Prepaid Cards

Prepaid cards are a great alternative to regular credit cards, because they are open for almost anyone! Unlike with a normal credit card you will not need to have a perfect credit score or prove your income. The card works on a 'pre-load' system, meaning you load the card with funds in order to use the card to pay online, overseas and almost anywhere. There is no line of credit or borrowing facility so you will be unable to land in debt as a result of using a prepaid card! Many prepaid cards are even available to under 18s and can be used to control your kids' spending or ensure that they are always able to access money (load up the card while they are on the go).

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Compare Prepaid Cards

Keep in control of your finances with a Prepaid Card

What is a Prepaid Card?

Prepaid cards can be used the same as credit cards but you don’t have the credit. A prepaid card is not a credit facility and because you are not borrowing any money there are no credit checks. Even if you have bad credit you a guaranteed to be approved for a prepaid card. You can usually get a prepaid card even if you are under 18.

How do Prepaid Cards work?

The way prepaid cards work is that you set the amount that you want on the card. Once this amount is loaded you can spend as you please until the funds on the card run out. You then have to top up the card with funds to use it again. Only transactions up to the balance loaded onto the account will be authorised so you can only spend what you have paid in.

Avoid getting into debt

With a prepaid card you will not get into debt because you are in complete control of your funds.

There are no overdraft facilities and you cannot spend what you have not put on the card. You will never have to deal with interest charges and late payment fees that are associated with credit cards.

Are the any risks?

It is worth bearing in mind that different prepaid cards come with different fees and charges. Some cards will charge a monthly fee and some card providers will an application fee just for issuing you with the card. Some cards will have a maximum balance which might affect your decision and it is also likely that you will be charged for withdrawing money from cash machines and for making transactions abroad.

Finding the right Prepaid Card for you

As prepaid cards are becoming increasingly popular there are a wide range of prepaid cards available for you to choose from.

Use the comparison table above to weigh up the pros and cons of some of the leading prepaid cards to find the best card plan to suit your needs.

What fees are associated with prepaid cards?

It is important to research the fees associated with your prepaid card as these can vary greatly between providers. Ensure you compare the fees and charges that you will incur when you use the card, not just the sign up fees. Fees to watch out for include headline signup fees, monthly card fees, ATM withdrawal fees, transaction fee and overseas charges. You should ask yourself – “how often will I reload the card, make purchases and withdraw cash from an ATM?” When you know the answer to these questions you could compare the fees accordingly. You also need to make yourself aware of any inactive fees. If you do not plan on using your card you should close the account, otherwise you could incur fees which you could otherwise avoid.

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