A major shakeup is coming to the best prepaid card in Canada. As of October 1, 2025, the Wealthsimple Prepaid Mastercard will no longer offer rewards on purchases. It's a rather unfortunate turn of events for this card.
But there's one other change for the better – Wealthsimple will reimburse ATM fees in most countries instead of just in Canada. Plus you'll still enjoy no foreign exchange fees and high interest rates with the associated chequing account.
Needless to say, if you use this card on a regular basis for purchases, you may be looking for alternatives. Here are your choices.
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Why the Wealthsimple Prepaid Mastercard is still an excellent account
Despite the loss of rewards on purchases, the Wealthsimple Prepaid Mastercard is still an excellent hybrid spend-save account.
To wit:
- No monthly fees
- Reimbursement of ANY fees you pay at any ATM
- Up to 2.5% interest on your balance
- Unlimited transactions, including Interac e-Transfers
Other than not earning rewards on purchases with the prepaid card, it's still tough to beat this package.
And now that they will reimburse ANY ATM fee you pay almost anywhere in the world, it's one of the best ways to get foreign currency – show up in a different country, find an ATM, and get cash without any fees or paying a foreign exchange fee.
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Wealthsimple Credit Card
For many of you, the Wealthsimple Credit Card will be the first choice when it comes to replacing your Wealthsimple Prepaid Mastercard.
And what's not to love about it? 2% cash back on all purchases, no foreign exchange fees, and credit card insurance included.
But, there's the annual fee to consider – a very high $240, which will be off-putting to many. However, it's waived if you meet one of the following:
- Be a Premium of Generation client, meaning you have $100,000+ in Wealthsimple assets
- Set up $4,000 in monthly direct deposits
If you already meet one of these criteria, this is an upgrade from the Wealthsimple Prepaid Mastercard. And if you're a Premium or Generation client, you'll get a metal credit card.
If not? It's a much harder sell. Yes, 2% cash back everywhere is rare, but the annual fee is tough to swallow.
Other hybrid spend-save accounts
The Wealthsimple Prepaid Mastercard is a hybrid spend-save account – it's essentially a chequing account that also earns high interest on your balance.
If this change turns you off and you're looking to replace the entire package of what Wealthsimple offers with the Wealthsimple Prepaid Mastercard, here are 3 choices.
We do have some sad news to report upfront – none of these options will earn you 1% back everywhere and have no monthly fee. So while all are excellent options, you generally will not be looking at an upgrade.
Here's a summary of these options (along with Wealthsimple for comparison).
| Prepaid Account | Rewards | Interest Earned | Other Features | Monthly Fee |
|---|---|---|---|---|
| Wealthsimple Prepaid Mastercard | None | Up to 2.5% | * No foreign exchange fees * Reimburses ATM withdrawal fees almost anywhere in the world | None |
| EQ Bank Card | * 0.5% cash back on all purchases | Up to 3.3% | * No foreign exchange fees | None |
| KOHO Essential Mastercard | * 1% cash back on groceries, restaurants, and transportation | Up to 2% | * None | $4 |
| KOHO Extra Mastercard | * 1.5% cash back on groceries, restaurants, and transportation * 0.25% cash back on all other purchases | Up to 2.5% | * No foreign exchange fees | $12 |
| KOHO Everything Mastercard | * 2% cash back on groceries, restaurants, and transportation * 0.5% cash back on all other purchases | Up to 3.5% | * No foreign exchange fees | $14.75 |
EQ Bank Card
The EQ Bank Card offers most of what the Wealthsimple Prepaid Mastercard offers.
- 0.5% cash back on all purchases
- No foreign exchange fees
- Up to 0.033% interest
- No monthly fees
The maximum interest rate you see depends on if you direct deposit at least $2,000 per month.
Koho Mastercards
Koho offers a lineup of three different prepaid cards. As you go up in level you'll see a larger monthly fee.
And for all of them, to earn interest on your prepaid balance you need to have a direct deposit set up.
KOHO Essential Mastercard
The KOHO Essential Mastercard is the entry level Koho card. To start, here's what it earns for rewards:
- 1% cash back on groceries, restaurants, and transportation
It also has a decent interest rate of 0.02%.
This plan has a monthly fee of $4. However, it can be waived by depositing a minimum of $1,000 per month.
$100 GeniusCash + Up to 1% cash back on purchases + 2% interest on your balance.*
KOHO Extra Mastercard
The next level up is the KOHO Extra Mastercard. It has an increased monthly fee of $12 and offers these rewards:
- 1.5% cash back on groceries, restaurants, and transportation
- 0.25% cash back on all other purchases
It also offers no foreign exchange fees, and gets a higher interest rate of 0.025%.
KOHO Everything Mastercard
The KOHO Everything Mastercard gives you the best Koho has to offer, and with a premium monthly fee of $14.75.
It earns even more rewards:
- 2% cash back on groceries, restaurants, and transportation
- 0.5% cash back on all other purchases
And it has the highest interest rate of 3.5%, while still charging no foreign exchange fees.
Neo Everyday Account
The final account to take a look at is the Neo Everyday Account. This account has no annual fee, and offers cash back on purchases:
- Average of 5% cash back at partner retailers
- 1% cash back on gas, up to $500 spent monthly
- 1% cash back on groceries, up to $500 spent monthly
It does have the lowest interest rate of the bunch at 3.5%. But keep at least $5,000 in your account and you'll earn more rewards on purchases.
No annual fee credit cards
Just want to get a no fee credit card to earn rewards? Here are a handful of our top picks.
We also have separate lists for best no fee cash back and no fee travel.
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