5 Reasons You Might Need a Canada Post Prepaid Visa

Posted on February 4, 2021

A Canadian Post Office is where you go to pick up packages, send mail, and complain about your local postal service. It's also where you can get a Canada Post Prepaid Visa. 

This prepaid card works anywhere in the world that accepts VISA cards as payment, and can be reloaded with as much funds you require. 

Here are five reasons you should consider getting a Canada Post Visa. 

It's Independent of Credit Score

In the modern world, your credit score is everything. 

It's calculated based on every financial decision you make, and it can affect every financial opportunity you have in the future. 

More specifically, a credit score is calculated based on missed payments, credit card balance, outstanding debts, and more. Unfortunately, building that score back up takes longer than it takes to ruin it.

Luckily enough, a prepaid visa doesn't rely on your credit score. You don't have to get approved for one, like a credit card.

The card's transactions are also not reported to any credit rating agency. This is because the card only holds what you have preloaded into the card.

Unlike a credit card, a prepaid card only holds however much money you can afford to put onto it. 

Ideal for Travel and Online Shopping

Carrying a Canadian prepaid visa makes it much easier to travel. Instead of carrying cash or a credit card, you simply fill up the prepaid visa and you're good to go.

Because you fill it in advance, you can limit your spending while traveling. Plus, if it gets stolen, you only lose what you put into it.

Additionally, you can use the prepaid visa for your online shopping. You avoid giving away your personal information online because the card isn't tied to your personal accounts. 

As a bonus, because it isn't tied to you, a Canada post prepaid visa makes for a great gift. It's much more useful to most people as online purchases counts for 80% of shopping transactions these days.

Budget and Manage Through an App

Another major benefit of a Canada post prepaid visa is that it's easy to budget with. You can set monthly spending limits and ensure you don't succeed them. 

With a credit card, you have to repay whatever you spend. However, you're also given a large amount to spend at the very start.

Because of the initial credit amount, it's that much easier to fall into a habit of spending more than you actually own. Before you know it, you owe your credit card company thousands of dollars you don't have. 

You can also manage your Canada Post Prepaid Visa with the free e-wallet app, Zenwallet. VISA and Mastercard also offer the same option with a small service fee.

With the app, you can manage your expenditures, purchases, and reload on the go.

A prepaid visa can be considered a perfect way to budget as a college student or given as a child's allowance. Or manage business expenditures using them.

It's Affordable

A Canada Post Visa is an affordable option for anyone looking to simplify their purchases and limit their expenditures. Usually, when people think of easy purchasing, they think of flashing a credit card. One swipe and you're done. Fast and simple.

However, it's easy to let credit card usage get out of hand and get charged exorbitant fees in the long term. One such charge is a credit card's annual fee

A credit card's annual fee is a flat rate that's charged to your credit card every year. Those fees can be small, or they could be hundreds of dollars. 

You also don't have to worry about interest charges. Because you'll never owe money on a prepaid visa, you won't have any extra charges. 

Prepaid visas can be purchased for $15 and reloaded with a minimum of $25. There are no additional payments afterward, other than when you put more money into it.

No Bank Account Required

You don't need a bank account to get a prepaid visa. In fact, all you need to sign up for a card is your government-issued photo ID and some cash on hand. 

While most Canadian citizens have bank accounts, managing money can be difficult for those without one. Instead of loading your wallet with cash, you can put that money into an easy-to-carry card.

Plus, the Canada Post Prepaid Visa comes with security features such as a chip and PIN. They also offer a Zero Liability Policy that provides protection from theft or fraudulent purchases.

The last thing you want is to be a victim of fraud, and owning a prepaid card protects against that. 

With a credit card, it's possible for a thief to charge thousands of dollars to your account and cause some serious damage to your credit score. Even though there are ways to correct fraudulent claims, it could take weeks or months to recover. 

With a prepaid card, there's also the option to purchase security insurance and an extended manufacturer's warranty. You get a 90-day window to reimburse specific purchases made with the card. 

Consider a Canada Post Prepaid Visa

A Canada Post Prepaid Visa serves many purposes and is a great option for anyone needing to save money. It's affordable, gives the convenience of a credit card, and can be used anywhere around the world. 

If you don't have a bank account, you can use a prepaid visa to make payments, as well as use it as storage for your finances. 

We at Insurdinary completely understand that in this day and age, finances are more important then ever.  Whether you are travelling, thinking about your and your families health, or are considering investing in life insurance, we are here to help.  We are one of Canada's most respected insurance brokers and will provide you with the best possible quote on the market.  Contact us today.  We look forward to hearing from you.

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