Take Control of Your Spending
Prepaid cards are a true innovation that meet a genuine financial need. A prepaid card is simply a means of carrying cash that allows you to behave as if you have a credit card - but without spending money you do not have!
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Why might a prepaid card suit you?
- If you have a problem getting credit - there are no credit checks required!
- If you are wary of paying on credit – there is no interest to pay if you only spend cash you already have!
- If you want to fight existing debt - i.e. you don't want to rack up more debt as you might with a credit card
- If you shop online – and don't want to part with credit card details
- If you are a students managing your money – no risk of overspending
Prepaid cards - The Basics
So, what do you get? A personalised, embossed, Chip and PIN prepaid card that looks, feels and behaves the same way as a credit card, but without the need for a credit check and without the risk of you overspending.
There is usually a very small joining fee and then you either tend to pay a small monthly fee (with free transactions) or pay as you go (with a small % added to each transaction). Most cards offer free ways to top up your account. Total charges per month (assuming a typical usage of one £250 top-up and 3 transations per week) are in the range of £5 - £10. This is much less than the costs associated with running a credit card where you don't pay off the balance at the end of each month!
Will you qualify for a prepaid card? Generally speaking "yes" so long as you have a UK residence. For the best deals check out our 100% up-to-date prepaid card comparison table.
More reasons for using a Prepaid card
An everyday convenience card for those who:
- don't have a bank account and need a home for their money
- are newcomers to the UK, don't have a credit rating and need plastic
- are going abroad and prefer to carry cash on a card
A money-sharing card for those who:
- wish to share money with friends and family anywhere in the world
- with upto 4 additional cards and Maestro Acceptance, your loved ones can have access to your money and make purchases at over 9 million worldwide locations
An online internet payment card for those who:
- wish to shop online but don't have plastic
- are worried about online fraud
- feel that online shopping is subject to potential fraud
The online gaming card for those who want to:
- indulge in the latest gaming online - and have their winnings paid back onto their card for free.
- limit their financial exposure by not using their credit card
- protect their identity online
The payroll card for those:
- employees who want their wages to be paid on a card and save cheque cashing fees
- employers who want to pay their staff using a card instead of cash/cheque
The funky tweenage card for those who:
- are 10 years or over and want their own card
- want to take control of their spending. Where, when & how – they decide!