How to Get a Canadian Prepaid Credit Card

In today's technology focused world, having a credit card has gone from a luxury to a necessity. Places such as the internet and bus terminals require payment with a credit card. If you are under the legal age for a credit card, or do not believe in having debt, you can opt for a prepaid credit card. This article will show you how to get an inexpensive prepaid VISA card in Canada.

Difficulty: Easy

Instructions

Things You'll Need:

• CAA Membership
• Minimum of $250 to deposit onto card
• $8 for activation fee

1. Determine your need - Do you want a prepaid credit card or a real credit card? If you are under the age of 18, a prepaid card is your only option. It does however have some fees. A $8 fee is charged for the first activation + cash load, and after that it is $5 per load. If one loads $500 this translates to a 1% fee. Depending on how often you use your card this could be affordable or not.

2. Find a CAA Location - You need a CAA membership for this step, but if you don't have one you can use that of friends or family. Bring your money to the CAA location. You can use cash or debit to load the card. CAA is by far the cheapest provider of prepaid debit cards in Canada.

3. Purchase the card - They will walk you through loading up the card and setting it up. Enjoy!

Tips & Warnings

• The fee is fixed, so loading more money onto the card gives you a better rate
• Make sure you phone in to cancel your card if lost or stolen as prepaid cards do not have the same protection as regular credit cards

Resources

• CAA Card Portal