A loan solves a shortfall. It does not, on its own, fix the reason you were turned down in the first place.
The prepaid Mastercard offered through Applied Credit is aimed at that second problem. You load it and spend what you load, so there is no revolving balance to carry — and the account reports to Equifax, so paying the monthly subscription on time builds a payment history where you may not have one.
Costs beyond the monthly subscription depend on the card and the amount you load. Applied Credit does not publish a rate card, so the exact terms are shown during prequalification, before you commit to anything. Read them there.
How it works
- Prequalify. No credit check, so applying does not affect your score.
- Load the card. It is prepaid: you spend your own money, not credit.
- Use it anywhere Mastercard is accepted, online or in person.
- The account reports to Equifax, so consistent on-time payments build a record over time.
What it costs
| Subscription | $9.99 per month |
| Other costs | Depend on the card and the amount loaded — shown during prequalification |
| Credit check to apply | None |
| Reports to | Equifax |
The subscription alone is $119.88 a year. Whether that is worth it depends entirely on whether you use it: a card sitting unused still costs the subscription and builds nothing. It is worth taking if you will put regular spending through it and pay the subscription on time every month.
Who it suits
- You have no credit history, because you are new to Canada, young, or have never held a credit product.
- Your file is thin or damaged and you want to add on-time payments to it without taking on more debt.
- You have been declined for a credit card and want a route that does not involve a credit check.
Who it does not suit
- You already have healthy credit. A regular credit card paid in full each month does the same job at no monthly cost.
- You cannot reliably cover $9.99 a month. Missing the subscription defeats the purpose, and the cost is real whether or not you use the card.
- You need to borrow money. This is prepaid — it holds your own funds. If you need cash, an installment loan is the relevant product.
A prepaid card is not a loan
Worth being explicit, because the two get confused:
| Prepaid Mastercard | Installment loan | |
|---|---|---|
| Whose money | Yours, loaded onto the card | Borrowed from a partner lender |
| Cost | $9.99 a month, plus any card charges shown at prequalification | 22% to 32% APR |
| Cost | $9.99 per month | The cost of borrowing over 90–120 days |
| Purpose | Build credit history | Cover a shortfall now |
You can use both, and they do different jobs.
Questions
Does applying affect my credit score?
No. There is no credit check to prequalify.
Is this a credit card?
No. It is a prepaid Mastercard — you load your own money and spend that, so there is no revolving balance and no borrowing.
Applied Credit describes it as “a reloadable prepaid Mastercard® program” with “no revolving credit line”. What it costs beyond the $9.99 monthly subscription is set out during prequalification; there is no published rate card to quote here, and we would rather send you to the real figures than summarise them wrongly.
How does a prepaid card build credit?
The account reports to Equifax. Paying the monthly subscription on time creates a record of on-time payments, which is the single largest factor in a credit score.
Who provides it?
The program is run by Applied Credit. 514loans introduces it — we are not the issuer and do not manage the account.
Can I get this and a loan?
Yes. They are separate products and serve different purposes.
Ready to see if you prequalify? It takes a couple of minutes and there is no credit check.
Check if you prequalify Opens the Applied Credit prequalification form. No credit check.