Pros & cons
Pros
- Easy to get as they are purchased in a store.
- No credit checks required.
- Several ways to reload your card.
Cons
- Plenty of fees, including a $4.95 monthly fee.
- No rewards on purchases.
- No extra benefits included.
Your rewards
How you earn rewards
This card does not earn rewards on purchases.
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Details and eligibility
- Estimated Credit Score
- 300 - 559
- Personal Income
- N/A
- Household Income
- N/A
- Annual Fee
- $59.40
- Extra Card Fee
- $0
- Card type
- Prepaid
- Purchase
- N/A
- Cash Advance
- N/A
- Balance Transfer
- N/A
Genius Rating
MyVanilla Prepaid Mastercard's 0.4 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Top cards if you have Poor Credit
MyVanilla Prepaid Mastercard review
Vanilla offers a few different prepaid cards. There are some basic one-time use cards you can buy in almost any store that sells gift cards.
They also have a reloadable prepaid card with MyVanilla, available as both a Visa and Mastercard. Here are the details on what this card has to offer, and better prepaid card alternatives.
MyVanilla Prepaid Mastercard details
Here are the details on the MyVanilla Prepaid Mastercard.
1. How to get a MyVanilla Prepaid Mastercard
Like other Vanilla cards, you can get a MyVanilla card at retailers that sell gift cards. At the retailer, you'll be able to load your card. There is no way to order one online.
That's just a starter card. Once you get home and register your account, you'll be sent a permanent card with your name on it. In the meantime, you can load your card and use your temporary card for purchases until your new one arrives.
2. Loading your Vanilla Prepaid card
There are several ways you can reload your prepaid. The easiest way is to simply arrange a direct deposit to your account.
You can also reload your card at one of these retailers, just note there's a fee involved (more on that shortly).
3. Fees involved
Oh, the fees involved with this card…There are many of them. First, there's a fee when you go to buy the card, which is $5.95.
There's also a monthly fee with your reloadable card – $4.95.
When you add funds to your account through one of the above mentioned retailers, you'll be charged up to $3.95, which will vary by retailer.
But wait, there's more! Here are just a few more of the fees you may come across, and this certainly isn't all of them.
- Card replacement: $5.95
- Card cancellation (yes, you have to pay to cancel it): $10
- ATM withdrawal: $2 in Canada, $3 elsewhere.
You're also subjected to limits on transactions per day and the amount of times you can load it. All the details can be seen here.
Better prepaid alternatives
You can do much better. So much better. There are plenty of top-notch prepaid cards that have none of the fees shown above.
Here are a trio of prepaid cards to look at. They have no annual or monthly fees, offer interest on your balance, and rewards on your purchases.
| Wealthsimple Prepaid Mastercard | EQ Bank Card | KOHO Essential Mastercard | |
|---|---|---|---|
| Welcome Bonus | None | None |  $100 GeniusCash + $20 after the first purchase |
| Earn Rates | * None | * 0.5% cash back on all purchases | * 1% cash back on groceries, restaurants, and transportation |
| Other Features | * No foreign transaction fees * Earn 2.5% interest on your balance | * No foreign transaction fees * 3.3% interest on your balance | * Lower foreign exchange fee of 1.5% * 2% interest on your balance * Ability to improve your credit with Credit Building * Upgrade your card for varying monthly fees |
| Annual Fee | $0 | $0 | $48 |
Leave a review
For anyone with a Vanilla Prepaid card, what has your experience been like?
Let us know in the comments below.
FAQ
What is the MyVanilla Prepaid Mastercard?
Vanilla offers a few different prepaid cards. The MyVanilla card is a reloadable card that can be purchased at select retailers.
What benefits does the MyVanilla Prepaid Mastercard offer?
The MyVanilla Prepaid Mastercard can be purchased at select stores and doesn't require any applications to get. They can be easily reloaded by setting up a direct deposit or loading it at select retailers.
What are some alternatives to the MyVanilla Prepaid Mastercard?
Some alternatives to the MyVanilla card are:
- Wealthsimple Prepaid Mastercard
- EQ Bank Card
- KOHO Essential Mastercard
These cards charge no fees at all, come with rewards, and offer a few extra benefits.
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User review
Reviewed by 1 Canadian
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Fortunately my grandson only lost a small amount of money through an unauthorized charge, but it was the balance of a birthday gift. Customer service will do nothing, they are gatekeepers to hopefully make you go away, constantly placing you on "short" holds. The only way to dispute a charge is via email. The process takes so long that by the time they deal with it they "are unable to retrieve the funds" so disputes are denied. They claim to value customers but it takes months to get any email response. My claim was denied in April, for a charge from early January. I have emailed, called, and emailed again and again. It is now the end of June, still no response. One of the supervisors I talked to also claimed to have emailed gift disputes, claiming I would receive a response the next day. Nothing!
