Prepaid cards have been in existence for a while and are getting extremely popular today. More and more people are choosing to use prepaid cards to shop online and offline. Canadians can choose from a variety of prepaid cards including Joker Mastercard that comes with some exciting features and benefits.
In this Joker Prepaid Mastercard review, we'll have a critical look at the card and see if it is worth a try. We’ll look at its pros and cons, fees, and limitations to paint a true picture of this exciting prepaid card in Canada. Let’s get started!
Introducing the Joker Prepaid Mastercard
The Joker Prepaid Mastercard is a card that works like a gift card and comes with a prepaid store value. Like traditional debit and credit cards, it can be used at any online or brick and mortar store that supports Mastercard. However, it’s a non-reloadable card, which means you will not be able to add any money to it.
You can get your hands on a Joker prepaid card by visiting any location that offers it. The card is available in different denominations. The range of options include $25, $50, $100, $200, and $500.
The card is safe and quick to use. You can use it not only to shop online or offline but also to pay bills. It cannot, however, be used to withdraw money from automated teller machines (ATMs).
The card is issued by the Peoples Trust Company, a Peoples Group subsidiary that’s registered and operated in Canada. This might come as a surprise to some since debit or credit cards are usually issued by banks. However, the Peoples Trust Company is a reliable and well-known name in the country.
The Peoples Trust Group specialises in offering financial products and services including prepaid cards, secure credit cards, long and short-term GICs, and mortgage products. It has been operating for years and has carved a niche. You can choose this Mastercard as it is legit and secure. Also, the card is used under a licence by Mastercard International.
Types of Joker prepaid cards
You can choose from two types of Joker Mastercard. Both are made for the same purpose and work in a similar fashion. Here is what you need to know about the two cards.
Physical Joker Prepaid MasterCard
As the name suggests, this is a physical card that one can load and carry with you. It’s a prepaid card issued under a licence from Mastercard and works at both online and offline merchants. This non-reloadable card can be used to quickly and securely pay your bills.
Since this is a physical card, you will be able to use it at stores that accept Mastercard. The card looks just like a regular credit or debit card and contains a 16-digit unique card number that you will have to enter when using it online. Also, it contains an expiry date and a CVV2; that is the 3 digit code on the back of the card. This information is confidential and must not be shared with anyone else.
Virtual Joker Prepaid MasterCard
As the name suggests, this is a virtual or digital card. This means you will not be able to hold it and the card is only stored digitally. However, like a traditional card, it can be used for online payments and will work at all stores that support Mastercard. However, you will not be able to use it at physical stores that require the buyer to swipe a physical card.
Just like the physical card, this one also contains a 16-digit number, expiry date, and CVV2 code. You will find this information in your account only after you purchase and activate the card. You have to be very careful with this information as it is confidential.
Joker Prepaid Mastercard costs, penalties, and fees
Joker Prepaid Mastercard is marketed as an affordable card but it isn’t entirely free to use. You will have to pay a variety of fees and charges. Here’s a breakdown of all of the potential fees you'll pay.
Foreign transaction fee : 2.5 percent
Activation fee (for balances under $200) : $7.95
Activation fee (for balances over $200) : $9.95
There are no reloading charges as this is not a reloadable card. The same goes for withdrawal charges. While the card is free to own, you will have to pay a fee to activate it.
You will not be able to use your Joker Prepaid Mastercard until you activate it. The company has a fixed rates that depend on the amount loaded on the card. Expect to pay $7.95 for cards with balances under $200. The rate rises to $9.95 for cards with balances over $200. Unfortunately, there’s no way to save this money. The fee is deducted from your card balance.
This card works at almost all online stores including local and international stores like Amazon and eBay. However, be a little careful when using it at online stores since you will have to pay a 2.5 percent foreign transaction fee if you shop at non-Canadian stores or stores that do not support CAD. This 2.5 percent is in addition to any currency conversion fees.
While this might sound a little expensive, we must mention that this is the usual fee charged by almost all card providers. The best way to avoid this fee is to avoid using non-Canadian stores or to go for a card that supports foreign currencies. Compare prepaid cards available in Canada and pick one that works well for you. Foreign transaction, however, isn’t the only thing to consider as you may have to pay additional charges as well. It’s important to have a full understanding of all relevant fees and charges so that you don’t end up paying more.
How does the Joker Prepaid Mastercard work?
The Joker Prepaid Mastercard works like any other prepaid, debit, or credit card with some small diferences in terms of extra features. For example, the card doesn’t come with overdraft facility, withdrawal charges, etc. The reason it doesn't have overdraft facility is that it is a prepaid card and not a type of revolving credit.
This card comes pre-loaded. You can choose from various denominations with the highest option being $500. Don't forget that your activation fees are deducted from your balance. That means that you will not be able to use this $500 in full as you’ll have to pay activation charges from this amount. You will be left with $490, which means this is the maximum amount you can carry on your card at any given time.
Using this card, online or offline, is very easy. It works like your regular card. Enter the required details such as number, expiry, etc., and your order will be processed. For offline transactions, you will have to swipe the card. As mentioned earlier, the virtual card can only be used online.
There is no minimum amount to spend. However, you’ll have to get a new card once your balance reaches $0. Like with any card, if you don't have enough room on your prepaid card to pay for a purchase, you can pay the outstanding amount with cash or another payment method. Make sure to register your card as some merchants require personal information including your name, address, and contact details for verification. This is why it is important that you register your card online by visiting the official JokerCard site.
Joker Prepaid Mastercard features
The Joker Prepaid Mastercard has to distinguish itself in the market. The Joker Prepaid Mastercard comes with some brilliant features. Here are the most interesting ones.
No expiry
While cards come with an expiry, the money on your card will never expire. You will have to get a new card if your card expires while you have money on it. Simply go to the store, get a new card, and request the company to move your remaining balance to your new card.
Virtual or physical
You can choose between two options: virtual or physical cards. The virtual card cannot be used at physical stores and is only for online shopping. That’s the only difference between the two.
ScanIt
This feature allows users to buy a virtual prepaid card just by scanning the QR card provided at the store. This feature has proven to be quite beneficial during Covid and can even help save time. It is currently available at limited stores with plans to introduce it at more stores in the future.
How can I get a Joker Prepaid Mastercard?
It is very easy to get a Joker Prepaid Mastercard, whether you choose a virtual card or a physical card. The company will not check your credit score when issuing a prepaid card. They can be bought by anyone, including tourists and visitors, as you are not required to have a permanent Canadian residential address to get your hands on this card.
You can buy the virtual card online from Giftcards Canada.The virtual card will be sent to you via email. You will have to activate it before use. On the other hand, you can find physical cards at more than 11,000 grocery and retail stores including:
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The price remains the same no matter where you go. Pick your nearest store and visit to get your physical card. You’ll be issued your card on the spot.
How to add money to the Joker Prepaid Mastercard
You cannot add money to your prepaid card as the card is not reloadable. Similarly, you cannot withdraw money as cash, so your only option is to spend the card balance. Those who want a reloadable prepaid card can consider other options such as the KOHO Mastercard® Prepaid Card (formerly KOHO Visa) that come with these and many more features.
Joker Prepaid Mastercard limitations
This card comes with certain limitations. First of all, you cannot spend more than what your card contains as there is no overdraft or loan option. Your card cannot hold more than $490 at any given time.
Also, there are more limitations when it comes to using the card in the European Economic Area (EEA), except the UK. You cannot spend more than $75 when shopping at an EEA-based store. The best way to avoid this problem is to use a different card.
Joker Prepaid Mastercard: pros and cons
Like any other card, Joker Prepaid Mastercard has both pros and cons. Let’s compare these to see the benefits and disadvantages.
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Joker Prepaid Mastercard frequently asked questions
How to check My Joker prepaid card balance?
There are two ways to check your balance. Call 1-833-293-7721 and provide the required details or check the official website. This service is offered free of charge.
Is the Joker prepaid card safe to use?
MasterCard doesn't offer zero liability coverage. Also, the amount on your card isn’t CDIC insured. Still, it’s considered safe as one must have the code and all other relevant details in order to use it. Plus, the issuer is considered reliable and hasn’t been a victim of hacks or breaches.
Can I return my card?
No, the card cannot be returned. Also, it cannot be transferred to someone else. You must use the money on your card as there is no other option.
Alternatives to the Joker prepaid card
If you think the Joker prepaid card is not for you, here are some alternatives that may be better for you.
STACK Prepaid Mastercard
The STACK Mastercard is a prepaid credit card with no fees and can be used to make purchases and withdraw cash from ATMs. It is perfect for those who want to control their spending but don't want to sacrifice the convenience of having a credit card.
Mogo Visa Platinum Prepaid Card
Use your Mogo Visa Platinum anywhere Visa is accepted. Plus, get access to many benefits like credit score checking, budget automation and even identity theft protection all for free.
KOHO Mastercard® Prepaid Card (formerly KOHO prepaid Visa)
This reloadable card has many of the same benefits as traditional credit cards and more. It allows you to pay your bills or any purchase that accepts Mastercard online or in-store. In addition to its many options, there is a premium version with even more benefits such as best price refund, no foreign conversion fees, and better cashback offers than other cards of the same type.
Compare the different prepaid credit cards and choose the one that suits your needs!
Frequently Asked Questions
What are the advantages of a reloadable prepaid card?
A reloadable prepaid card is often a more convenient way to spend money. It's like a debit card but without the associated bank account. You can combine the benefits of today's most popular payment options – credit cards, debit cards and cash – into one easy-to-use card that lets you reload as often as you like.
Where can I buy prepaid credit cards?
There are a variety of places to buy prepaid credit cards. The best place to get the right card is online. Check out our list of the best prepaid credit cards.
How do Visa Prepaid cards work?
Visa Prepaid cards are an easy, convenient and affordable way to pay. You can use them anywhere credit cards are accepted, without needing a bank account or credit card.
Can I withdraw money from a Visa Prepaid card?
Prepaid cards can be used to withdraw money from certain ATMs. They are subject to a network fee.
How does a prepaid travel card work?
Prepaid travel cards are a great way to save money on airline tickets and other travel expenses. They are accepted worldwide depending on the network used, for example Visa, Mastercard or Amex.
Can I use a prepaid card on Amazon?
Yes, you can use a prepaid card on Amazon and most merchants accept Visa or Mastercard.
Does Uber accept prepaid credit cards?
Yes, Uber accepts prepaid credit/debit cards.
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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