Prepaid credit cards canada
Prepaid credit cards in Canada are quite popular and demand for these cards has increased considerably in past few years. Prepaid credit cards are also called as secured credit cards and limit attached with these cards is determined on the basis of deposit provided by a person. Thus, there cannot be any overspending through these cards and unlike unsecured credit cards, these do not become nightmares for a person. As far as deposit is concerned, a person can deposit the money for prepaid credit cards in Canada through check, money order, money transfer etc. These cards can be used for shopping anywhere in the filled. Refilling for prepaid credit cards in Canada can also be done at any of authorized merchant locations. Money can be transferred online also.
Prepaid credit cards in Canada have proved very useful in controlling the expenditures and improving the credit history. This is because most of credit card issuers report to the credit bureaus, which maintain the credit history. Parents have found these cards very useful and are providing their wards with prepaid credit cards in Canada quite often. There are many beneficial features attached with prepaid credit cards in Canada. First of all, these cards are provided as guaranteed credit cards. There is no question of application rejection as there is no risk attached. No credit check is generally made and thus, people with all credit types are eligible to apply and get benefits. Similarly, people who have no credit history can also apply for these cards and get them for sure.
New immigrants, students etc are finding this feature quite useful. People who are planning to move to Canada for the purpose of job are also finding these cards very useful. These credit cards can be used exactly in the same fashion as regular credit cards are used. For people suffering from bad credit, prepaid credit card is good option. In fact, in certain cases, this is the only option available. It is totally risk free card for a lender and there are no unsecured outstanding attached. Most of prepaid credit cards in Canada can be used at places where Master Cards and Visa Cards are accepted. Applying for these credit cards is easy as a person can easily apply online for different types of cards. Application process is quite simple. As far as security for these credit cards is concerned, it varies from one provider to another. If there are issuers requiring security deposit of $500-$1000, there are also some issuers that require $75 as security deposit.
Some prepaid credit cards in canada
Let us discuss some of prepaid credit cards in Canada to understand more. Capital is one of important prepaid credit cards in Canada. This secured card is provided with round the clock customer services and allows a person in getting access to more than 1 million ABMs located across the nation. Security provided is refunded when the account is closed in good standing. This prepaid credit card is accepted at more than 24 million locations across the globe. It is provided as a guaranteed approval card and helps a person in rebuilding his credit report as reporting is done to credit bureaus Trans Union and Equifax. Security deposit is as little as $75. However, there are some types of costs associated with this prepaid credit card. For example, a person has to bear a card issuance cost of $14.95. Load fee is $2.50 and monthly maintenance fee is $7.95. Maximum ATM withdrawal is $1500.
Similarly, Horizon Plus Prepaid Master Card is also one of important prepaid credit cards available in Canada. For getting this card, a person must have attained an age of 16 years. Minimum load amount attached with this credit card is $10 and maximum balance associated is $2500. Maximum daily withdrawal from this prepaid credit card has been capped at $1000 and thus, a person cannot withdraw cash more than $1000 in one day. As far as maximum purchase limits are concerned, it is $2500, which is equivalent to the maximum balance. For signing up for this credit card, a person is required to pay $14.95 and has to bear a monthly maintenance fee of $2.50.
My Plash Prepaid Master Card also occupies an important place in prepaid credit cards in Canada. A person must be at least 16 years old for applying to this credit card and maximum load amount attached is $5. Maximum balance associated with this card is $2500. Maximum amount of withdrawal has been capped at $1000 and maximum amount of daily purchases required is $2500. Signing up fee for this prepaid credit card is $26.35 and monthly maintenance fee charged is $5.95.
Another prepaid credit card available in Canada is My Card Master Card. Minimum age requirements for this secured card is 16 years and minimum load amount attached is $10. Maximum balance that can be carried is $2000. However, daily purchase and withdrawal limits are low. A person can withdraw amount up to maximum of $325 in one day and purchases can be done for a maximum amount of $1100. Signing up fee is also high and is $39.95. Monthly maintenance fee attached with this credit card is $2.5.
CAA Travel Money Card is also one of popular prepaid credit cards in Canada. Maximum load amount attached is $250. However, maximum balance that can be carried is $9000. This credit card offers high daily purchase and withdrawal limits. A person can purchase for a maximum amount of $6000 and maximum daily withdrawal amount allowed is $1200. Signing up fee of this card varies from $7.95 to $10.95. One aspect that makes this prepaid credit card better than others is that there is no monthly maintenance fee.
Next Wave Titanium Plus Prepaid Master Card is also one of important prepaid credit cards in Canada. A person must be 16 years old for applying for this card. Minimum load amount is $10 whereas maximum balance allowed is $2500. Maximum daily purchase and withdrawal limits are $2500 and $1000 respectively. Signing up fee is $20 and monthly maintenance fee charged is $7.50.
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