4.3.4 Prepaid cards
- 4.3.1 How credit cards work
- 4.3.2 Benefits and risks of credit cards
- 4.3.3 Compare credit cards to debit cards
- 4.3.4 Prepaid cards
- 4.3.5 Choosing a credit card
- 4.3.6 Cost of credit cards
- 4.3.7 Case study: Credit card use
- 4.3.8 Credit card statements
- 4.3.9 Tips for credit card use
- 4.3.10 Video: Using credit cards wisely
- 4.3.11 Credit card fraud
- 4.3.12 Video: Debit and credit card fraud
- 4.3.13 If you are a victim of debit or credit card fraud
- 4.3.14 Summary of key messages
Prepaid cards are not credit cards, but they can often be used in the same way. You deposit funds to "load them up" before you use them to pay for purchases in stores or online, or to withdraw cash at automated banking machines and other locations.
Prepaid cards can be useful if you are not able or do not want to get a credit card. Some prepaid cards are "reloadable." That means that you can add more money to the card and keep on using it.
Some prepaid cards charge fees. The fees and the rules for using the cards vary, so investigate them carefully to find the prepaid card that is right for your needs.
For more information, see the Financial Consumer Agency of Canada’s information on Prepaid cards.
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