There are many prepaid credit cards in Canada to choose from. Personally, at Frugal Flyer we really like prepaid credit cards for some of the unique opportunities that come with their systematic limitations.
Interestingly enough, the Titanium prepaid card does also present some manufactured spending opportunities if you read between the lines. We will leave that one up to you to find out how to take advantage.
Let’s dive into our Titanium Prepaid Mastercard review.
Titanium Prepaid Mastercard Overview
The Titanium Prepaid Mastercard is a physical prepaid card issued by Peoples Trust Company in Canada. As with many other prepaid cards, it is not a credit card, but instead, a Mastercard branded debit card. This means that you need to load money to the card before you can make any purchases.
The Titanium Prepaid Mastercard offers both a standard plan and a premium plan; we will cover the difference in fees between those two plans below. The card also provides identity theft alerts and enhanced zero liability protection for all purchases.
Does the Titanium Prepaid Mastercard Have Fees?
As with many prepaid credit cards, the Titanium Prepaid Mastercard does come with fees for almost everything you can do with this card. The table below captures some of the more relevant fees that are associated with this card (but is not all-encompassing):
|Standard Plan||Premium Plan|
|Load via DirectLoad||$2.99||Free|
|Load via cash in-store||$2.99||Free|
|Load via Vanilla Reload||$3.95||$3.95|
|Withdraw at ATM||$1.99||$1.99|
|Spend money in a foreign currency||$0.99/transaction + 3% of total transaction||$0.50/transaction + 3% of total transaction|
|Replacement fee for lost/stolen card||$4.99||$4.99|
As you can see, the premium plan does cost more monthly but does save money on many fees. Depending on your planned usage, you may find greater value in paying for the premium plan if you are interested in using the Titanium Prepaid Mastercard in your day-to-day life.
How Can I Get the Titanium Prepaid Mastercard?
In order to sign-up for the Titanium Prepaid Mastercard, you need to visit your nearest Money Mart or Insta Cheques branch. You will need to provide a piece of identification (both government-issued and with a photo) and have a valid address. Additionally, you will need to be a permanent resident of Canada and the age of majority in your province. No credit check is required to get this card.
Once you let them know that you want to sign up for the Titanium card and provide your proof of identification, the customer service rep will ask you to set a PIN for your card and will also ask you what amount you wish to load on your card; this first load can only be completed via a debit card. They may also be running a promotion upon sign-up; I know when I signed up they gave me a free $10 on my card, which offsets the first month’s fee.
Once the customer service rep has signed you up, you will receive the physical card immediately. You will also receive a letter in the mail a few days later which will contain an additional card for your use; this card will also have your first and last name on it.
You cannot sign up for this prepaid credit card online.
How Can I Load Money to the Titanium Prepaid Card?
There are four ways you can load money to your Titanium Prepaid card: Directload, Vanilla Reload, mobile cheque cashing, and in-store.
Load with DirectLoad
Directload is a tool offered on this card that allows cardholders to receive their pay directly to their prepaid credit card. I believe this loading method has a very specific use case and wouldn’t be applicable to most people.
In order to take advantage of DirectLoad, the cardholder will need to download the DirectLoad form and provide it to their employer to be filled out. Once filled out and submitted back to the issuer, you will be enrolled in the DirectLoad program.
Once set up, you will receive your paycheck immediately on your Titanium Prepaid Mastercard every payday.
Load with Vanilla Reload
The prepaid card can also be reloaded by purchasing a Vanilla Reload pin and applying it to your account. Pins can be purchased at select partners, including 7-Eleven, Familiprix, Avondale, Fine Foods, Circle K, and Couche-Tard stores across Canada. Once you have your PIN, you can load it to your Titanium Prepaid Mastercard here.
Load with Mobile Cheque Cashing
Cardholders are able to load their Titanium Mastercard via depositing a cheque through the Money Mart or Insta Cheques mobile app. Simply follow the steps in the app to take a picture of your cheque and receive the money in your account once the deposit has cleared.
Finally, you can reload your card at Money Mart or Insta Cheques locations. Simply present your card to the customer service rep and state how much you wish to load onto the card. You will only be able to load money to your card through debit at in-store locations.
How Can I Make a Purchase with the Titanium Prepaid Mastercard?
Your Titanium Prepaid Mastercard can be used to make purchases in-person and online.
Making a Purchase In-Store
When making purchases in person, the first time you use the card you will need to enter the chip into the point of sale machine. Afterwards, you will be able to use the card normally including for contactless purchases.
Making a Purchase Online
When making a purchase online, simply enter the card details as you would for any normal purchase. You will enter your personal address as the billing address and the purchase will process as if you were purchasing with a typical Mastercard.
Alternatives to the Titanium Prepaid Mastercard
Before you sign up for any card, prepaid or not, you should always consider the alternatives to ensure that the card you are signing up for is right for you. Below are three of the alternatives that we consider most similar to the Titanium Prepaid Mastercard.
Koho Prepaid Card
The Koho Prepaid Card is a stronger all-around prepaid card compared to the Titanium Mastercard. The Koho Prepaid card offers a minimum of 0.5% cash back on all purchases but also has partnered retailers that offer an increased cash back rate. A premium version is also offered, which gives cardholders an increased cash back rate of 2% in specific categories.
Wise Visa Prepaid Card
The Wise Visa Prepaid Card is a card that is great for travelers since it makes it easy (and cheap) to exchange currency and withdraw from international ATMs. Similarly, if you often find yourself needing to send money internationally via foreign currency, the Wise prepaid card might be a great fit for your wallet.
Vanilla Prepaid Visa Card
The Vanilla Prepaid Visa is one of the most widely available prepaid cards in Canada as it can be found at most grocery and convenience stores. This Visa prepaid card is non-reloadable but can be used to meet minimum spend requirements. I believe this card has a very specific use case, but you might find some value in exploring this card as an option.
We have reviewed many other prepaid cards at Frugal Flyer, so consider taking a look here to find other options.
The Titanium Prepaid Mastercard may have some specific use cases depending on your personal finance needs as a consumer. Ultimately, it isn’t that different from many other prepaid cards in Canada, outside of the fact that you are able to add money to the card through vanilla reload PINs.
Personally, Reed and I have found some great value in this prepaid card when not using it for its intended use. I’ll leave that open-ended for you to ponder about on your own.
Frequently Asked Questions
How can I get the Titanium Prepaid Mastercard?
Head to your nearest Money Mart of Instant Cheques location to sign up for this prepaid card. Ensure you bring a piece of government-issued photo identification, are a permanent resident of Canada, and are the age of majority in the province you are signing up in. No credit check is required.
Is the Titanium Prepaid card a credit card?
While the Titanium prepaid card is branded as a Mastercard, it is actually a debit card when it comes to functionality. The cardholder will need to load money onto the card before any purchases can be made as the card does not have an available credit limit.
How do I activate my Titanium Prepaid Mastercard?
To activate your new card, call 1-866-914-5863 and follow the voice prompts.
How can I add money to my Titanium Prepaid card?
You can add money to the Titanium Prepaid card through four methods: DirectLoad, Vanilla Reload, mobile cheque cashing, or by reloading at a Money Mart or Insta Cheques location. More information can be found here.
Can I withdraw cash at an ATM from the Titanium Prepaid Mastercard?
Yes, you can withdraw cash from ATMs using your Titanium card. ATM fees may apply.
Will the funds on my Titanium Prepaid card ever expire?
No, the funds will never expire. If your card reaches the expiry date listed on the front, reach out to customer service and they will issue you a new card so you can continue to use your card.
My Titanium Prepaid card was lost or stolen. How can I get a replacement?
Call customer service at 1-866-914-5863. They will cancel your existing card and issue you a new card to be delivered via mail (a replacement card fee may apply). Your existing balance will be transferred to the new card.
Which financial institution issues the Titanium Prepaid card?
The Titanium prepaid card is issued by Peoples Trust Company in Canada.
How can I access the Titanium Prepaid Mastercard cardholder agreement?
The cardholder agreement can be found here.