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Advantages That Are Associated With Use Of Prepaid Cards

All UK Prepaid Cards

Last Updated: 22nd March 2011

The following table compares all of the UK’s top prepaid cards. It's ordered by product type - full MasterCard or Visa CHIP first, Maestro/Electron Mag only last, and then by aprox usage cost. This estimated cost may be higher or lower based on your intended use and selected prepaid product type. It is just a guide to enable a more informed selection.

All Prepaid Cards | Cards for under 18's | Prepaid Gold Cards | Prepaid Business Cards | Prepaid Travel Cards | Pay As You Go Prepaid Cards | Bank Accounts with No Credit Check

Prepaid Card Issuer
Card Type
Card Issue Fee (inc. Postage)
Reload Fees
Monthly Fees
Max Balance Allowed in Account
Other Fees
Key Benefits
Approximate monthly fees, based on one £250 reload per month and 3 purchase's each week
prepaid Mastercard
Chip and Pin
£7.50
Post Office = Free

PayPoint = 3% (max reload £500)

Standing Order/Payroll
BACS = Free (max reload £3,500)

Debit card or SMS needed to apply
Free
£3,500
UK Purchase per use fee = 2%

UK ATM Fee = £1.50

Foreign Transaction Fee = 2.75%
-Very low reload fees

-Low cost ATM Withdrawal fees

-Accepted at over 28 Million Locations
£5.00 (if loaded by BACS or Post Office)
prepaid Mastercard
Chip and Pin
£9.99 £5.49
(50% off)
Post Office = £1.99

Wages = Free

BACS Payment = Free

PayPoint = 3%
Free
£5,000
Per Use Fee (purchases) = £0.66


UK ATM Fee = £1.5%

Foreign Transaction Fee = £2.5%

ATM fee £2.00 (non UK)
-£0.66 UK ATM Cash Advances

-Purchase Protection available

-Can add Creditbuilder and improve your credit score

-No Monthly Fees
£7.92 (if loaded by BACS)
prepaid Visa
Chip and Pin
£9.95
Post Office = Free

Debit Card = Free

BACS Payment = Free

PayPoint = 2.75%
£4.75
£3,500
ATM Fee = £1.50 (uk/Int)

Foreign Exchange rate Fee = 2.95%
-Accepted at 28 Million Locations

-Top-up at the Post Office, PayPoint and by Debit/credit card

- Access to the Virgin Discount Network
£4.75
prepaid Mastercard
Chip and Pin
£9.95 £4.95
(50% off)
Free
£4.95 3 months for free
£5,000
ATM Fee (uk) = FREE 3 months then £0.99

Foreign Transaction Fee = 2.99%
-FREE UK ATM Cash Advances

-Purchase Protection Included

-Can add Creditbuilder and improve your credit score

-Top-up at the Post Office and epay
£4.95
prepaid Mastercard
Chip and Pin
£4.50
(£5 via SMS)
Post Office = Free

BACS Payment = Free

PayPoint = 3.00%
Free
£5,000
ATM Fee = 75p (UK)

ATM Fee = 1.50p +2.75% (non UK)

Foreign Transaction Fee = 2.75%
-Full online bill payment facility

-Purchase Protection, Price Protection and Extended Warranty package

-Access to superb Budgeting Tools

-Standing orders and bank transfers available
£6.25
(Based on a spend of
£250 per month)
prepaid Mastercard
Chip and Pin
£5.99
Paypoint load fee = 3%

Payroll load (BACS) = Free

Free

No late fees or overdraft fees
£5,000
ATM Fee = 1.5% (uk)

£2.50 (non uk)

Per Use Fee (purchases) = £0.50, (uk) / 2.75% (non uk)

Foreign exchange Fee = 2.75%


Guaranteed Bank Account

-No Credit Checks

-Pay your wages in to your bank account and seperate funds on to your prepaid card
£5.95 (Assuming £250 spend per month and 1 Wage Payment Load)
prepaid Mastercard
Chip and Pin
£4.95
Wages = Free

BACS Payment = Free

Giropay = 1.95%
Free
£9,000
Per Use Fee (purchases) = Free


UK ATM Fee = £1.75

Foreign Transaction Fee = Free

ATM fee £2.25 (non UK)
-100% acceptance guaranteed,

-You don't need a bank account

-Low cost for occasional users

-You can pay your wages directly onto your card
Free (if loaded by Wages)

Advantages That Are Associated With Use Of Prepaid Cards

The prepaid cards are definitely one of the best solutions which can be used during shopping, for paying off bills and while traveling. The cards can be easily reloaded from financial organizations or banks. Though the prepaid cards are similar to the debit and the credit cards, these cannot be used beyond a particular limit. Only the deposited amount in the bank can be used and the card holder cannot spend anything beyond that amount.

The prepaid cards more or less look similar to the credit cards which come along with a signature strip. There are also the card number and company logo inscribed on it.

There are many advantages associated with the use of prepaid cards:

  • While you are traveling, you don't have to carry traveler's cheque or cash along with you. You can thus enjoy the tour while your mind is free from all sorts of concerns.
  • You can manage funds for different purposes. One of the prepaid cards can be used for traveling the other cards can be used for dining, online shopping and making purchases from the local retail shop.
  • The young members of the family can be taught to manage their expenses. Since only the amount loaded in the card can be spent, parents need not worry about their child indulging in overspending. The available balance can be checked online.
  • Cash can be withdrawn from ATM machines very easily.
  • You can conveniently make mail ordering and telephone ordering simple.
  • The prepaid cards can be used as alternatives to the bank account of the user.
  • The monthly subscription charges, pending bills, can be paid using the card
  • There are no interests to be paid and also no credit checks before you avail of the card.

The user friendly prepaid cards can be reloaded at any point of time. To limit your spending habits use of this kinds of cards are highly recommended. The prepaid cards which share similar features like the credit and debit cards are considered to be the most interesting financial products currently found in the market. The security features as well as the wide usage makes the card such a preferred option among the users.

You can apply for the cards online as there is a number of service providing companies available online. Make sure you entail sufficient research and benefit from the best deals.

 
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