4.3.4 Prepaid cards

From: Financial Consumer Agency of Canada

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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