rbc prepaid visa travel card

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Enjoy 35,000 Avion points upon approval * (travel value of up to 750 + )

Get the RBC Visa Infinite Card Today

35,000 Welcome Avion points are enough for a roundtrip flight to fly anywhere in Canada & the U.S (Alaska and Hawaii require more points). Taxes and fees extra +

Your Avion points don’t expire 1 ; so when you’re ready to travel, your points will still be waiting for you.

One-way flights start as low as 7,500 Avion points ± . No blackouts. No seat restrictions. If there’s a seat available, you can fly – even during peak seasons. ±

Book early or last minute  and still get the flights you want at the points you expect–no surprises

Over 50,000 options to redeem –travel the world, buy merchandise and gift cards from your favourite brands, pay down RBC balances, invest in your future and much more 3

Note: The card requires a minimum personal income of $60,000 or a minimum household income of $100,000. Please note this premium card can impose higher acceptance costs on merchants.

Annual Fee:

Additional Card Fee :

Purchase Rate :

Cash Advance Rate :

Min. Income Required:

$60,000 (personal) or $100,000 (household)

Please note, this premium card can impose higher acceptance costs on merchants.

RBC Avion Visa Infinite Card

Additional Fees:

Cash Advance Fee:  $5.00

Balance Transfer Promotional Rate Fee:  Up to 3% of transaction amount

Dishonoured Payment Fee:  $45.00

Overlimit Fee:  $29.00 (If you reside in Quebec, fee does not apply.)

Additional Copies:  $5.00 for Monthly Statement, $1.50 for Statement Updates at the ATM, $2.00 for Transaction Receipts

Installment Plan Fee:  If applicable, either a (i) one-time fee of up to 3% of total purchase amount, or (ii) monthly fee of up to 1.15% of total purchase amount (no fee in Quebec)

Extensive Insurance Coverage

Out of Province/Country Emergency Medical Insurance 4

Heading out-of-province? No problem. Many of your necessary medical expenses are covered so you can travel worry-free. Trip cancellation and interruption insurance 5

Go ahead. Make those plans! Thanks to the premium Trip Cancellation and Trip Interruption insurance included on your Avion ®  card, you can book and enjoy your travels with peace of mind. Auto Rental Collision/Loss Damage Insurance 6

Need to rent a car? Save money when you use your Avion ®  credit card to pay for the cost of your rental. Plus, your card includes comprehensive insurance, covering you for accidents and other damage. Mobile Device Insurance 7

Up to $1,500.

Extra Benefits

Save at Petro-Canada

Link your cards to save 3¢/L on fuel and earn 20% more points. 8

Earn more Be Well points at Rexall

Link your cards to earn 50 Be Well points on every $1 spent on eligible purchases at Rexall. 9

Save with DoorDash

Get a free 12 month DashPass subscription 10 , activate by June 7, 2024 and get exclusive monthly promotions, and earn 5% back in DashPass credit on eligible orders. Save now with DoorDash.

Apply Today

Apply using our online application in 5 simple steps and get a result in under 60 seconds

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This offer only applies to new applications for an RBC Avion Visa Infinite or RBC Avion Visa Platinum credit card (each, an “ Eligible Credit Card ”) approved by Royal Bank of Canada, subject to the conditions below. Additional cardholders(s) (co-applicant and authorized user(s)) on the Eligible Credit Card account, as well as existing cardholders on any RBC Royal Bank personal credit card transferring to an Eligible Credit Card account, are not eligible for this offer.

35,000 welcome Avion points (“ Welcome Points ”) will appear on your monthly credit card statement within sixty (60) days after your application has been approved, provided that your Eligible Credit Card account remains open and in good standing at the time the Welcome points are credited to your account, “good standing” meaning that your Credit Card Account must not be past due for more than two (2) consecutive credit card account statement periods, closed, charged off or in credit revoked status. If you close or change your Eligible Credit Card for another type of RBC Royal Bank credit card before the Welcome Points have been credited to your account, you may lose the benefit of this offer. This offer may not be combined or used in conjunction with any other offer. Royal Bank reserves the right to cancel, modify or withdraw this offer at any time without notice, even after your application has been approved, including if we suspect that you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank in its sole discretion. For complete terms and conditions that apply to the Avion Rewards Program, please visit  www.avionrewards.com  or call 1-800-769-2512

Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 35,000 Avion points for a round trip long-haul flight to almost anywhere in Canada or the United States, exclusive of Hawaii or Alaska, with a maximum ticket price of $750. All applicable taxes, service fees and surcharges are the responsibility of the traveller. For more details, including information on redeeming for first class and business class seats, visit: www.avionrewards.com/travel/index.html. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit: www.avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).

Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 7,500 points for a one-way short-haul flight in economy class with a maximum ticket price of $175 (and start at 15,000 points for a round-trip short-haul flight in economy class with a maximum ticket price of $350). All applicable taxes, service fees and surcharges are the responsibility of the traveler. For more details, including guidelines on redeeming for business class seats, visit www.avionrewards.com/travel/ .

Your Avion points don’t expire as long as your RBC Royal Bank credit card account remains open. However, Avion Rewards will be forfeited twelve (12) months after: (i) you voluntarily close your RBC Royal Bank credit card account (“Account”), or (ii) RBC closes your Account for any reason other than for cause. For complete details, please visit: Avion Rewards Terms and Conditions

Subject to availability. Some restrictions may apply. When you book your travel through Avion Rewards , you may redeem Avion points at the rate of 100 points per CAD $1.00 to pay for any taxes, charges and fees (including sales taxes, GST, baggage charges, fuel surcharges and any other non-ticket costs or charges which may be imposed by travel suppliers and other parties). For complete details, please visit:  www.avionrewards.com/trave l. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit:  www.avionrewards.com  or call 1-800 ROYAL 1-2 (1-800-769-2512).

All rewards are subject to availability and may change without prior notice. You may redeem your Avion points for RBC Financial Rewards vouchers that may be used to make a contribution towards any of the registered plans listed under the RBC Registered Rewards category, or applied towards any of the following financial products: RBC Mortgage, RBC Homeline Plan, Royal Credit Line and RBC Personal Loan. Please allow up to 4 weeks for delivery of the RBC Financial Rewards voucher. For complete terms, conditions and restrictions that apply to RBC Financial Rewards, as well as for the definition of RBC Registered Rewards, please consult the Avion Rewards terms and conditions at:

www.avionrewards.com/terms-and-conditions. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit: www.avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).

Under 65 years of age, 15 days of coverage. For age 65 and over, 3 days of coverage. Coverage underwritten by RBC Insurance Company of Canada.

Trip Cancellation insurance is subject to a limit of $1,500 for each Covered Person (to an overall maximum of $5,000 for all Covered Persons) per trip, and it protects eligible cardholders against the cost of non-refundable travel arrangements that were purchased with your RBC Avion Visa Infinite card if the trip is cancelled prior to your departure due to an unexpected or unforeseen covered risk. Coverage underwritten by RBC Insurance Company of Canada. Trip Interruption insurance is subject to a maximum limit of $5,000 for each Covered Person, per trip, for a total maximum of $25,000. This coverage provides reimbursement for the non-refundable unused portion of your prepaid travel arrangements purchased with your RBC Avion Visa Infinite card, due to a covered risk, including the extra costs of economy class transportation to your departure point. Coverage underwritten by RBC Insurance Company of Canada.

All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online in Credit Card Documentation.

Coverage underwritten by Aviva General Insurance Company. All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online in Credit Card Documentation.

Coverage underwritten by RBC Insurance Company of Canada in the rest of Canada. All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online in Credit Card Documentation.

To participate in this offer, you must have an RBC debit card or a credit card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“ RBC Card ”). RBC business clients will only be able to link up to two (2) RBC business credit cards and one (1) RBC business debit card to a Petro-Points card.

You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Petro-Points card. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. A linked RBC Card means an RBC Card linked to a Petro-Points Account. Your linked RBC Card acts as your Petro-Points card. You will automatically earn Petro-Points when you pay for qualifying purchases with your linked RBC Card at Petro-Canada locations and you do not need to swipe your Petro-Points card before you pay. You can redeem your Petro-Points at Petro-Canada using your linked RBC Card. Each time you use your linked RBC Card to purchase any grade of gasoline, or diesel, at a Petro-Canada location, you will save three cents ($0.03) per litre at the time of the transaction.

Each time you use your linked RBC Card to pay for qualifying purchases at a Petro-Canada location, you will earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points terms and conditions available at  www.petro-canada.ca/en/personal/terms-conditions . Petro-Points are not awarded on tobacco products, vaping products, gift cards, transit tickets and taxes on non-petroleum purchases.

Each time you use your linked RBC Card that earns Avion points to pay for purchases at a Petro-Canada location, you will earn a bonus of twenty percent (20%) more Avion points (“ Bonus Avion Points ”) than you normally earn for every $1 in net purchases. Please allow up to ninety (90) days from the date the transaction is posted to your RBC Card monthly statement for the Bonus Avion Points to be deposited into your Avion Rewards account.

To participate in this offer, you must have an eligible RBC Debit Card, Personal Credit Card or Business Credit Card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC Business Owners will only be able to link up to two (2) Business Credit Cards and one RBC Debit Card to a Be Well Card. Eligible RBC Debit Cards are debit cards tied to a personal banking or savings account or a business banking or savings account in good standing that is set up to pay for goods and services at a store or merchant that has point of sale or other designated debit card terminals that accept debit card payments.

You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Be Well Card. Card linking may take up to 2 business days to process before Be Well points can be applied to purchases. Each time you scan your Be Well Card and pay with your Linked RBC Card, you will earn 50 Be Well points for every $1 spent on eligible purchases at Rexall Locations, in accordance with the Be Well Terms and Conditions available at https://www.letsbewell.ca/terms-conditions .

Be Well points are not awarded on taxes; tobacco products; products containing codeine; lottery tickets; alcohol; bottle deposits; gift cards; prepaid cards and wireless or long distance phonecards; event tickets; transit tickets and passes; post office transactions; stamps; passport photos; cash back; gifts with purchases; delivery charges; environmental levies; Home HealthCare services/rentals and any other products or services that we may specify from time to time or where prohibited by law.

To receive a complimentary DashPass subscription for 12 months and pay [MR(1]  $0 delivery fees on orders of $15 or more at eligible restaurants when you pay with your Eligible RBC Credit Card, you must subscribe to DashPass by adding an Eligible RBC Credit Card, accept the DoorDash terms and conditions, and activate your benefit by clicking “Activate Free DashPass” before June 7, 2024 (“Offer Period”). If you are an existing DashPass subscriber and have already added an Eligible RBC Credit Card to your account you must activate your benefit by clicking “Activate FreeDashPass” during the Offer Period. If you have been charged for DashPass you will receive a refund to the method of original payment, in the amount of the monthly subscription fee for the month you activate your complimentary subscription. For all clients, by clicking on “Activate Free DashPass” you agree to the DoorDash terms and conditions which can be found at https://help.doordash.com/consumers/s/terms-and-conditions .

The DashPass monthly subscription fee will be waived (“Complimentary DashPass Subscription”) and you will receive either a 3 month or 12 month Complimentary DashPass Subscription based on the Eligible RBC Credit Card you use to subscribe to DashPass. DashPass subscriptions purchased through third parties, including third-party payment accounts, or online or mobile digital wallets (like Apply Pay and Google Pay) are not eligible for the Complimentary DashPass Subscription.

Eligible RBC Credit Cards:

Your Eligible RBC Credit Card may only be used with one DoorDash account to receive a Complimentary DashPass Subscription. Once you have received a Complimentary DashPass Subscription you cannot use the same eligible RBC Credit Card to obtain a Complimentary DashPass Subscription with another DoorDash account. Eligible RBC Credit cardholders include primary cardholders, co-applicants, authorized users, primary business cardholders and secondary business cardholders on an Eligible RBC Credit Card account. View eligible RBC credit cards . You are only eligible for one 12 month Complimentary DashPass Subscription and one 3 month Complimentary DashPass Subscription during the Offer Period. The Complimentary DashPassSubscription commences on the date you subscribe to receive the

Complimentary DashPassSubscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 12 month or 3 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass.

In order to validate your credit card as an Eligible RBC Credit Card, Royal Bank may need to administer a $0.50 charge to validate your card enrollment. This charge will be reversed in 3 to 5 days once your account has been validated. For full details on the complimentary DashPass Subscription visit:

rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf

DoorDash not Royal Bank of Canada, is responsible for (i) services and products provided through DoorDash; (ii) DashPass, including the DashPass Benefits, the administration of DashPass and (iii) the DoorDash terms and conditions. The Complimentary DashPass Subscription offer may be amended or withdrawn at any time. To learn more about DashPass, visit

www.doordash.com/dashpass. For full DashPass for RBC Program Terms and Conditions, visit rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf.

DashPass is a DoorDash subscription service that offers unlimited deliveries for $0 delivery fee on eligible restaurant purchases (minimum order amount of $15.00 CAD before taxes and fees) at a monthly subscription fee of $9.99 CAD plus tax. To learn more about DashPass, visit

www.doordash.com/dashpass

21.99% if you reside in Quebec

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U.S. Credit Cards for Canadians

No Annual Fee 20 Legal Disclaimer (opens in popup) Travel Rewards U.S. Credit Card 4 Legal Disclaimer (opens in popup)

Travel further, reward yourself.

Avoid foreign transaction fees and earn rewards with our credit cards, 4 Legal Disclaimer (opens in popup) suited to any traveler to the U.S. and beyond.

Visa ‡ Signature Black

• No foreign transaction fees on U.S. purchases 19 Legal Disclaimer (opens in popup)
• Earn 1 Avion point for every dollar you spend 6 Legal Disclaimer (opens in popup)
• Redeem your Avion points for travel, gift cards, merchandise or unlimited 1.00% cash back 24 Legal Disclaimer (opens in popup)
• Redeem your Avion points for travel, gift cards, merchandise or unlimited 1% cash back 24 Legal Disclaimer (opens in popup)

Build a U.S. credit history

Annual fee:

$0 20 Legal Disclaimer (opens in popup)

0% for 6 months

Apply Online for Visa ‡ Signature Black

Visa ‡ Signature Black Plus

• No foreign transaction fees – anywhere in the world 19 Legal Disclaimer (opens in popup)
• Earn 1.5 Avion points for every $1 you spend 6 Legal Disclaimer (opens in popup)
• Redeem your Avion points for travel, gift cards, merchandise or unlimited 1.25% cash back 24 Legal Disclaimer (opens in popup)
• Enjoy built-in travel insurance benefits 9 Legal Disclaimer (opens in popup)

Apply using your Canadian credit history

See how Canadian and U.S. credit cards stack up

See why you should leave your Canadian credit card behind when you head south of the border.

How much is your Canadian credit card costing you in the U.S.?

See how much you can save when you pay no foreign transaction fees on U.S. transactions. 19 Legal Disclaimer (opens in popup)

Card benefits

Insurance and protection, travel and emergency services, easy to use, easy to pay off, secure way to pay.

• Insurance and Protection
• Travel and Emergency Services
• Easy to Use, Easy to Pay Off
• Build a U.S. Credit History
• Secure Way to Pay

Your RBC Bank credit card comes with valuable travel insurance 9 Legal Disclaimer (opens in popup) that protects you from the unexpected. You also get protection for your purchases and rental vehicle. Take a look at all the coverage that comes with a Visa ‡ Signature Black and our premium Signature Black Plus card. Visa Signature Black Credit Card Guide to Benefits -->

If an accident or emergency happens while you’re in the U.S., we’ve got you covered with extensive travel and emergency services. 23 Legal Disclaimer (opens in popup) We’ll help you contact loved ones, a doctor or even a lawyer and get you where you need to go in a hurry.

Use your RBC Bank credit card anywhere Visa is accepted — in-store, online and over the phone. Pay your credit card bill by just clicking the “Pay Now” button in online banking.

We use your Canadian credit history when considering your credit card application. You can then use your new U.S. card in conjunction with a U.S. address to help build your U.S. credit history, making it easier to qualify for a U.S. loan, line of credit or mortgage 8 Legal Disclaimer (opens in popup) in the future.

Chip technology is embedded into your RBC Bank credit card, which means you’re protected by several layers of fraud prevention technology. And if something goes wrong? You’re protected by Visa’s Zero Liability. 10 Legal Disclaimer (opens in popup)

Use our contactless payment feature at participating merchants – simply tap your card at checkout to complete your transaction and be on your way.

Check Out Avion Rewards

Flexible rewards

Enjoy the rewards 6 Legal Disclaimer (opens in popup) you want, like gift cards to your favorite restaurant or store, travel benefits or cash back to pay your bills.

Cash back your way

Turn points into cash 24 Legal Disclaimer (opens in popup) to pay bills or deposit to your accounts.

Book travel on your terms

Use rewards points to pay for flights, hotels, car rentals, exclusive once-in-a-lifetime adventures and more!

Gift cards you'll love

Use points for physical gift cards from over 60 retailers, restaurants, hotels and more.

High-end merchandise

Redeem points for the latest gadgets and gear from all the hottest brands.

Pool and transfer points

Transfer your points 7 Legal Disclaimer (opens in popup) to your Canadian Avion Rewards account at face value. You can also pool your points with friends and family. Points are transferred at a 1:1 value. One U.S. Avion point is equal to one Canadian Avion point.

Cross-border bundles designed for Canadians

Playing and shopping in the u.s..

For the snowbird, U.S. vacationer or cross-border shopper

Moving to the U.S.

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Golfing in the U.S.

For the avid golfer that wants to golf in the sun year round

Studying in the U.S.

For Canadians going to college or university in the U.S.

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The best RBC credit cards in Canada for 2024

Discover the best RBC credit cards, whether you’re looking for cash back, travel points or low interest.

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our  advertising and trusted partners .

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The best RBC credit cards in Canada by category

By Sandra MacGregor on March 1, 2024 Estimated reading time: 7 minutes

Royal Bank of Canada offers an array of credit cards catering to various preferences and spending habits. Whether you prioritize travel rewards with Avion points, seek the flexibility of cash back, or prefer unique benefits like WestJet dollars, RBC has a card for you. With credit cards spanning the Visa and Mastercard networks, cardholders can tailor their shopping experience to suit their preferences. Let’s explore the standout features of the best RBC credit cards in Canada.

Best RBC travel credit card

At a glance: The RBC Avion Visa Infinite is a premium travel credit card that has a flexible rewards program and exclusive benefits. Cardholders earn 1 Avion point per $1 spent, and a boosted 1.25 points on eligible travel expenses (like flights, cruises and car rentals).

RBC Avion Visa Infinite

• Annual fee: $120
• Earn rate: 1.25 Avion points per $1 spent on travel (including flights, hotels, taxis and public transit) and 1 point per $1 on all other purchases.
• Welcome bonus: You can earn 35,000 welcome Avion points on approval** - Enough to fly anywhere in Canada & the U.S† (Alaska and Hawaii require more points). Apply online and get a response in as little as 60 seconds.
• Annual income requirement:  Personal income of $60,000 or household income of $100,000
• Point value: 1 RBC Avion point = Up to $0.023 when redeemed for travel using RBC’s Air Travel Redemption Schedule. 
• Recommended credit score : None specified
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• RBC Avion points can be worth as much as $0.023 each when redeemed for travel, which is a high value among travel rewards cards.
• Avion has a lot of travel redemption flexibility. You can redeem your points for travel using RBC’s Air Travel Redemption chart, transfer points to select airlines (including WestJet), and redeem for travel purchases through RBC. 
• There are no blackout periods or seat restrictions, even during periods of high demand. 
• Exclusive access to concert tickets, including Taylor Swift . 
• Impressive travel insurance coverage, including trip cancellation and interruption and emergency medical. It even features mobile device insurance of up to $1,500.
• You’ll pay a foreign transaction fee of 2.5% on all purchases not in Canadian dollars. 
• The highest earn rate is 1.25%, which is not very high for a premium card; other premium cards feature significantly higher earn rates.
• The personal annual income requirement of $60,000 (or household income of $100,000) may be too high for some applicants.

Best RBC airline travel credit card

At a glance: With perks like a yearly round-trip companion voucher, free checked bags and Boingo Wi-Fi access, the WestJet RBC World Elite Mastercard makes an attractive travel buddy. In fact, it’s the best credit card in Canada for frequent WestJet flyers—full stop. Cardholders earn 2% back in WestJet dollars on purchases of WestJet flights and vacation packages and get 1.5% back on all other spending. One WestJet dollar has a value of one Canadian dollar.

WestJet RBC World Elite Mastercard

• Annual fee: $119
• Earn rate : 2% back in WestJet dollars on WestJet flights and vacations packages and 1.5% back on all other purchases
• Welcome offer : You can earn up to $450 in WestJet dollars with the WestJet RBC World Elite Mastercard. Plus, get a Round-Trip Companion Voucher Every Year – for any WestJet destination starting from $119 CAD (plus taxes, fees, charges and other ATC).
• Annual income requirements : Personal income of $80,000 or household income of $150,000
• Point value: 1 WestJet Dollar = $1 CAD when redeemed for eligible flights or vacation packages
• Recommended credit score: None specified
• Interest rates : 20.99% on purchases, 22.99% on cash advances
• Travel perks include complimentary first checked bags for the primary cardholder and up to eight companions.
• Get an annual round-trip companion voucher for any WestJet destination, starting at $119 (plus taxes, fees and other charges) or opt to exchange it for four lounge vouchers.
• Extensive travel insurance, including emergency medical, trip interruption and flight delay coverage. 
• Cardholders can save up to $0.03 on fuel at Petro-Canada and can also earn Rexall’s Be Well points.
• The card grants access to over 1 million Boingo Wi-Fi hotspots worldwide.
• WestJet dollars can’t be used to pay for taxes and fees.
• Unlike with Aeroplan, for example, rewards are not flexible as they can only be used for WestJet flights and WestJet vacations. 
• A minimum personal income of $80,000 (or $150,000 household income) is required to apply.

Best RBC no-fee travel rewards credit card

At a glance: The RBC ION Visa is a no-annual-fee rewards credit card that gives you 1.5 Avion points per $1 spent on groceries, rides, gas (and EV charging), streaming, subscriptions and digital gaming. Get 1 point per $1 spent on all other purchases.

RBC ION Visa

• Annual fee: $0
• Earn rate: 1.5 Avion points per $1 spent on groceries, rideshares, daily transit, gas, EV charging, streaming, digital gaming and subscriptions; and 1 point per $1 on all other purchases
• Welcome bonus: You can earn 6,000 Avion points upon approval - that’s $40 of value in gift cards! Apply by November 4, 2024.
• Annual income requirement:  None
• Some redemption flexibility. You can redeem your points for travel, statement credits, merchandise, gift cards and more. 
• Enjoy fuel savings at Petro-Canada, a three-month free DashPass subscription, and Be Well points with purchases at Rexall pharmacies.
• Good for gamers: The RBC ION Visa is one of the only cards in Canada that lets you earn rewards on gaming subscriptions, digital downloads and in-game purchases.
• The card features purchase security and extended warranty insurance.
• The RBC Avion rewards program includes three different membership tiers: Avion Select, Avion Premium and Avion Elite. The RBC ION Visa is part of the Avion Premium tier, meaning you can’t redeem your points through RBC’s Air Travel Redemption Schedule—which offers the highest value for your points. That feature is part of Avion Elite, which requires having an RBC Avion card. 
• The card has limited insurance coverage.

Best RBC cash back credit card

At a glance: With the RBC Cash Back Preferred World Elite Mastercard, you’ll earn cash back on all your purchases. You’ll get 1.5% on the first $25,000 charged to the card annually and 1% thereafter. Enjoy additional benefits like instant fuel savings at Petro-Canada, Be Well points at Rexall and $0 delivery fees for 12 months from DoorDash.

RBC Cash Back Preferred World Elite Mastercard

• Annual fee: $99
• Earn rate: 1.5% back on all your purchases
• Welcome bonus: You can earn unlimited cash back, no limit to what you can get back
• Annual income requirement:  Personal income of $80,000 or household income of $150,000
• Recommended credit score for approval: None specified
• The annual fee of $99 is lower than many other premium cards.
• If you link your RBC card to your Petro-Points account, you’ll save $0.03 cents per litre on gas at Petro-Canada and also get a 20% bonus of Petro-Points.
• You can earn 50 points per $1 spent at Rexall when you link your RBC card and your Rexall Be Well card.
• Card comes with a 12-month free DashPass subscription.
• Weak insurance offering compared to other premium cards. It only includes rental theft and car damage, purchase protection and extended warranty.
• The boosted rate of 1.5% is capped at your first $25,000 spent annually.

Best RBC no-fee cash back credit card

At a glance: Like some of the best cash back credit cards in Canada , the RBC Cash Back Mastercard offers cash back with no annual fee. Earn up to 2% on groceries and up to 1% on all other purchases. Benefit from instant fuel savings at Petro-Canada, enhanced Be Well points at Rexall and $0 delivery fees for three months from DoorDash.

RBC Cash Back Mastercard

• Earn rate: 2% cash back on groceries and 1% back on all other purchases
• Welcome bonus: You can
• The card comes with purchase security and extended warranty protection.
• Save $0.03 per litre on fuel at participating Petro-Canada stations and earn 20% more Petro-Points.
• Get 50 Be Well points per $1 spent at Rexall.
• Enjoy a complimentary DashPass subscription for the first three months.
• The unusual rewards structure requires cardholders to read the fine print carefully to understand the spending limits at which their rewards will increase or decrease. You’ll get 2% cash back on groceries for the first $6,000 spent, which then drops to 1% per additional dollar spent in the category. For all other purchases, you’ll get 0.5% cash back on the first $6,000 spent—and 1% thereafter. 
• Very limited insurance offering, with only purchase security and extended warranty.

Best RBC low-interest credit card

At a glance: For individuals trying to tackle credit card debt, the RBC Visa Classic Low Rate Option is a valuable card. It offers a consistent 12.99% interest rate for purchases and cash advances—that can’t be said of all low-interest credit cards in Canada . While it may lack extensive perks, it does provide advantages like discounts at Petro-Canada and complimentary delivery services through DoorDash.

RBC Visa Classic Low Rate Option

• Annual fee: $20
• Welcome offer: None
• Annual income requirement: None
• Interest rates: 12.99% on purchases, 12.99% on cash advances, 12.99% on balance transfers
• With its affordable $20 annual fee and no minimum income requirement, this card is within reach for the majority of Canadians.
• Additional cards are available at no cost.
• Enjoy RBC Offers, which gives cardholders access to deals and savings.
• Earn more Petro-Points and get a discount on fuel at Petro-Canada.
• The card comes with a three-month complimentary subscription to DashPass.
• This card doesn’t come with any travel insurance.
• While the low interest rate is a boon to those with credit card debt, it doesn’t feature a balance transfer promotion, so you can’t move debt from a higher-interest card.

More of Canada’s best credit cards :

• Best credit cards in Canada
• Best travel credit cards
• Best travel insurance credit cards
• Best Air Miles credit cards
• Best no foreign transaction fee credit cards

Table of contents

• Top RBC credit cards at a glance
• Best RBC cards by category

About Sandra MacGregor

• How to Choose the Right Credit Card
• How to Apply for a Credit Card
• How to Cancel a Credit Card
• Ways To Pay Off Credit Card Debt
• Why Your Credit Card Was Declined
• How to Get Out of Credit Card Debt
• What to Know About Credit Card Minimum Payments
• What Is a Credit Card and Should You Get One?
• How Do Credit Cards Work in Canada?
• What Are the Different Types of Credit Cards?
• How an International Credit Card Works
• Common Credit Card Terms and Conditions
• Credit Card Fees and Charges

Credit Card Interest Calculator

• First-Time Home Buyer Incentive
• Tax-Free First Home Savings Account
• Home Equity Loan
• How a Reverse Mortgage Works
• Home Equity Line of Credit
• Mortgage Renewal
• Getting a Second Mortgage
• How to Refinance a Mortgage
• How Does Mortgage Interest Work?
• Realtors vs Real Estate Agents vs Brokers
• Is Canada’s Housing Market Crashing?
• Types of Houses in Canada
• First-Time Home Buyer Grants and Assistance Programs
• Types of Mortgages in Canada: Which Is Right for You?
• How Does a Mortgage Work in Canada?

• What Is an Interest Rate?
• Guaranteed Investment Certificate (GIC)
• Savings Account Guide
• Common Canadian Bank Fees and Charges
• Types of Bank Accounts in Canada
• EQ Bank Review
• Simplii Financial Review
• Tangerine Bank Review
• National Bank of Canada Review
• CIBC Review
• Scotiabank Review
• TD Bank Review
• What Is Canadian Investor Protection Fund (CIPF) Coverage?
• How Capital Gains Tax Works
• Investing for Canadian Beginners
• Understanding Asset Classes in Investing
• Understanding Fixed-Income Investments
• How to Invest in Stocks
• What Are T-Bills
• What is a Bond
• What is Registered Disability Savings Plan (RDSP)
• What Are Mutual Funds
• What is an ETF (Exchange Traded Fund)
• What Is Forex Trading
• What Is Cryptocurrency and How Does It Work
• What Is a Stock
• What is Old Age Security and How Does It Work
• What is Registered Retirement Income Funds (RRIFs)
• How a Life Income Fund (LIF) Works for Retirement
• What Is An In-Trust Account
• What Is a Locked-in Retirement Account (LIRA)
• How Much Money You’ll Need To Retire
• Defined Benefit vs. Defined Contribution Pension Plans
• Can Annuities Fund Your Retirement?
• What Is a Personal Loan?
• Personal Loan Insurance: Do You Need It?
• What Is a Secured Personal Loan?
• What Is a Payday Loan?
• What Is a Pawn Loan?
• What Is a Car Title Loan?
• Small Business Loan vs Personal Loan
• Personal Loan vs. Line of Credit
• Personal Line of Credit vs Home Equity Loan:
• Personal Line of Credit vs Car Loan
• HELOC vs Personal Loan
• Debt Consolidation vs Personal Loan
• Cash Advance vs Personal Loan
• Business Loan vs Personal Loan
• Price Matching Tips to Help You Save Big
• How to save for Wedding
• How to Save Money on Groceries
• Ways to Save on Your Next Family Vacation
• Tips to Help You Save On Gas
• How to Save Money in 8 Easy Steps
• Passive Income: What It Is and How to Make It
• Budgeting 101: How to Budget Your Money
• Ways to Make Money Online and Offline in Canada
• How Do Credit Inquiries Work?
• What is the Ideal Credit Utilization Ratio?
• What Credit Score is Needed for a Credit Card?
• How to Get a Better Credit Score
• What is a Good Credit Score in Canada?
• Credit Cards

3 Best Prepaid Credit Cards in Canada for 2024

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

A prepaid card, sometimes referred to as a “prepaid credit card”, can serve as a budgeting tool or an easy way to make online or in-store purchases. Some even earn rewards.

Make the most of this widely accepted payment method by learning more about Canada’s best prepaid cards.

Best prepaid cards in Canada

• How we evaluate cards
• Summary of our selections

What to know about prepaid cards

Best prepaid card for: Cash back

Neo money™ card.

• Get high interest on your savings and high cashback when you spend with your Neo Money™ card.
• Earn unlimited cashback – Get an average of 5% cashback at over 10,000 partners across the country, in real-time, with no monthly limits on how much cashback you can earn.
• Instant access to your balance with no card loading required.
• Free everyday transactions and no monthly fees.
• Withdraw from any ATM worldwide.
• 4.00% interest on every dollar.
• Enable the Auto-Save feature to set up automatic savings and register your email to instantly deposit Interac e-Transfer® requests in your Neo Money™ account.
• Take the pain out of bill pay by setting up automated payments from your Neo Money™ account.
• Customers can get up to 4% cashback on all purchases at Shell gas stations and convenience locations when they use their Neo Credit, Neo Secured Credit or Neo Money™ card. Earn 2% cashback at the pump or convenience store locations. Earn 4% cashback on transactions made through the Shell App. Offer available in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Boost these offers by 50% when you add Everyday Essentials perks to your card.

Best prepaid card for: Credit building

Koho prepaid mastercard (essential plan).

• Sign up for a KOHO account with code NERDWALLET and get $40 when you make your first purchase!*.
• Earn 1% cash back on groceries, eating & drinking, and transportation. Plus, up to 50% extra cashback from select merchants.
• Earn 5% interest on both your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.
• Choose from one of four exciting card colours. Receive both a physical and virtual card.
• Start adding funds and shopping online while you wait for your physical card to arrive in the mail. No need to budge from your couch to make online purchases. Just use your virtual card!
• Card Security – KOHO provides a different card number to help protect your physical card number when you’re shopping or booking services online
• Add your KOHO card to Apple, Samsung or Google Pay
• Automate your savings with Goals and RoundUps. Rounding up every purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy
• Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
• Create custom budgets and track your spending habits. Know where you’re at in real time with instant notifications every time you spend.

Best prepaid card for: Novice investors

Wealthsimple card.

• General fees and features: Wealthsimple does not charge any fees to use the Wealthsimple Card.
• Currency conversion fee: Mastercard will determine the applicable exchange rate from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives.
• ATM withdrawals: Wealthsimple does not charge any fees for withdrawing cash, but you may see a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM. ATM Withdrawal limits are $500 per transaction and $1,000 per day.
• Reload methods: Add funds to your card by making a deposit via a linked bank account, a wire transfer, your Visa or Mastercard debit card, or an institutional transfer to move an account from another institution.
• Rewards: Earn 1% cash back on eligible purchases. Cash back rewards can go directly into your Spend account, be added to the cash balance of a stock trading or crypto trading account, or be used to auto-purchase the cryptocurrency of your choice in your crypto trading account. Use the card anywhere Mastercard is accepted — in-store, in apps, or online. Pay bills, use direct deposit, and e-Transfer.
• The Wealthsimple Card is available as part of the everyday spending account, which comes with both a digital and physical card that you can manage right from the Wealthsimple app.
• Use the app to manage your rewards and spending preferences, or lock your card if something happens to it. Your balances are all updated in real-time, too — even if you’re using the physical card.
• Add your Wealthsimple Card to Apple, Samsung or Google Pay digital wallet.
• Use the Wealthsimple Cash app to send and receive payments to anyone else who uses the Cash app without paying fees. You can also send money to people who don’t have the Cash app yet. They will receive a prompt to download the app and claim the money you sent them.
• Your money is protected for up to $100,000 through CDIC.
• To be eligible, you must be a Canadian resident with a Social Insurance Number of the age of majority in the province or territory where you live.

Methodology: How we evaluate cards

NerdWallet Canada selected the best prepaid cards based on overall consumer value and their suitability for specific kinds of consumers. Factors in our  evaluation methodology  include: features specific to prepaid cards (such as minimum and maximum deposit, maximum reload amount in a 24-hour period, ATM access, insurance benefits, digital wallet compatibility, and more); fees (such as annual fees, foreign exchange or conversion fees, among others); reward value (considering any earn rates, reward structures, and other benefits); and the intro offer (assessing any welcome bonus, waived fees, referral programs, and other promotions for new customers. Only reloadable prepaid cards that are available online were considered for this list.

Summary of the best prepaid cards

Best credit cards in canada.

Compare all different credit cards side-by-side and find out the best card that will meet your need with special perks and benefits

In this section, we’ll help you navigate the world of prepaid cards by exploring the following topics:

• What is a prepaid card?
• How do prepaid cards work?

Where to buy prepaid cards

Choosing the best prepaid card for you, getting the most out of your prepaid card, what is a prepaid credit card.

Prepaid credit cards aren’t technically credit cards because you’re not borrowing the money. Instead, they function similarly to debit cards and gift cards in the sense that you can only spend the money you already have.

You might hear them referred to as “reloadable credit cards”, “pay-as-you-go credit cards” or “prepaid cards”, but they generally all work the same way.

How do prepaid cards work? 

Instead of borrowing money, you load funds onto a prepaid card and then use it to make purchases. How much money you load onto the card determines the total amount you can spend.

There are two varieties of prepaid cards: 

• Closed-loop cards, which have a set amount of money already loaded, much like a store gift card. 
• Open-loop cards, which can be used anywhere, and are typically reloadable..

Once you’ve received a prepaid card and added funds to it, you can use it to make online and in-person purchases wherever the card’s payment merchant (Visa, Mastercard or American Express, for example) is accepted. 

Types of prepaid cards

There are several different types of prepaid cards available, so it’s a good idea to know what they are and how they work.

• Prepaid Mastercards can be used everywhere Mastercard is accepted, including Costco, which does not accept Visa and American Express for in-store purchases.
• Prepaid Visa Cards can be used anywhere Visa is accepted. Visa also makes gift cards, which are sold (and accepted) at many retailers.
• Prepaid Amex Cards come in set amounts and are not typically reloadable. You can only use them at merchants that accept American Express.
• Prepaid travel cards are generally reloadable cards that may hold multiple foreign currencies or offer travel perks. A card loaded with multiple currencies allows you to know the exchange rate upfront, and you won’t need to carry different physical currencies. Some also allow you to withdraw funds at foreign ATMs and limit foreign transaction fees .
• Prepaid gift cards may be available for a specific merchant or network of retailers, or as a general Visa, Mastercard or Amex card that can be used anywhere. These cards are usually not reloadable.

Prepaid card maintenance

Using a prepaid credit card requires a little work on your end. You’ll have to:

• Activate your card. Most are activated as soon as you load funds, but others may require you to register your card before activation. 
• Check your card’s balance. Some prepaid cards have a website where you can check your balance. Others have an app.
• Reload your card. You can typically add more funds to your reloadable prepaid card via an app, your online account or e-Transfer. A few cards let you reload your balance at select locations like the post office. You may be able to transfer the balance of one gift card to another if they’re from the same merchant.

Prepaid cards that have set limits can be purchased at some grocery stores, drug stores and gas stations. A few banks and credit unions offer reloadable cards online and in person. 

The most common way to obtain a prepaid card is by securing one through an online-only bank. These cards tend to carry more features, like rewards and spending insights. You can generally apply for these cards online in a few minutes, and they get shipped right to your address, so there’s little effort on your end.

How much does a prepaid card cost?

Closed-loop cards, such as gift cards, generally have no fees: you just need to pay for the amount you load onto the card.

Open-loop cards, however, typically charge some sort of fee. Some may come with an activation fee, charge an annual or monthly fee regardless if you’ve used your card or not, or require you to pay a fee whenever you reload funds to the card. 

The essential features to consider when choosing a prepaid credit card include:

• Network. Some merchants do not accept cards from every network (Visa, Amex or Mastercard, for example), so choose a network that works at most of the places you shop.
• Fees . Some prepaid cards may have monthly fees and costs associated with activation and reloading funds, as well as foreign exchange and foreign ATM fees.
• Limits . Many prepaid cards have daily load, spending, cash withdrawal and transaction limits. 
• Rewards . A few prepaid cards earn rewards, such as cash back .
• Loading options. Every prepaid credit card has different loading options, such as in-person, online or via an app. Make sure the one you opt for makes loading your card convenient and quick.

Other considerations might include:

• ATM access. If you need access to cash, you can use some prepaid cards to withdraw funds from ATM s. Fees likely apply.
• Security features. Some prepaid cards have enhanced security features like chip and PIN and the ability to freeze your card. Gift cards typically do not have any security features.
• Spending insights. Prepaid credit cards offered by online-only banks and fintech companies may give you spending insights to help you understand where your money is going, or tools to boost your money management skills .
• Referral bonuses . Some prepaid cards have a cash referral bonus when you sign up and load funds. In most cases, both the referrer and the referee get a reward.
• Direct deposit. A few prepaid cards allow you to set up direct deposits to have payments, like your paycheque , sent right to your prepaid card.
• Payment options. Some also let you pay bills, use foreign currencies, send Interac e-Transfers or send money directly to other users as you would with a mobile payment app .
• Virtual use . Fintech prepaid cards typically have a virtual card (usually available in the app), so you don’t need to carry your physical card. Some are compatible with digital wallets , like Google Pay.

A prepaid card can come in very handy for both online and in-person shopping. And since using one doesn’t typically affect your credit score, it can be a relatively low-risk way to make purchases.

Who can benefit from using a prepaid card?

• Someone unable to obtain a traditional credit card due to their credit history , and want to take advantage of credit building services offered by some prepaid card providers. 
• Newcomers to Canada who are ineligible for a traditional credit card and haven’t yet set up a bank account. 
• Unbanked or underbanked consumers struggling to qualify for a traditional credit card or bank account.
• Kids or teens who aren’t old enough for a credit card or bank account and want to practice budgeting their money .

Pros of prepaid cards

• No overspending. Because you have to load a prepaid credit card before using it, you can’t spend money you don’t have. Just make room in your budget for the cash you plan to spend.
• Safer than cash. If you lose the money in your wallet , it’s usually gone forever. Some reloadable prepaid cards may allow you to recover your funds even if your card is lost.
• Easy to reload. Reloads on prepaid cards can often be done in-person, online or via a mobile app.

Cons of prepaid cards

• No credit building. Since prepaid cards aren’t credit cards, your credit score won’t improve while using them unless the provider offers a credit-building program.
• Limited rewards. While some prepaid cards give you cash back, you won’t get the attractive additional benefits that come with traditional credit cards, such as airport lounge access , travel insurance and mobile device insurance.
• Potential fees. Some prepaid cards have activation and monthly fees that can eat into your balance .

Alternatives to prepaid cards

• Use debit. Physical and virtual debit cards, which are tied to a bank account, give you direct access to your chequing account . Just be wary of how much you’re spending — you might run through your entire cash supply quicker than you think.  
• Go secured. Secured credit cards act like traditional credit cards but require a security deposit to apply. The card’s credit limit is typically equal to the security deposit.. The advantage over prepaid cards is that secured cards can help you build your credit score. See our picks for the best secured cards in Canada .

» MORE: The best credit cards for bad credit

Frequently asked questions about prepaid credit cards

The best prepaid cards in Canada offer convenience, low costs and perks. See above for our top picks .

Prepaid cards can be useful for making in-person and online purchases if you don’t have, or can’t get approved for, a traditional credit card or bank account. There are no interest charges associated with prepaid credit cards, so they aren’t likely to add to your overall debt load.

About the Author

Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated…

DIVE EVEN DEEPER

22 Best Credit Cards in Canada for June 2024

NerdWallet Canada’s picks for the best credit cards include top contenders across numerous card categories. Compare these options to find the ideal card for you.

Interest charges don’t need to be a mystery. Use our credit card interest calculator to see how much interest you’d owe if you carry a credit card balance.

3 Best Secured Credit Cards in Canada for 2024

Canada’s best secured credit cards are easier to qualify for than traditional credit cards, helping build credit history and repair bad credit.

12 Best Credit Cards for Bad Credit in Canada for 2024

Credit cards for no or bad credit can help build your credit score so long as you keep your balance low and pay your bill on time.

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RBC British Airways Visa Infinite

Card Details

Receive up to 60,000 bonus Avios 1

Here’s how: Step 1: Receive 15,000 Avios as welcome bonus upon approval 1 Step 2: 35,000 bonus Avios when you spend $6,000 CAD in the first 3 months 1 Step 3: Another 10,000 bonus Avios after your first year 1

Earn Avios the easy way

• Earn 3 Avios for every $1 CAD you spend on British Airways purchases 2
• Earn 2 Avios for every $1 CAD you spend on Dining 2
• Earn 1 Avios for every $1 CAD you spend on all other qualifying purchases 2

Be rewarded with a Companion Award eVoucher

Earn a Companion Voucher when you spend $30,000 CAD annually. You can either take a companion with you or fly solo instead for a 50% Avios discount on the cost of one reward seat ticket. Plus, you'll have the flexibility to pay a lower, flat fee to cover taxes, fees and carrier charges and a fixed Avios amount when you make a Reward Flight booking 3 .

View More Features View Less Features

Save on flights – limited time offer

Enjoy 10% off British Airways flights when you book and pay with your card 4 .

Redeem for flights and more

You can spend your Avios on all of the travel things you love, including cabin upgrades with British Airways or Reward Flights with British Airways and any of the one world partner airlines to almost 1,000 destinations worldwide 11 .

Additional Features

Instant Fuel Savings at Petro-Canada

Link your card and instantly save 3¢/L on fuel 5 and always earn 20% more Petro-Points at Petro-Canada 6 . For more details click here .

Earn more Be Well points at Rexall

Link this card with your Be Well card to:

• Get 50 Be Well points for every $1 spent on eligible products at Rexall 15
• Redeem Be Well points faster for savings in store on eligible purchases 16 ; 25,000 Be Well points = $10

Get $0 delivery fees for 12 months from DoorDash 17

Add your eligible RBC credit card to your DoorDash account to:

• Get a 12-month complimentary DashPass subscription 18 – a value of almost $120
• Enjoy unlimited deliveries with $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card

Broad insurance coverage

Travel coverage including emergency medical insurance 7 as well as flight delay insurance 8 , hotel burglary 9 and rental car 10 .insurance. Even eligible purchases you make with the card are protected 9 . For more details regarding all available insurances on this card, click here .

Credit Card Lock

You can lock your RBC credit card temporarily at any time. Use Credit Card Lock if you’ve misplaced your card, simply log in to the RBC Mobile app and choose the card you want to lock. Learn More

Valuable travel services

Enjoy access to worldwide cash advances, and guaranteed hotel reservations.

Optional Extras

Optional Add-On Services

Take advantage of all the benefits your credit card has to offer by adding optional services to protect your identity, your family, and your credit card balance:

Add-on Travel Insurance

RBC Road Assist

BalanceProtector Max Insurance

Identity Theft & Credit Protection

Start Your Application

Applying online is safe and secure. Get a response in less than 60 seconds.

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Estás ingresando al nuevo sitio web de U.S. Bank en español.

U.s. bank altitude ®  connect visa signature ® card, earn 50,000 bonus points. 1.

Just spend $2,000 in the first 120 days. That's a $500 value redeemable toward merchandise, gift cards, cash back 2 , travel and more. And your points never expire. $0 intro annual fee for the first year , $95 /year thereafter. Effective September 9, 2024, you will enjoy a $0 annual fee.*

Get a decision in as little as 60 seconds.

Mobile Carrier Terms 3

5X points 4

on prepaid hotels and car rentals booked directly in the Altitude Rewards Center

4X points 4

on travel. And 4X points at gas stations and EV charging stations through September 8, 2024, after that 4X on your first $1,000 each quarter (wholesale clubs, discount stores/supercenters and grocery stores excluded)

2X points 4

on dining, streaming services and at grocery stores (discount stores/supercenters and wholesale clubs excluded effective September 9, 2024); 1X point on all other eligible purchases

Additional Benefits

No foreign transaction fees.

Enjoy no foreign transaction fees when making purchases outside the United States.

Redemption choices.

Redeem points for travel, merchandise, cash back 2 , charity and gift cards or redeem instantly for purchases with Real-Time Rewards.

Airport lounge access 5

Complimentary Priority Pass ™ Select membership gives you 4 free visits to over 1,500 airport VIP lounges and experiences worldwide.

TSA PreCheck ® or Global Entry® 6

Enjoy up to $100 in statement credits to reimburse your application fee once every four years.

Pay over time with a U.S. Bank ExtendPay ® Plan. 7

Receive a new cardmember $0* fee offer on ExtendPay Plans opened in the first 60 days after account opening. 7

ID Navigator Powered by NortonLifeLock™ 8

Get tools to help keep you informed of threats that may affect your identity.

Travel benefits 9

Protection and assistance when traveling with Trip Cancelation/Interruption, Trip Delay Reimbursement and SmartDelay. Plus, stay connected in over 125 countries with complimentary GigSky global mobile data plans redeemable through 8/31/2024.

Visa Signature benefits

Special access to unforgettable experiences – from fine wine and food events, luxury hotels and premium car rental service to sporting events, shopping and more.

Rewards calculator

See how fast your points add up..

Enter your estimated monthly spend below and your potential points will be calculated automatically.

Calculated earnings are based on current earn rates and will change effective September 9, 2024

Awards and Accolades for Altitude Connect

Best Gas Rewards Credit Card

WalletHub’s 2023

Best International Travel Credit Card

Frequently asked questions

What credit score is needed to apply for the u.s. bank altitude® connect visa signature® credit card.

U.S. Bank credit score requirements vary by product. In general, our credit card products are for established credit with a credit score in the good to excellent range.

How does the U.S. Bank Altitude® Connect Visa Signature® Card work?

You can earn 4X points on travel. And 4X points at gas stations and EV charging stations through September 8, 2024, after that 4X on your first $1,000 each quarter (wholesale clubs, discount stores/supercenters and grocery stores excluded), making it a great card to use on road trips. In addition, you can earn 5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center. You'll also earn 2X points on dining, streaming services and at grocery stores (discount stores/supercenters and wholesale clubs excluded effective September 9, 2024) and 1X point on all other eligible purchases. 4

How fast can I earn points on my U.S. Bank Altitude® Connect Visa Signature® Card?

Use our rewards calculator to see how fast your points can add up on the Altitude Connect Card.

How do I redeem the points I’ve earned on my U.S. Bank Altitude® Connect Visa Signature® Card?

Redeeming points is quick and easy. Choose any of the following:

• Visit the Rewards Center found in online banking at usbank.com .
• Log in to the U.S. Bank Mobile App, select your Altitude Connect account and choose Redeem or View my rewards .
• Call the 24-hour Rewards Center at 888-229-8864.

Do points expire on my U.S. Bank Altitude® Connect Visa Signature® Card?

Points never expire on your Altitude Connect Card.

Is my U.S. Bank Altitude® Connect Visa Signature® Card eligible for Shopping Deals?

Yes. Your Altitude Connect Card is eligible to use at Shopping Deals. Shopping Deals is the easiest way to earn additional points while shopping online at over 1,100 stores using your credit card.

How do I use Shopping Deals with my U.S. Bank Altitude® Connect Visa Signature® Card?

Once enrolled:

• Log in at usbank.com .
• Select Shopping Deals in the Rewards Center and start shopping.

By using Shopping Deals on your Altitude Connect Card, you will be able to earn more points by shopping online. Earn points on your credit card purchases and then earn additional points by shopping through the Shopping Deals site.

Is my U.S. Bank Altitude® Connect Visa Signature® Card eligible for Real-Time Rewards?

Yes. Your Altitude Connect Card is eligible for Real-Time Rewards after you register your card. With Real-Time Rewards, shop nearly anywhere and redeem points instantly for your purchases from your mobile device.

How do I use Real-Time Rewards on my U.S. Bank Altitude® Connect Visa Signature® Card?

Once enrolled, redemption is quick and easy. Make a purchase and you’ll receive a text asking if you want to use points to redeem immediately. Reply “REDEEM” to complete the redemption. You must have enough points to cover the entire purchase to receive the text message to redeem. Your points will be deducted from your points balance and redeemed in the form of a credit to your monthly billing statement. See Program Rules for additional details.

What is U.S. Bank ExtendPay®?

U.S. Bank ExtendPay ® Plans provide a payment option that allows you to divide eligible credit card purchases into affordable monthly payments with no interest* – just a fixed monthly fee.

How will I know if I am eligible for a U.S. Bank ExtendPay® Plan?

If your credit card account is eligible for a  U.S. Bank ExtendPay ® Plan, you’ll receive a notification via email, or you’ll see ExtendPay Plan options when viewing your card account details or eligible transactions online. The only purchases eligible for an ExtendPay Plan are those that were made within 60 days prior to signing up for ExtendPay, are over $100, and are less than your purchase balance when you sign up for ExtendPay.

ExtendPay Plan eligibility may change based on your credit card account activity.

Looking for a credit card with different benefits?

Compare all credit cards..

Use our comparison tool to compare benefits like rewards, APR and welcome offers for up to three cards.  

U.S. Bank may change APRs, fees and other account terms in the future based on your experience with U.S. Bank National Association and its affiliates as provided under the Cardmember Agreement and applicable law.

* The APR may vary, the current variable APR for Purchases and Balance Transfers is $ (based on your creditworthiness). The variable APR for Cash Advances is 29.99%. Cash Advance fee: 5% of each advance amount, $10 minimum. Convenience Check fee: 3% of each check amount, $5 minimum. Cash Equivalent fee: 5% of each cash amount, $10 minimum. Balance Transfer fee: 3% of each transfer amount, $5 minimum. There is a $1 minimum interest charge where interest is due. The annual fee is $0 introductory annual fee for the first 12 months, after that $95. Effective September 9, 2024, the annual fee is $0. Foreign Transaction fee: 0% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 0% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. U.S. Bank ExtendPay® Fees: A monthly fee not to exceed 1.6% of the original principal amount in a U.S. Bank ExtendPay® Plan or U.S. Bank ExtendPay® Loan. This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. ExtendPay Fees are calculated based upon the original principal amount, Purchase APR, and other factors. When you make a payment, the amount up to your Minimum Payment is applied first to the monthly payment obligation for ExtendPay Plans and ExtendPay Loans if any, and then to non-Fixed Payment Program balances in the order of the lowest to highest APR. Any amount over your Minimum Payment is applied to balances in the order of highest to lowest APR.

Net Purchases are Purchases minus credits and returns. Not all transactions are considered to be Purchases and eligible to earn Points, such as transactions posting as Convenience Checks; Balance Transfers; Advances (including ATM withdrawals, wire transfers, traveler's checks, money orders, foreign cash transactions, betting transactions, and lottery tickets); interest charges and fees; credit insurance premiums; and transactions to (i) fund certain prepaid card products, (ii) buy currency from the U.S. Mint, or (iii) buy cash convertible items. Upon approval, see your Cardmember Agreement for details. Purchases qualify for Points based on how merchants choose to classify their business and we reserve the right to determine which purchases qualify.

Account must be open and in good standing (not past due) on the closing date of the billing cycle to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement or Rewards Program Rules in the online Rewards Center by logging into usbank.com for additional information.

One-time 50,000 bonus Points will be awarded if you are approved for a new U.S. Bank Altitude Connect Visa Signature Card and eligible Net Purchases totaling $2,000 or more are made to your Account within 120 days after Account opening. Points are earned on eligible Net Purchases. Please allow 6-8 weeks for your bonus Points to be credited to your Account. Existing or previous U.S. Bank Altitude Connect Visa Signature cardmembers are not eligible if you have received a new account bonus for this product in the last five years. Use of the Card is subject to terms and conditions of the U.S. Bank Altitude Connect Visa Signature Cardmember Agreement, which is provided at Account opening and may be amended from time to time. This offer may not be combined with any other bonus offer.

Cash back is redeemed in the form of a statement credit or a deposit made to your U.S. Bank savings or checking account (2,500 Points minimum redemption). Effective September 9, 2024, minimum redemption for Cash back will be 3,125 Points which equals $25.

By clicking Apply, you authorize your wireless carrier to use or disclose information about your account and your wireless device, if available, to us or our service provider for the duration of your business relationship, solely to help us identify you or your wireless device and to prevent fraud. See our Privacy Policy for how we treat your data.

Points are earned on eligible Net Purchases. U.S. Bank Altitude Connect Visa Signature Cardmembers will earn 1 Point for every $1 in Net Purchases. In addition, you will earn 4 Points (5 Points total) for every $1 on prepaid car and hotel reservations purchased in the online Altitude Rewards Center using your U.S. Bank Altitude Connect Card. Prepaid car and hotel reservations in the Rewards Center are not classified as a travel category merchant transaction and are not eligible to receive the additional points for that category. You will earn 3 Points (4 Points total) for every $1 on travel category purchases (such as purchases made directly with airlines, hotels, car rentals, taxicabs, limousines, passenger trains and cruise line companies). You will earn 1 Point (2 Points total) for every $1 on restaurant, fast-food restaurant, bar and qualifying streaming subscription service purchases. Refer to Program Rules or usbank.com/AltitudeConnectBenefits for official list of qualifying streaming services merchants. IMPORTANT CHANGE : You will earn 3 Points (4 Points total) for every $1 on gas station and electric vehicle charging station purchases through September 8, 2024. Effective September 9, 2024 , you will earn 3 Points (4 Points total) for every $1 on your first $1,000 each quarter on gas station and electric vehicle charging station purchases, excluding purchases at wholesale clubs, discount stores/supercenters and grocery stores/supermarkets. You will earn 1 Point (2 Points total) for every $1 on grocery store and supermarket purchases. Effective September 9, 2024 , grocery store and supermarket purchases at discount stores/supercenters such as Target and Walmart and wholesale clubs will be excluded. Please allow 1-2 statement billing cycles for your bonus Points to appear on your credit card statement. Refer to the Rewards Center for full details.

Cardmembers who enroll in the Priority Pass Select program will receive access for 12 months to airport VIP lounges worldwide that participate in the Priority Pass Select program. Enrollment with no membership fee is limited to one Cardmember per Account (including authorized users). Lounge visit fees apply. Please view the Guide to Benefits (PDF) or visit the U.S. Bank Altitude Connect Card Benefit site for eligibility details, to register, and for full terms and conditions. Cardmembers must accept the Priority Pass Select Conditions of Use which are located at: www.prioritypass.com/en/terms-of-use. One Cardmember per Account may be enrolled as the member in the Priority Pass Select program, and their first four visits are waived each Priority Pass Select membership year (not Cardmember year). Per person lounge visit fees will apply after free visits have been used. Lounge benefits, services and facilities differ by location and may only be available at an additional charge.

Certain terms, conditions and exclusions apply. You must complete either the Global Entry ® and/or TSA PreCheck ® application(s) and pay the application fee(s) with your U.S. Bank Altitude Connect Visa Signature Card. For complete details on the TSA PreCheck ® program, including full terms and conditions, go to https://www.tsa.gov/precheck . The TSA PreCheck ® trademark is used with the permission of the U.S. Department of Homeland Security. Please view the Guide to Benefits (PDF) for further card benefit details including full terms and conditions.

From time to time we may offer to you the benefit of our U.S. Bank ExtendPay® Plans, which allow you to pay off balances in fixed monthly payments over time and still avoid paying interest charges on new Purchases. You may designate up to 50% of your credit card line ($100 minimum) in eligible credit card purchases and pay in monthly installments with just a small fixed monthly fee. Only Purchase balances are eligible for  ExtendPayPlans. Transactions identified as Advances or Balance Transfers (as defined in your Cardmember Agreement), and any interest or fees, including Annual Fee, do not apply. The only Purchases that will appear as "Eligible Purchases" in the enrollment process are Purchases that were made within 60 days prior to signing up for an ExtendPay Plan, are over $100, and are less than your Purchase balance when you sign up for an ExtendPay Plan. Any unpaid balance remaining on an ExtendPay Plan after the chosen pay-back period will be subject to the APR and minimum payment calculation for purchases outlined in the Cardmember Agreement.

No one can prevent all cybercrime or all identity theft.

Certain terms, conditions and exclusions apply. Please view the Guide to Benefits for further card benefit details including full terms and conditions. In order for coverage to apply for Trip Interruption/Cancellation and Trip Delay Reimbursement, you must use your Altitude Connect Card to secure transactions. To register your flight for SmartDelay, visit altitudeconnect.smartdelay.com . Please visit gigsky.com/visa-usb-ac to register for GigSky and for further details and full terms and conditions. GigSky benefit is redeemable through August 31, 2024.

The Contactless Symbol and Contactless Indicator are trademarks owned by and used with the permission of EMVCo, LLC.

The creditor and issuer of this card is U.S. Bank National Association, pursuant to a license from Visa U.S.A. Inc., and the card is available to United States residents only.

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The Best Prepaid and Debit Cards of 2024

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India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.

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If you need to limit spending or use an alternative to bank accounts, the best prepaid cards available can help you with your goals. You can load and reload prepaid cards with funds and then use them like a debit card, avoiding checking accounts and some bank-imposed fees in the process.

At Bankrate, our staff has reviewed and rated hundreds of today's top credit cards, with independence and transparency, so you'll have an easier time making an informed decision. When reviewing the best prepaid cards of 2024, we considered accessibility, affordability and extra benefits, among other factors, to help you decide which prepaid card is best for you.

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Best prepaid and debit cards of 2024:

• Netspend® Visa® Prepaid Card
• Self Lender — Credit Builder Account

What is a prepaid card?

Tips on choosing the best prepaid card for you, expert advice on prepaid cards, how we assess the best prepaid cards.

• Frequently asked questions

Best for no activation fee

Netspend® Visa® Prepaid Card

Bankrate score

Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Regular APR

What we love : If you want the convenience of a debit card without opening a traditional bank account, the Netspend Visa Prepaid Card may be worth a look. You can have your paycheck, tax refund or government benefits deposited directly to your Netspend Visa and can use the card anywhere Visa cards are accepted. Alternatives : If you’re a fan of this card’s savings account option, Brink’s Armored™ Account offers a similar benefit and the ability to earn some ongoing cash back rewards.

• There are no application fees and no minimum balance required for this card, so you can start an account with relatively little hassle.
• When you start your card account, you’ll get access to a high-yield savings account that offers 5 percent APY on the first $1,000 you save.
• The card's monthly fee is $9.95 (it lowers to $5 if you receive at least $500 in payroll checks in any one month).
• While it may not have an application fee, this card is associated with several other fees — an ATM withdrawal fee, an inactivity fee and a cash reload fee, just to name a few.
• With Direct Deposit, you can get paid faster than a paper check.
• No late fees or interest charges because this is not a credit card.
• Use the Netspend Mobile App to manage your Card Account on the go and enroll to get text messages or email alerts (Message & data rates may apply).
• Card use is subject to activation and ID verification. Terms and Costs apply.
• Card issued by Pathward N.A., Member FDIC. Card may be used everywhere Visa debit card is accepted.
• See additional NetSpend® Prepaid Visa® details.

Best for no credit check

What we love : This prepaid card could be a good fit for someone who wants a convenient way to spend without having to worry about a credit check. The Netspend Visa Prepaid card also comes with select cash back and personalized offers that can help you save on purchases. Alternatives: Since this prepaid card does not offer overdraft protection, you might consider the Walmart MoneyCenter debit card , which has an overdraft feature (fees may apply). 

• There's no credit check required when opening the card, so your credit score won't be impacted.
• The card does offer some cash back rewards which are personalized based on your spending.
• This card doesn't report to any of the three credit bureaus, so it won't help improve your credit score.
• Like most prepaid cards, this card offers no overdraft protection.

Best for building credit

Self - Credit Builder Account with Secured Visa® Credit Card

What we love : The Self - Credit Builder Secured Visa® serves both as a traditional credit card and a savings account — payments made into this account are reported to the three major credit bureaus, helping you build savings and establish a positive credit history at the same time. The credit limit on this card is also equal to the amount you have saved in your Credit Builder Account. Learn more : Is the Self – Credit Builder Account with Secured Visa Credit Card worth it? Alternative : If you’re seeking access to a physical card immediately, the Netspend® Visa® Prepaid Card is a solid choice that offers potential rewards, albeit one that carries a series of fees.

• This card reports to all three credit bureaus, helping you to achieve any credit-building goals.
• Since no hard credit inquiry is required for application, your credit score won't be impacted.
• If you're looking for a card to use immediately, this isn’t a fit as it takes three months of on-time loan payments totaling at least $100 before you’re eligible for the secured card.
• You’ll pay an annual fee for this card, which is unusual for a secured card.
• Start with a Credit Builder Account* that reports to all 3 credit bureaus. Each on-time monthly payment builds credit history and savings. Choose the plan that works for you.
• Make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing.** Then, you’ll be eligible for the Self Visa® Credit Card, without a hard credit check.
• Your savings progress from your Credit Builder Account acts as your security deposit for your secured Credit Card.
• Get the savings plan that helps build credit today.
• No credit score is needed to get started.
• Your money is secured and protected in a bank account.
• *Credit Builder Account Sample Product: $48 monthly payment, 24 month term with a $9 admin fee at a 15.72% Annual Percentage Rate. Please refer to https://www.self.inc/pricing for the most recent pricing options.
• **Secured Credit Card Disclaimers, Rates and Fees: https://www.self.inc/card-agreement
• Self Visa® Credit Card issued by Lead Bank or SouthState Bank, N.A., each Member FDIC. See self.inc for details.
• Active Credit Builder Account in good standing, 3 on time payments, $100 or more in saving progress. Requirements subject to change.

Compare Bankrate's top prepaid cards

On This Page

Prepaid debit cards are similar to debit cards, except prepaid cards aren’t connected to banking or checking accounts. Instead, funds are loaded onto the card — either online, in person at specific locations, by depositing checks or reloading with cash — then reloaded when those funds run out.

Think of them as a cross between gift cards and debit cards — they have a card number, CVV code and expiration date like debit and credit cards. They also don't usually impact your credit score, as prepaid card issuers typically don’t check your credit when you apply, and they won’t check your banking history (though this isn’t always the case).

However, you should keep in mind that most prepaid cards have fees associated with them, such as:

• Reload fees
• Monthly fees
• ATM withdrawal fees
• Inactivity fees
• Transaction fees

Pros and cons of prepaid cards

While one of the benefits of a prepaid card is its accessibility, make sure to read the fine print before you apply. Some cards have activation fees and monthly maintenance charges, which can eat into your spending.

No credit check needed: People with low or no credit can practice responsible credit habits without taking a hit to their credit scores.

Budgeting tool: Because you’re limited to spending your deposit amount, prepaid cards make it easier to stay within your budget and cut back on monthly spending.

More fees than debit cards: Debit cards typically charge overdraft, monthly and sometimes ATM fees. Unfortunately, prepaid cards charge those fees on top of transaction fees, reload fees, inactivity fees and more.

Can’t build credit: Prepaid card issuers don’t report to credit bureaus, meaning users won’t improve their credit scores over time with this card type. Secured credit cards are a better option for people with no credit or low credit to increase their scores.

Prepaid cards are an excellent option for anyone with difficulty accessing traditional banking services, but features vary among cards. Here are some things you should keep in mind while shopping for a prepaid card.

• Take a look at the fees. One of the reasons many people have a difficult time accessing traditional banking services is because of the costs. If your prepaid card charges a litany of fees, such as ATM fees, monthly service fees or reload fees, you should consider if the card is worth it.
• Know your loading options . How difficult or easy will it be to reload your prepaid card? Are fees attached? Some prepaid cards will allow you to reload your card with ACH transfers, but you’ll often reload manually at an ATM. It’s important that you have access to several ATMs in your area.
• Make sure the card offers mobile access. Mobile banking is becoming increasingly popular, and for good reason. It’s convenient, safe and can give you peace of mind. The best prepaid cards will offer you the option to use the cards online and have access to a mobile app.
• Consider if you’re banked or underbanked .   While prepaid cards function similarly, there are significant  differences between prepaid cards and debit cards , specifically where funds are stored, which can be a significant factor for those who are unbanked or underbanked. Prepaid cards provide several benefits to people who don’t have access to traditional bank accounts (unbanked people) or whose access to banking services is inconvenient or too expensive ( underbanked people). If you’ve struggled to gain access to traditional banking services because of upfront costs (such as deposit minimums or initiation fees), a prepaid card might be the answer.

You can use Bankrate's Compare Credit Cards tool to help shop for the best prepaid card with as few fees as possible.

Rates of unbanked people are particularly high for those in low-income households. While the U.S. average for being unbanked is around 4.5 percent , those who have an income of under $25,000 and are underbanked are 17 percent . The main reasons cited are lack of proper funds and lack of trust . Prepaid cards can be a great alternative for people facing these hurdles.

To make the most of your prepaid card and ensure a seamless financial experience, follow these expert tips.

How to choose a prepaid card

Decide on a payment network.

Payment networks like PayPal, Visa, Mastercard and Netspend all have prepaid debit cards available. Some networks are accepted at more merchants than others so make sure to pick one that’s accepted at stores you regularly shop at.

Check fees and limitations

Prepaid cards come with a multitude of fees. If you don’t factor these into your spending, you might have less than you originally thought.

Review spending habits

Prepaid cards only have what you load onto them, so make sure to load a proper amount to avoid the reload fee that could possibly be attached to the card.

Pick up & load the card

You can receive your prepaid card from many places, both in-person and online, and may even be able to get it the same day. Once you activate and load your card, you should be able to start using it immediately.

How to maximize a prepaid card

When it comes to managing your spending and avoiding debt, a prepaid card can be valuable. With the right features and responsible usage, you can maximize the benefits of a prepaid card while staying in control of your finances.

Prepaid debit cards let you use plastic when shopping online or in stores without a traditional checking account . It’s great for scenarios like a parent or guardian giving a teenager a card to make purchases with a monthly budget or if you need to cut back on spending and want to set hard limits. Understand what you’re using a prepaid card for and how it can ultimately help you reach your financial goals.

Research and compare cards

Each prepaid card may come with its own set of features, fees and limitations. You can find a card that aligns with your specific needs by conducting thorough research. Look for cards with low or no activation fees, reasonable transaction fees and useful benefits tailored to your requirements.

Set a budget

One of the key advantages of using a prepaid card is that it allows you to set a budget and stick to it. By loading only the amount you plan to spend onto the card, you can avoid overspending and accumulating debt, so it's essential to do so with a strategic approach. 

Strategize your reloads

Consider your spending patterns and avoid reloading large sums unnecessarily, as it might tie up your funds or expose you to additional fees. Plan your reloads effectively. Strike a balance between having enough funds and not maintaining an excessive balance on the card.

Be aware of drawbacks

Prepaid cards may not offer the same consumer protections as credit or debit cards in case of fraud or unauthorized transactions. It's crucial to review the terms and conditions the card issuer provides regarding liability protection and dispute resolution processes. As a precaution, make sure to set some money aside for an emergency or rainy day fund .

Have more questions for our credit cards editors? Feel free to send us an  email , find us on  Facebook , or Tweet us  @Bankrate .

When evaluating the best prepaid cards, we take into account several factors, including how cards score in our proprietary card rating system and whether they offer features that fit the priorities of a diverse group of cardholders, from low fees to wide acceptance to earning rewards. 

We analyzed the most popular prepaid card options and scored each card based on its fee structure, rewards rate and earnings, perks and more to determine whether it belonged in this month’s roundup. 

Here are some of the key factors that we considered: 

Reasonable fees

To start, all cards on this list charge either a variable monthly fee, fixed monthly fee or a one-time account fee. As many prepaid cards have monthly fees, we identified those with limited additional costs and hidden fees.

More important to these cards’ scores and their inclusion in our list is how their fees influence their overall value. We consider card fees in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall value. 

Cards with high fees will always be at a slight disadvantage in our scoring system since fees inherently cut into any rewards value the card may offer. However, if a card offers terrific value in other ways, such as perks or convenience it can earn a spot in our list even if it carries high fees.

Flexibility and perks

Along with cost and rewards value, we consider other factors that could give cards great long-term usefulness. 

We considered how widely a card is accepted, and we sought options that are likely to be accepted anywhere you spend. Our team considered the size of each card’s network, the trustworthiness of each financial institution and the accessibility of reload options.

Due to the nature of prepaid and debit cards, additional perks such credit-building tools can be difficult to come by. If a card offers a path to improving your credit score, we’ve factored that into our scoring.

For rewards-earning cards, we consider any restrictions they impose on earning and redeeming rewards when deciding on a card’s inclusion in our list. 

These restrictions could include only allowing users to earn a high rewards rate on a small amount of spending or requiring users to meet a certain earning threshold before they can redeem rewards. We also examine whether points are worth less when you opt for some redemption options over others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

We also evaluate each card’s perks based on their value and uniqueness. For prepaid cards, flexibility and convenience can play a significant role in a card’s overall usefulness. 

Rewards value

Since many cardholders looking for a prepaid card are eager to earn rewards, a key criteria for a card’s inclusion in our list is its rewards value. Rewards value factors in a card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we calculate its average rewards rate based on how much it earns in different bonus categories, as well as how closely those categories match the average person’s spending habits. In other words: Does the card earn rewards at a high rate in the most popular spending categories?

We use consumer spending data from the Bureau of Labor Statistics (BLS) to get a reliable third-party measure of people’s spending habits. The most recent BLS data estimates average total spending in 2021 was $66,928 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $22,500.  

This includes the following spending by category:

• Groceries: $5,200
• Dining out: $3,000
• Entertainment: $2,500
• Gas: $2,100
• Apparel and services: $1,700

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 23 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases — as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other cards in its primary category.

The better these values, the higher its score will be, making it more worthy of inclusion in our list and increasing its potential ranking.

Frequently asked questions about prepaid cards

How do i get a prepaid card.

You can get a prepaid card in a number of ways, including: 

• Online : You can go online and purchase a prepaid card using your credit or debit card information, which will be charged at the time of purchase.
• In-store : You can go to any store and purchase a prepaid card with cash.
• At a bank branch : You can go to a bank branch, provide your personal information and purchase a prepaid card with cash or by using your checking account number and routing number (which is typically on checks).

How do you reload a prepaid card?

You can reload a prepaid card much like you would receive money in a checking account linked to a debit card. Here are some ways you could reload a prepaid debit card, depending on the issuer:

• In person at the financial institution that issued the card
• In person at participating retail locations
• Online transfer from a checking or savings account
• Mobile deposit, if available
• Direct deposit, if available

What are alternatives to prepaid cards?

If you'd rather not use a prepaid card, there are other options that may suit your needs better:

• Fintech banking apps: These apps, like SoFi , work like any other bank app, but they don't require a traditional bank account. Some of these apps are free, but some charge monthly fees for certain features.
• Alternative spending accounts: An alternative spending account, like Chime , is typically a checking account without overdraft fees, monthly fees or service fees. They're designed for people who want a simple place to keep their money but don't want all of the features of a traditional checking account.
• Second-chance checking accounts: These second-chance accounts  allow people who have been denied access to traditional checking accounts due to low credit scores or unpaid debts access to basic banking services. 
• Secured credit cards: These allow people who have bad or no credit histories to make a deposit for access to a limited credit line. If you can afford to make a security deposit upfront, you can use a secured credit card for minor expenses and build your credit score at the same time.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

Netspend Visa Prepaid Card fees . Netspend. Accessed on May 10, 2024.

Report on the Economic Well-Being of U.S. Households in 2022 - May 2023 . Board of Governors of the Federal Reserve System. Accessed on May 10, 2024.

2021 FDIC National Survey of Unbanked and Underbanked Households . FDIC. Accessed on May 10, 2024.

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.

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The Cheapest Cities To Live In Canada And Whether You Should You Move

Updated: Jun 7, 2024, 12:18pm

Table of Contents

Top 15 most affordable cities to live in canada, should you move to a cheaper city, is now a good time to move, the bottom line.

If you live in one of Canada’s hottest housing markets, the exorbitant cost of real estate might be getting you down. You may have even considered whether it’s worth moving to a more affordable city. If this sounds like your own thoughts, you’re not alone.

According to a recent Royal LePage survey of Canadians living in Toronto, Montreal and Vancouver, half of those polled said they would consider buying a property in one of Canada’s most affordable cities if they could find a job or work remotely. Sixty percent of renters said they would consider relocating, compared to 45% of current homeowners.

Thunder Bay, Ont., tops the list of Canada’s 15 most affordable cities, followed by Saint John, N.B., and Red Deer, Alta. No cities in the provinces of British Columbia or Nova Scotia made the cut. Affordability was determined by the percentage of income required to service a monthly mortgage payment, rather than simply the most affordable homes based on price.

“There’s an old saying in real estate, ‘drive until you qualify.’ As housing affordability continues to deteriorate and Canadians face increasingly higher barriers to entry when buying a home, this adage is becoming more of a reality,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd., in a release. “Many aspiring homeowners in the country’s largest and priciest urban centres are seriously considering relocating to less expensive cities in order to get a foot on the property ladder.”

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According to the latest statistics by the Canadian Real Estate Association (CREA) , the national average home price was $703,466 in April 2024, down 1.8% year-over-year. While prices have remained relatively stable in most markets across Canada, prices have ticked higher in Calgary, Edmonton and Saskatoon.

The Greater Vancouver Regional District tops the list of the most expensive real estate market in Canada at $1.2 million, up 2.8% year-over-year, with Toronto at a close second at $1.12 million, down 1% year-over-year. While significantly cheaper, a home in Montreal will still set you back $530,300, a 3.3% increase since April 2023.

What’s more, to purchase a property in these markets, you’ll need to make a minimum 20% down payment for a home over $1 million, so that’s $240,000 and $224,000, respectively for the Vancouver and Toronto properties. For that Montreal home, you’ll need to put down 5.28%, or $28,000, plus over $20,000 in mortgage default insurance .

If those numbers make your head spin and you’re looking for a more affordable home in Canada, here are the 15 cities that made the list:

i) House price based on city-level aggregate home price data from Q1 2024 ii) Monthly mortgage payment based on 3-year fixed term conventional mortgage at 5.71% over 25 years iii) Household income based on provincial median total household income data

Among those Canadians who said they would consider relocating to a more affordable city, the top three reasons for moving were: a lower cost of living (57%), to be closer to nature and/or live in a less populated area (41%) and to experience aa more relaxed pace of life (40%). (Respondents could select more than one answer.)

“It’s clear that lifestyle is an important factor in Canadians’ decisions about where to buy a home,” said Yolevski. “Unsurprisingly, in addition to lower home prices, some Canadians who are contemplating a move to a more affordable city are also seeking reduced everyday expenses, and a break from the hustle and bustle of urban centres. This is a trend that began prior to the pandemic and was accelerated during the real estate boom of 2020 and 2021, when many homebuyers relocated to smaller communities where they could safely social distance whilst enjoying greater privacy, more living space and better access to the outdoors.”

Moving can be a very emotional—and expensive—decision, so before you start searching one of these affordable cities for your next home, you might want to consider the following:

• Cost of living: Your cost of living includes necessities such as housing, food, transportation and childcare. While this poll looks at the cost of living related to housing, it’s important to consider other costs. For example, if you need to commute to your job, gas prices can vary substantially between provinces. If you look at the GasBuddy price map, the average gas price in Newfoundland is currently 186.1 cents per litre, compared to 137.68 cents in Manitoba. To help you compare the cost of a basket of groceries between provinces to give you a sense of food costs, Statistics Canada provides an Average Retail Food Prices Data Visualization Tool . For example, a grocery basket costing $676.42 in Nova Scotia would cost $625.86 in Ontario.
• Quality of life: Quality of life means different things to different people, so it’s important to be clear on what matters most to you. If you have children, you’ll want to research what the schools are like in the neighbourhoods you favour. Do you want to be closer to nature, parks or playgrounds or are museums and art galleries more your style? Other measures may include whether there are churches nearby, access to health care or hospitals, and the political lean of a particular riding.
• Job opportunities: If you’re fortunate enough to work from home or can arrange a transfer with your current employer, this is less of a consideration. But if you need to find a new job, you’ll want to consider both how a move will affect your career opportunities and advancement, as well as the paycheque you’ll be taking home.
• Family: Saving money on your mortgage may be an enticing incentive to move away, but if you currently live close to extended family members, this decision should consider more than just the emotional cost of leaving. If you’re used to having grandparents helping with childcare, for example, you’ll need to replace that support in your new community—and that can be costly. According to StatCan , in 2022 parents paid an average of $7,790 per year for full-time child care. You’ll also need to consider the cost of travel for family occasions such as birthdays and holidays.
• Taxes: This is less important if you’re moving within the same province, but if you’re moving out of the province, it’s a good idea to consider the different tax rates and the impact on your budget. For example, if you look at the tax brackets and income tax rates by province, income up to $49,231 is taxed at 5.05% in Ontario, but in Quebec, up to $49,275 is taxed at 14%. Then there are also three different sales taxes in Canada: PST, GST and HST. Alberta only charges 5% GST, while Manitoba charges PST (7%) and GST (5%), and Nova Scotia charges 15% HST. You should also compare the property tax between different properties, which should be part of any home’s listing.
• Closing and moving costs: Your mortgage isn’t the only cost you’ll need to consider when budgeting for a move. Whether you move down the street or across the country, it can cost you thousands of dollars for expenses such as a home inspection, land survey, appraisal fee, legal fees, land transfer taxes, home insurance and moving costs, to name a few.

Home sales activity fell 1.7% between March and April 2024, according to CREA, while the number of new listings rose 2.8% over the same time period. While the national sales-to-new listings ratio came in at 53.4%, indicative of a balanced market, it is slightly in favour of a buyer’s market.

“April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from, but less enthusiasm on the demand side,” said Shaun Cathcart, CREA’s Senior Economist

However, with many Canadians waiting for interest rates to come down, inventory levels could change quickly as buyers re-enter the market.

In another Royal LePage survey from February 2024, of the 27% of Canadians who have been active in the real estate market since the BoC started raising rates in March 2022, over half of those said they were forced to postpone their search due to raising rates. Among those, 51% said they would start looking for a home again if rates reversed: 10% said a 0.25% cut would be enough to reboot their house search, while 18% said they were waiting for a cut of 0.50% to 1%, and 23% said they needed a rate cut of more than 1%.

On June 5, 2024, the Bank of Canada (BoC) finally cut its key interest rate from 5% to 4.75%—the first policy cut in over four years. This is good news for mortgage holders, especially those with variable-rate mortgages that are tied to the BoC’s rate. If inflation continues to cool, most recently coming in at 2.7% in April, it is likely that we will see further rate cuts this year.

The Big Six Banks have already started cutting their prime rate from 7.2% to 6.95, effective June 6, 2024.

If you’re shopping around for a mortgage, Forbes Advisor Canada has this guide for the Best Mortgage Rates in Canada.

With the skyrocketing prices for homes in Canada’s largest cities, shopping for a home in a more affordable city can help you stretch your money further. But be sure to look at the other costs of a move before you raise that “For Sale” sign.

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Fiona Campbell is a Staff Writer for Forbes Advisor Canada. She started her career on Bay Street, but followed her love for research, writing and a good story into journalism. She is the former editor of Bankrate Canada, and has over 20 years of experience writing for various publications, including the Globe and Mail, Financial Post Business, Advisor’s Edge, Mydoh.ca and more.