On the upside, the company does not charge any maintenance fees, penalties fees, etc. Therefore, a Vanilla prepaid card is not ideal if you or your recipient wants to use it abroad or to shop with foreign retailers online. There is also a 2.5% foreign transaction fee for purchases made in currencies other than Canadian dollars. You’ll know the exact fee when you go to a store to buy a card. Activation feesĪctivation fees range from $3.95 to $7.95 for Vanilla Prepaid Mastercards, and from $3.95 to $8.95 for Vanilla Prepaid Visas. Fees depend on the type of card and denomination you have chosen. Vanilla Prepaid Visa and Mastercard costs, penalties, and feesĪs we mentioned earlier, you will have to pay an activation fee when you buy a Vanilla prepaid card. In fact, it’s a good idea to have a backup credit card in case your Vanilla prepaid card is not accepted or there isn’t enough money on it to cover your entire purchase. There are many benefits of owning a traditional credit card. If you want to enjoy such perks then you must choose a reliable rewards credit card in Canada. You will not be entitled to cash back offers, travel points, lounge access, etc. We must also mention that Vanilla Prepaid Cards do not come with the perks that traditional Visas and Mastercards are known to offer. Make sure to compare your options so you can pick one that offers the most benefits. One card may be more affordable to use than the other. That means the higher the value of a card, the more you will have to pay to activate it. the denomination.Ĭheck the fine print when you make a purchase since activation charges can be as high as 15% of the card’s denomination. There are also activation charges to consider, which may differ between Visa and Mastercard as well as the amount of the card – ie. You should keep this in mind when picking a card. However, we must mention that not every merchant that accepts Visa will also accept Mastercard and vice versa. While they both come from different brands, there are no differences in how each card works. On the other hand, Visa offers more options and higher denominations: Mastercard offers the following 4 denominations: The next biggest differentiator lies in the amount of money each card offers. The main difference is that the Vanilla prepaid Visa can only be used on the Visa network, while the Vanilla prepaid Mastercard can only be used on the Mastercard network. What’s the difference between Vanilla Prepaid Visa and Vanilla Prepaid Mastercard? Similarly, the Visa card is issued in partnership with Visa. Moreover, the card is serviced and distributed by InComm Financial Services, Inc. Vanilla Prepaid MasterCard is issued by The Bancorp Bank in partnership with MasterCard. This makes the Vanilla Prepaid Visa and Mastercard a great choice if you’re looking to purchase prepaid cards as gifts that your recipients can use almost anywhere for almost anything they want. You can get as many Vanilla prepaid cards as you want without worrying about debt or the impact on your credit score. If you want the $75 prepaid Vanilla Visa, it will cost you $75 to purchase it. Instead, you purchase the card outright and the price is equal to the amount of money you want on the card.įor example, if you want the $200 prepaid Vanilla Mastercard, it will cost you $200 to purchase it. There are no credit checks or income requirements because you are not borrowing money for purchases. Accessibilityīecause it is a prepaid card rather than a traditional credit card, it’s easy to get. Unfortunately, the card isn’t as widely accepted as a traditional credit card and some retailers will deny it. Just like a traditional credit card or debit card, you will be able to use your Vanilla card to shop online or in-store. Both names are reliable and supported by millions of local and international merchants around the world. You can pick the one that you find more useful. The Vanilla Prepaid Card is a prepaid card available in two forms: Visa and Mastercard. About the Vanilla Prepaid Visa and Mastercard Now let’s dive into the pros, cons, fees, and more. In this review of Vanilla prepaid Visa and Mastercards, we’ll cover everything there is to know about these cards. Still, there are some benefits to using a Vanilla prepaid card. The general opinion on these cards is mixed as they act just like gift cards and not like typical debit or credit cards. Those who enjoy using prepaid cards now have a new option to choose from, the Vanilla prepaid Visa and Mastercard.
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