Prepaid cards can save you money in three key ways. First, they usually come with no account fees while still offering a competitive interest rate on your funds. Second, some prepaid cards let you shop outside Canada without hitting you with that pesky 2.5% foreign currency fee that most credit cards charge. Finally, they help keep your spending in check: since you can only spend what you load onto the card, it’s a great way to avoid overspending. Now, one drawback is that prepaid cards traditionally haven’t helped you build credit — but that’s starting to change. Fintech Koho offers prepaid cards that are linked to a line of credit, and paying off the card every month helps you build credit. While prepaid cards accounted for only 0.2% of transactions last year, they’ve seen a year-over-year growth rate of 10%, outpacing both credit and debit cards. You can find these prepaid cards through providers like EQ Bank, Neo Financial, Wealthsimple, and Wise — most of which are backed by Mastercard or Visa.