use your virtual Visa card, if you get one of these.
The advantage of the virtual card is that since it is electronic, you can usually get it within minutes or hours after ordering it, whereas the physical prepaid Visa card has to be sent by post, which can take weeks in some cases.
Be aware that sometimes the prepaid cards have an expiration date like any other card. So make sure to use the credit before it expires.
Can You Get These Cards For Free
As you can see, there are plenty of ways to use a prepaid Visa card and a virtual Visa card.
To get them you of course need to load them with money. But there are actually sites that offer you to get these cards for free.
I have been using paid survey sites and get-paid-to sites for years, and I have found several of these that offer prepaid Visa as rewards.
This means that you can sign up for these sites, do different tasks like answering online surveys, taking online micro jobs, do offers, watch videos, participate in contests, and more, and then earn rewards.
Once you have earned a certain amount , you can request a payout, and several of the sites that are worth joining offers prepaid Visa or virtual Visa as a payout method.
So if you want to earn some free prepaid Visa cards, this is possible on these sites. The great thing about taking surveys is for example that you do not only get paid, but you also have your opinion heard. And you can use these sites as little or as much as you want to.
Be aware that survey and GPT sites are not a way to replace a full-time income and will not make you rich. But it can make some nice extra money on the side, if you join the legit sites. You just need to do it with the right expectations.
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Canada Post Prepaid Reloadable Visa Card
Forget Credit Checks or Bank Accounts
This card is ideal for those who dont have a bank account and are looking for a reloadable prepaid card. You just need to visit a participating Canada Post location and use cash or debit to add money to your card. You will, however, need valid government-issued photo ID to use the card. The downside of this card is that it has pretty high fees, such as $15 to buy the card and a $3 a month maintenance fee.
Note, however, that the sale of new Visa Prepaid Reloadable cards will be temporarily discontinued as of June 1, 2021.
Please re-visit Canada Post for updates about the new upcoming Visa card program.
- Perks: Dont need a bank account to buy and use, no credit check
- Withdraw Fees: $2 for every ATM withdrawal in Canada, $2 for ATM withdrawals outside of Canada
- Spending Limits: Maximum card balance of $10,000, with an overall max of $40,000 for the life of the card
- Other Fees: $15 to buy the card, $3 a month maintenance fee, as well as a 2.5% foreign transaction fee
*This card is owned and issued by DirectCash Bank pursuant to license by Visa International. The Visa Brand is a registered trademark of Visa International.
Paypal Prepaid Mastercard: Best For Paypal Users
Why we picked it: You can earn rewards through PayPal Payback Rewards, which allows for earning on qualifying purchases from select merchants. And for easy money management, you can move cash directly from your PayPal account.
Pros: You can manage your money easily with this cards mobile app and direct deposit capabilities. Also, you can add cash at more than 130,000 reload locations in the U.S.
Cons: This card comes with a variable monthly fee and no credit-building features.
Who should apply? PayPal regulars might appreciate the benefits offered by this card thanks to its available rewards and convenience.
Read more on the PayPal Prepaid Mastercard.
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How To Get Free Prepaid Visa Cards 8 Best Sites
Having money on a card is an easy way to buy both online and in shops.
Did you know that it is actually possible to earn free debit cards to use for these purposes?
In this article, I am going to show you how to get free prepaid Visa Cards, what you have to consider before getting them, and show you the best sites to get them.
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
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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.
Why Choose A Prepaid Visa Gift Card
While this virtual Visa Gift Card is a great solution for any online buyer, it is especially useful for young people, frequent travelers and for those abroad. The primary benefits of your card are:
It is usable online wherever Visa Debit Cards are accepted or in any U.S. webshop that accepts Discover® Cards.
This prepaid card is not a credit card, thus not affecting your credit rating, nor is it attached to your bank account.
Its issued immediately, without an application process. Simply buy your non-reloadable card online, enter your current billing address and receive the card details immediately.
Important information is all in one place. Once registered on MyPrepaidCenter, you can easily check your remaining credit and transaction history in your account.
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What Are Prepaid Debit Cards
A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account and the best prepaid cards offer convenience while charging few fees.
Prepaid cards are easy to get. Theres no credit check, and theyre often available even if you cant get a bank account because of a bad banking history. Unlike with a credit card, you load funds onto prepaid cards before use.
Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. Skip ahead to read about these low-fee alternatives.
Can You Build Credit With A Prepaid Card
No, theres no way to build credit with prepaid cards. Credit is established through positive borrowing history. Since you provide the money upfront when you purchase a prepaid card, youre not borrowing or repaying any money.
While prepaid cards may make sense for some situations, its important to build credit. Good credit can be a bridge to the things you want. Having no credit or bad credit can be a roadblock in achieving your goals, such as buying a house, getting that next great job or lowering your insurance premiums. If you want to dip your toe into credit building, explore secured credit cards, which usually provide a low credit limit in exchange for a security deposit.
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Go2bank Visa Debit Card
- The Ultimate Mobile Bank Account
- 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
- Free ATM Networkwithdraw cash at thousands of free in-network ATMs nationwide
Personalized card required. Fees and limits apply. Learn more
See account agreement for terms and conditions.
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 within 24 hours of authorization of first transaction that overdraws account. Overdrafts paid at our discretion. $3 for out-of-network withdrawals. ATM owner may also charge a fee. ATM limits apply.
Serve®Flexibility That Works for You
Serve is made with you in mind, with flexible options to fit your life. With a suite of options to choose from, Serve allows you to handle your money with ease. Our cards give you the freedom to spend online or in stores, the protection to safeguard your money, and the convenience of easy access:
- No credit check
Visa General Purpose Card
The DCCU general purpose prepaid Visa is safer than cash, can be used anywhere Visa is accepted, and is reloadable. Some of the features of this card include:
- Receive text and email notifications
- Financial Management tools
- Add or remove funding sources
- Direct deposit available
- Card controls providing the ability to lock or unlock your card
- The ability to change your PIN
- Receive periodic statements
- Add a secondary card
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Netspend Prepaid Mastercard: Best Mastercard For Everyday Use
Why we picked it: Payments can be received quickly via direct deposit, sometimes processed up to two days faster than many banks. Cardholders can earn Payback Rewards on eligible purchases which are then applied to your account.
Pros: Deposits and other account services can be managed using the Netspend® Mobile App on your phone.
Cons: There is up to a $9.95 monthly fee in addition to $2.95 for ATM withdrawals, up to $3.95 for cash reloads, the greater of 2% or $5 a month in payroll fees and a potential $5.95 monthly fee if your account is inactive.
Who should apply? In lieu of a bank account, this can be a convenient option for making and receiving payments as well as withdrawing cash.
Read more on the Netspend® Prepaid Mastercard®.
Select Rounded Up The Best Prepaid Cards That Can Help Parents Teach Their Kids About Money And Come In Handy If You Overspend With Cash Or Credit
Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.
Prepaid cards are a relatively simple way for you to pay for purchases without opening a credit card or bank account. They work similar to a debit card in that you can use a prepaid card to pay bills, set up direct deposit and use mobile check deposit. You’ll even receive the same $250,000 FDIC insurance that protects your deposits if your bank fails.
One reason to opt for a prepaid card over other forms of plastic is that it’s a relatively low-risk way to manage your money. Parents can use prepaid cards as a way to teach their kids about money before making them an . And if you struggle to stick to a budget, you can use a prepaid card to help monitor your spending, with the goal of eventually graduating to a credit or debit card.
If you’re interested in opening a prepaid card, there are wide variety to choose from. To help make the process easier, Select rounded up the best prepaid cards, and below we’ve broken down everything you need to know before you sign up.
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Are There Any Restrictions When Paying With An Instant Visa Gift Card
Your card should be accepted on any U.S. website that accepts Discover® Cards as a payment method or Visa Debit Cards internationally. It cannot be used for recurring bill payments, memberships, subscriptions, hotel and/or car rental reservations, or getting cash at ATMs. Depending on the merchant, split tender payments may be declined, extra fees or restrictions may apply. Be sure the prepaid balance of your card can cover the total amount of your order.
A Simple Secure And Convenient Way To Manage Your Money
MyVanilla gives you spending flexibility all over the world while keeping your account safely and conveniently at your fingertips. Use MyVanilla to make money management simple by helping you track spending, monitor expenses, and more!
- Add funds easily with Direct Deposit and Vanilla Reload.
- Set text alerts to stay updated on account balances and transactions.
- Transfer funds securely between MyVanilla Card accounts.
With MyVanilla, you have a money management tool in your pocket, spending power in your hand, and a connection to your account at your fingertips. Use at millions of locations worldwide, online and in-store.
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Movo Virtual Prepaid Visa Card
Most prepaid debit cards either charge you each month or each time you make a purchase, but the Movo Virtual Prepaid Card does neither. The exception is if you go more than three months without activity then a $4.95 inactivity fee is charged per month until theres activity. A virtual element lets you buy things online, and you can request a physical card for in-person purchases, ATM withdrawals and cash back at retailers.
General fees and features: No monthly fees and no costs for activation $4.95 inactivity fee.
Purchases: No fees.
ATM withdrawals: $2 at ATMs in the Visa Plus Alliance network additional operator fees may apply at out-of-network ATMs.
Other services: Online bill payments are free. For a fee, you can also create one-time secondary virtual cards with their own card numbers. These cards can protect your main account number during transactions. Movo can be used with Apple Pay, Google Pay and Samsung Pay.
Downsides: Free ways to reload the card, such as bank transfers, can take up to five business days no free ATM network.
» Looking for a traditional spending account? Check out NerdWallets best free checking accounts.
Prepaid Visa Cards Are A Great Option For Gifts Teens Traveling Budgets And More
With a Freedom Bank prepaid Visa cards you can load with money to use everywhere Visa is accepted. You can use it as a gift card, pay bills, shop online or in person, receive a direct deposit, and more. No credit check or bank account needed simply sign up, add money, and start using it. Feel secure with a Visa Prepaid card.
To get a prepaid Visa card, visit Freedom Bank today. See all prepaid Visa card options below.
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