Prepaid Cards

Everyday prepaid cards - Ordered by cards which incur the least monthly costs for an upload of £500 with eight transactions of £37.50 each and four ATM transactions of £50 each, includes any special or introductory offers.

  1. Exclusive

    Free to use in the UK - limited time offer - now extended to 30th September 2014 (this offer is only available through MoneySuperMarket.com)

    Great for
    Free UK ATM withdrawals
    Free UK purchases, free to set up Direct Debits and standing orders
    Manage account via mobile app or online banking
    But be aware that
    £4.95 card fee refunded if activated within 30 days of applying
    If you want Creditbuilder you can switch to a monthly fee product
  2. Great for
    Easy application, instant acceptance with no credit checks
    Helps you manage and budget your bills
    Helpful UK based service
    But be aware that
    Charges 3% to load at PayPoint
  3. Great for
    Up to 10% cashback at leading UK retailers and restaurants
    Online management with 24hr live chat and call centre
    Free to load with debit card, wages or benefits and free to spend
    But be aware that
    Customers without a verified UK address will be offered a lower limit card
    You must be aged 18 or older

Prepaid Euro cards - Ordered by biggest saving to customers based on current exchange rate with a €1000 load making 10 purchases of €50 and five ATM transactions at €100 each.

  1. Exclusive

    New customers receive £8 extra when loading £500 or more & a chance to win a family trip to Disneyland Paris (T&Cs apply)

    Great for
    Free card (normally £9.95) when you load more than £50 onto the card
    FREE card load online by debit card or bank transfer
    But be aware that
    There is a fee of 1.4% when card is used out of the Eurozone
  2. Exclusive

    New customers get €12 free when loading £700 or more on a Euro card (this offer is only available through MoneySuperMarket.com)

    Great for
    1% cashback on all purchases and no card, purchase or ATM fees in Eurozone
    24/7 Customer service
    But be aware that
    There is a maximum card balance of €6,000
    There are loading, spending and ATM limits (please see summary box)
  3. Great for
    Competitive exchange rates
    Free card and no overseas ATM withdrawal fees
    No monthly management or inactivity fees
    But be aware that
    2.75% FX mark-up when card used out of the Eurozone
    €7.50 charge for a lost or stolen Caxton Euro card replacement

Prepaid cards

Prepaid cards work a little differently to other types of plastic. Although you can use them to make purchases or withdraw cash in the same way as a debit or credit card, the key difference is that they need to be loaded up with cash in advance – and you can then only spend the balance on the card. 

There are a number of benefits to using a prepaid card, so it pays to compare your options carefully and select the right one for your needs.

Read more

Advantages of prepaid cards

Prepaid cards usually fall into two categories – pay monthly and pay-as-you-go. Pay monthly prepaid cards charge a monthly fee, but in return you pay lower transaction fees than you would with a pay-as-you-go card, and often, you will also be given rewards or cashback on your spending. 

Pay monthly prepaid cards are more suited to those who regularly spend on their card, while pay-as-you-go options are more suited to those who only make a handful of transactions on their card each month.

Because you can only spend the money you've pre-loaded onto your prepaid card, they are a great choice for those on a budget, for parents who want to keep an eye on their children's spending, or even for businesses. 

But another benefit of prepaid cards is that they don't require a credit check and, as a result, they are easier to get hold of than credit or debit cards. This means they can be a good option for those with a poor credit score or no credit history at all. Some prepaid cards will also allow you to add a 'credit builder' service to your card which will help you to improve your credit rating. 

What's more, certain prepaid cards can even be used as an alternative to a bank account, allowing your salary to be paid onto them.

Prepaid cards can also be a handy addition to your wallet if you're holidaying abroad. This is because a number of cards allow you to pre-load them with foreign currency and then side-step the expensive fees charged by many debit and credit cards for use overseas.

Disadvantages of prepaid cards

Prepaid cards can be riddled with fees, so it's important to read the small print carefully. 

In particular, you should watch out for monthly fees, charges for loading funds onto your card, fees for withdrawing cash or spending on your plastic, and inactivity fees – which kick in if you don't use your card for a number of months. 

Finally, unlike credit cards, prepaid cards are not covered under Section 75 of the Consumer Credit Act 1974. This protects credit card purchases between £100 and £30,000 against a retailer going bust, or your goods arriving faulty or damaged. This protection was extended up to £60,260 under the 2011 Consumer Credit Directive.

Prepaid cards are not eligible for protection under the Financial Services Compensation Scheme

Prepaid cards

Compare the best prepaid cards with MoneySuperMarket and find the right deal for you - whether you're spending overseas, looking to improve your credit rating, or simply want to earn cashback and rewards.

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Prepaid cards home
Pay monthly
Pay as you go
Credit building
Euros
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Multi currency
Everyday
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Travelex Cash Passports
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What is a prepaid card?
What is a prepaid travel card?
How to choose the best prepaid card?
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