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

    Limited time offer: Get £20 free on your first load of £50. Offer ends 29/02/2016

    Great for
    Free UK ATM withdrawals, Direct Debits and Standing Orders
    Up to £250 overdraft and £1,000 Direct Debit cover available - subject to approval
    Add Creditbuilder to your account at no extra cost
    But be aware that
    To receive £20 free on first load, card must be activated within 30 days of applying
  2. Exclusive

    Limited time offer: Get £5 FREE on your first load of £50. Offer ends 29/02/2016

    Great for
    No monthly, ATM, usage or currency fees for the first three months
    Up to £250 overdraft and £1,000 Direct Debit cover available - subject to approval
    Manage account via mobile app or online banking
    But be aware that
    After three months, regular ATM, usage and currency fees will apply, as well as a £5.95 monthly fee

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 will get £8 extra when loading £300 or more, or £20 extra when loading £600 or more (this offer is only available through MoneySuperMarket.com)

    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
    No conversion fee in the UK - spend your leftover funds fee-free back home
    But be aware that
    There is a fee of 1.4% when card is used out of the Eurozone and UK
  2. Exclusive

    £10 Free to Moneysupermarket customers on first load and perfect mid-market rates (0% fee) on first swap

    Great for
    £10 Free to Moneysupermarket customers on your first load
    Perfect mid-market rates (0% fee) on first swap for Moneysupermarket customers
    No hidden Fees and pay up to 10 times less than at banks and bureaux. No ATM fees for withdrawals over €250
    But be aware that
    £2 per month fee if not used for 12 consecutive months
    You must be a UK resident aged 18 or over
    After first 0% fee swap, commission of up to 1.4% charged, depending on how quickly you ask WeSwap to complete your currency swap
  3. Great for
    Lock in exchange rates in advance, the rate shown above is GBP-EURO
    Free ATM withdrawals overseas with no transaction fees
    Designed for reuse globally, with wallet to wallet transfer functionality
    But be aware that
    Usage in a country in a different currency to what is loaded on the card results in a 5.75% foreign exchange conversion fee
    There is a monthly inactivity fee of £2pm should the card become dormant for 12 months
    There is no secondary cardholder option available

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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Pay monthly
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Credit building
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