Compare at a glance
We’ll show you the key features of each prepaid card, including introductory deals and any fees you’ll pay
Choose from our best prepaid cards
We’ll show you the key features of each prepaid card, including introductory deals and any fees you’ll pay
We’ll list the main advantages and disadvantages of each prepaid card to help you make the right choice
Once you’ve made your decision, just click through to the card provider to apply without a credit check
There are a range of specialist prepaid cards to choose from, depending on your requirements. They include:
A prepaid card that you load with money and use just like cash or a debit or credit card for your everyday spending. Often has a monthly fee
A prepaid card that you can load with Euros, Dollars or multiple currencies and avoid any fees when you spend overseas
Similar to an everyday-use card with no option to spend more than the card balance. Loading fees and transaction charges may apply
Pre-paid cards, sometimes called everyday spending cards, are debit cards that operate on a pay-as-you-go basis. You can simply top it up with money whenever you want to use it and spend as you would normally.
Pre-paid cards are worth considering if you can’t get a bank account. And they’re equally handy if you’re looking to limit your spending, because you can only spend the money you’ve loaded onto the card.
As well as everyday spending pre-paid cards, you can get pre-paid cards designed for travel that allow you avoid the high fees that some credit and debit cards charge for using them overseas.
Pick a card that’s right for you. It might be one that offers fee-free spending on a currency used at a location you frequently visit
There are no credit checks, but you are likely to have your ID verified. There might also be a one-off or monthly fee to pay
When you receive your prepaid card you can load it with your chosen currency and it’s ready to use
Use the card as you would a debit card. When funds run low, top it up from your current account or have your wages paid directly onto it
There are advantages and disadvantages to prepaid cards. These include:
Avoid high transaction fees when spending abroad
Get rewards or cashback on your spending
Control budgeting by not spending more than you have
No credit check required - although some prepaid cards can help you improve your credit rating
Pay a monthly or one-off charge for the card
Face further charges for loading funds onto your card and inactivity fees
Not covered under Section 75 of the Consumer Credit Act that protects credit card purchases between £100 and £30,000
Could struggle to top up when you’re abroad
The best prepaid card for you will differ depending on how you plan to use it. Consider the following:
If you’re going to use the card frequently, an everyday prepaid card with a monthly fee but no transaction fees may be more suitable. A pay-as-you-go card could suit occasional users better as they are often free, but charge fees when spending
If you’re planning to use the card when you travel overseas, look to choose a prepaid card that is fee-free for the currency of your destination. This can save you a significant sum of money on spending over the course of your trip
If you’re looking to get a prepaid card because you have a low credit score, an everyday card with a credit builder facility can be a way to help build your credit rating
Depending on the type of prepaid card you get it could improve your credit rating. There are no credit checks with prepaid cards, but some everyday prepaid cards allow you to borrow the annual fee and pay it back in monthly instalments. This gives you a repayment record that will be put on your file by the credit reference agencies. Beware that if you miss a payment it could damage your credit rating even further.
Check out our choice of prepaid cards from a wide range of leading UK providers
We’ve listed the benefits of each card along with any fees you might be charged
Once you’ve made your decision, just click through to the card provider and apply online in minutes
There are several ways your money could be loaded onto a prepaid card. These include:
Have your employer pay your salary straight onto the card
Transfer money from your current account
Add funds at partner retail locations or a branch of the card provider
Yes, there are often fees associated with prepaid cards. It is a good idea to understand how they are charged before you apply for the card. The types of fee you might face include:
One-off or monthly fee
Transaction fees on your spending
Loading fees when it comes to topping up the card
Inactivity fees if you don’t use the card for an extended period
Yes, prepaid cards work in the same way as debit and credit cards when it comes to spending. You just key in your card details and the payment will be taken digitally.
The security on a prepaid card is the same as used on other forms of plastic. You need to input your PIN to make larger purchases, for example.
It’s worth noting that prepaid card purchases are not covered by Section 75 of the Consumer Credit Act so you may find it harder to get a refund if you are unhappy with any goods and services purchased.
While prepaid card companies are also not necessarily covered by the Financial Services Compensation Scheme, the underlying funds are held by a bank or building society. If the prepaid card company goes bust, you may still get your money back.
A prepaid card is different from a credit or debit card because you can only spend the money you have loaded onto the card.
This means unlike a debit card (where you may be able to go overdrawn) or a credit card (where you are borrowing money before paying it back at a later date), you are only spending your own cash and cannot run into debt.
There can be a variety of ways to check your balance on a prepaid card, including logging into your account online or through an automated phone line. You may be able to check your balance at an ATM and some cards also give you the option to receive card balance updates through text.
Yes, one of the major uses for a prepaid card is for overseas spending, where you can pay lower or zero fees on transactions in the local currency. This is why specialist Euro or Dollar prepaid cards are available.
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