A guide to prepaid cards by MasterCard

Comparing prepaid cards to debit and credit cards

Where can I use a prepaid card?

Wherever you see the MasterCard and/or Maestro symbol you will be able to use your prepaid card. This includes retail shops, over the Internet, mail order and by phone - at home and abroad.

In some circumstances your card may be declined because there is not enough money loaded onto it. This is because you can only spend the money that you pre-load on to the card in the first place.

What are the fees and costs of having and using a card?

There are many types of prepaid card out there, depending on your specific needs - you'll see gifts, travel and everyday money cards, to name just some of them. The services they provide are charged in different ways. But whatever you are looking for always compare costs and packages accordingly.

Some of the common fees and charges for prepaid cards:

- Card application fee - to set up your account and provide you with a card.

- Monthly service charge – this may entitle you to certain services such as a helpline or on-line service.

- Card loading fee – this is a charge for loading some additional money on to your card.

This may vary depending on how you top up your card (if you load funds onto your card from a bank account, you may be charged a fee by your bank).

- ATM withdrawal fee – you may be charged for withdrawing money from an ATM (cash machine). Something to bear in mind is the fact that higher charges may apply when withdrawing money from ATMs abroad. You may also be able to use certain ATMs free of charge and/or make a limited number of free ATM withdrawals or deposits each month.

- Purchase or on-line fee – you may be charged for each transaction, or for certain types of transactions.

Can I use prepaid cards to withdraw money from an overseas cash machine?

You can use your card to withdraw money from any ATM worldwide wherever MasterCard and/or Maestro and/or Cirrus are accepted, provided this feature is available on your card.

Can I use prepaid cards abroad?

Prepaid cards can be used anywhere in the world that accepts MasterCard and/or Maestro. They work just like debit or credit card depending on how much money you have on them.

Can I use prepaid cards to shop on-line, over the phone and by mail order?

Yes you can. You can use your prepaid card with any retailer that accepts MasterCard and/or Maestro.

Can I use a prepaid card to make regular payments, such as for monthly subscriptions?

Not all prepaid cards can be used in this way. To be sure, check with your provider.

What makes prepaid cards safe?

Prepaid cards have a PIN, making them an easy way to carry money on you, whether you are at home or abroad. Another benefit is that if your card is lost or stolen you can simply stop the card.

What happens if my card gets lost or is stolen?

If your card is lost or stolen, you must report it to your card company immediately. Some card companies will voluntarily replace money stolen from your card – but not all of them do so be sure to check with your card issuer to be sure.

How do I load money onto my card?

It is really easy to ‘top up' your card, for example: cash top-up at post offices or convenience stores, by funds transfer from a bank account, or on-line through the Internet.

The ways in which you can reload your card will vary however so it is important that you read the information provided by the card provider for details of how and where you can load money onto your card.

What's the difference between a 'reloadable' and a ‘non-reloadable' card?

A ‘reloadable' prepaid card can be ‘topped-up' with money. Cards that are loaded once (e.g. gift cards) are ‘non-reloadable' and can't be ‘topped-up'.

Is there a limit to how much money I can put on my card?

It is important to note that some card companies may set a limit on the exact amount of money you can place on your card at any particular time.

For prepaid cards that you can buy without any proof of address and/or identity, the maximum amount of money that you can load onto the card will generally be much less when compared to reloadable cards.

Can I see a history of how I have used my card?

A lot of card companies will offer this service to their customers, but not all of them. When you pay with your card, details of the transaction are stored on-line. This information includes the dates, location and amount of your transaction. All of this will appear on your online statement, so you can check and access details easily.

What is the minimum age for having a prepaid card?

As there is no credit involved in prepaid cards – you load your own money on to them – there are generally no age restrictions on many pre-pay cards. However, many companies do insist that you are at least 18 years of age to use their cards. Cards for those under 18 will carry restrictions to prevent their use for inappropriate spending (e.g. gambling and alcohol).

How many cards can I have?

You can have as many prepaid cards as you like, but remember that many cards do carry charges so you may want to think ahead and try to avoid unnecessary fees.

Where can I get one?

Prepaid cards are available from a variety of companies and locations. Some of the places that you can get prepaid cards include banks, over the Internet, and at participating retailers.