I consider the BMO Prepaid Travel Mosaik Mastercard to be the best reloadable prepaid card on the market.
Here's (mostly) why:
- Relatively inexpensive ($6.95 per year, but used to be $9.95 for all 3 years)
- Easy to get (Your credit rating doesn't matter, but they do "hit" it to check your identity)
- Fee schedule is easy to find online as they have nothing to hide (I've had to dig deep on other prepaid cards' websites)
- Easy and free to reload (via bill payment online from most banks, in-branch with cash is allowed if you have a BMO chequing or savings account, maybe even if you can make a good enough sob story as well)
- Issued by a respectable company (Prepaid deposits are not CDIC guaranteed, so stay away from unknown issuers)
- Valid for 3 YEARS (other cards are as low as 3 MONTHS)
- Extended Warranty and Purchase Protection (almost feels like a real credit card now)
- May load between $100 and max allowable balance of $10 000
- When your card expires, if you don't roll it over to a new one, they refund the balance to you (there might be an "applicable" fee for it, but for other cards, they just steal your remaining money)
- Can apply online or in person (used to be online only)
There's a 2.5% foreign currency exchange fee, which I consider a cash-grab rather than reasonable, but having said that, the rate for most Canadian Mastercards and Visas is the same.
If you're in the prepaid Visa/Mastercard market for the long-term as a primary purchasing card, be sure to look into a secured Visa/Mastercard, if you're eligible for one of the non-ripoff ones, they're more universally accepted (especially for hotels and car rentals). Your relationship with your bank can play a strong role in your ability to get a secured card. Secured cards help build your credit rating. If you have bad credit, be sure to check your report from both bureaus for the cost of one phone call and one postage stamp here.
The card also gets relatively few complaints. I have some popular articles on Canadian Prepaid cards with hundreds of comments, and there are few complaints about the BMO card, even though it seems to be the more popular option.