About Credit Card
The Titanium+® Prepaid Mastercard® is a reloadable card issued by Money Mart. Once you have loaded funds to this card, you can shop with it at any merchant that accepts Mastercard. Unlike credit cards, The Titanium+® Prepaid Mastercard® doesn’t involve interest charges.
Features
- Prepaid Convenience. The Titanium+ Prepaid Mastercard offers the convenience of a credit card without the interest charges and credit checks. It's easy to obtain and use.
- Widely Accepted. You can use the card anywhere Mastercard is accepted, providing you with a wide range of use cases from in-store purchases to online shopping.
- Tap & Go®. The card features Mastercard contactless technology, allowing for quick and secure payments with just a tap.
- Security. Enhanced security with Chip & PIN technology to protect your transactions.
- Reloadable. You can register your card and add funds from your account, making it easy to manage your spending.
Pros and Cons
Pros
- No Credit Check Required. Since it's a prepaid card, there's no need for a credit check, making it accessible to a wider range of users, including those with limited or poor credit history.
- Controlled Spending. You can only spend what you load onto the card, helping to manage budgets and avoid debt accumulation.
- Widely Accepted. Use the card anywhere Mastercard is accepted, including online, in-store, and for phone purchases, offering significant flexibility.
- Enhanced Security. Features Chip & PIN technology and Mastercard's Zero Liability Policy, providing a high level of security against unauthorized transactions.
- Tap & Go® Convenience. Offers the convenience of contactless payments for quick and secure transactions.
- Reloadable. Ability to reload the card with funds, allowing for continued use without the need to apply for a new card.
Cons
- Fees. Prepaid cards often come with various fees, such as loading fees, monthly maintenance fees, ATM withdrawal fees, etc., which can add up over time.
- No Credit Building. Using a prepaid card does not help build or improve your credit score, as activity is not reported to credit bureaus.
- Limited Features. May lack additional benefits that come with standard credit cards, such as rewards points, cash back, or insurance coverage.
- Inconvenience of Reloading. Depending on the method, reloading the card with funds can sometimes be inconvenient and may incur additional fees.
- Balance Limitations. Prepaid cards typically have maximum balance limits, which could be restrictive for some users.
- Not Ideal for Emergencies. Since the card can only be used up to the loaded amount, it might not be suitable for unexpected expenses or emergencies.
How to apply for a Titanium+® Prepaid Mastercard®
Visit any Money Mart store to apply for a Titanium+® Prepaid Mastercard®. Getting the Titanium+® Prepaid Mastercard® doesn’t involve an application process as such, and there is no credit check either. You can buy your Titanium+ Card at Money Mart® or Insta ChequesMD locations near you.
To become a Titanium+® Prepaid Mastercard® cardholder, you must be a Canadian resident at the age of majority in your province. When going for a card, be ready to provide your valid address and two pieces of ID — one government-issued ID and one photo ID.