Student
Secured Cards
Newcomer / New to Canada
BMO Prepaid Mastercard
BMO Bank of Montreal
Welcome Bonus:
Enjoy a reloadable and secure card for your day-to-day transactions.
Secure RateBuddy connection · Application completed on BMO Bank of Montreal’s site
Annual Fee
$9.99
Purchase APR
0%
Cash Advance
0%
RateBuddy Verdict
The Good
- Requires only a soft credit check to open, meaning applying will not negatively impact your credit score.
- Prevents you from going into debt, as you can only spend the funds you have loaded onto the card.
- Includes Purchase Security and Extended Warranty insurance, which is very uncommon for a basic prepaid card.
The Trade-offs
- Charges a $9.99 annual fee, which is a downside considering there are free prepaid options on the market.
- Does not earn any cash back, travel points, or standard rewards on your daily spending.
- Because it is a prepaid card, using it will not help you build or improve your credit history.
Rewards & Earnings
Base Rate
0%
Rewards Summary:
Base Earn: None; This is a reloadable prepaid card designed for secure, debt-free spending without relying on a credit line.
Welcome Bonus Details
Enjoy a reloadable and secure card for your day-to-day transactions.
Features & Benefits
Bad Credit & Rebuilding
Extended Warranty Insurance
Value: 1
Purchase Security Insurance
Value: 90
Insurance Coverage
Purchase Security: Included; Extended Warranty: Included; Travel/Medical: Not Included
Rates, Fees & Eligibility
| Purchase APR | 0% |
|---|---|
| Cash Advance APR | 0% |
| Annual Fee | $9.99 |
| Income Required | No specific requirement listed. |
| Recommended Credit Score | — |
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Filed Under
Student
Secured Cards
Newcomer / New to Canada
Secure RateBuddy connection