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All You Need to Know About Prepaid Cards



All You Need to Know About Prepaid Cards

Prepaid cards are alternatives to credit and debit cards, and have the same physical features. However, the difference is that you can’t borrow money with them; instead, you can only use them after loading the cards with money.

Another similarity between prepaid cards and their debit and credit counterparts is that they have 16-digit numbers, a magnetic strip, and a chip.

Just like credit and debit cards, you can use prepaid cards to make purchases or cash withdrawals. However, you must not exceed the amount already loaded onto the card, and you have to top up to continue spending once you do.

Seeing as you can’t borrow with your card, most prepaid cards come without credit checks; so whether or not you have good credit, you can get this card as you will be spending your own money.

prepaid cards

How to use prepaid cards

Basically, your prepaid cards can be used for payments with any vendor or business that accepts transactions by card.

You can use it for online purchase by providing your card number, you can also use it by email or phone with the same number. You can use it for contactless transactions by yourself or use your PIN.

It can also be used for cash withdrawals and to set up automatic payments.

Types of prepaid cards

Business card: This card can be dedicated to business spending.

International cards: These cards can be used abroad, and some even come at a lower fee when used outside the UK.

Joint prepaid card: Two or more holders can use and manage this card at the same time.

How can I load money onto my prepaid card?

There are several available options; the first option is to pay in cash at a financial institution, post office, or bank. Another option is to make a bank transfer from your account. You can also use a debit card to make payment by signing into your prepaid card’s online account.

A basic bank account comes with prepaid cards, so you can set up one and allow clients and employers pay directly into your prepaid card.

prepaid cards

Cost of Prepaid Cards

There are several fees associated with prepaid cards and they often vary from one provider to the next:

Card purchase fee is the initial one-off payment you make to buy the card. This fee often ranges between £1 and £15, but some cards are free, and some are waived depending on how much you load the card with.

Periodic fees are paid monthly or annually for as long as you use your prepaid cards.

Inactivity fees are also charged on some cards when they haven’t been used for a period of time.

Some card providers charge cancellation fees when you close your account or transfer your funds somewhere else.

Some card providers allow you take more cards for friends and family members, but you pay additional card fees.

Recommended card provider: Suits Me

If you need a prepaid card, Suits Me is a great provider to try because its criteria are easy to meet and you don’t need a credit history. If you are undergoing an IVA, just arrive a country, or have any similar situations that cause financial exclusion, Suits Me is for you.

However, you need to be above 18, you need a UK address where the card will be sent, and you need one means of identification (Passport, driving license, or national ID)

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