Prepaid Cards

Applying for a prepaid card

Applying for a prepaid card with Money Expert is much easier than applying for a standard credit card since credit checks are not necessary. Simply have a look on the prepaid card comparison section of our site and select the card which appeals to you most. From then on all that remains to be done is sending off your application and then loading up money to spend on your brand new prepaid card.

The benefits of using a prepaid credit card

The benefits of using a prepaid card are essentially the same as those associated with any debit or credit card, plus the reduced risk factor. For example, the ability to save time and money by shopping online and being able to withdraw currency abroad is generic to all cards and still applies to a prepaid card.

There is no chance of ending up in large amounts of debt with a prepaid card since you cannot spend what you do not load onto it. This is a benefit to many who find it harder to control their spending with a standard credit card.

The fact that no credit check is necessary when applying for a prepaid card is certainly beneficial to many but, even better than this, there are some prepaid cards designed specifically to help improve your credit rating.

1. Prepaid cards for online shopping

   With online shopping becoming more and more popular due to the convenience and reduced prices, being able to pay by card is becoming more and more important. Almost all online retailers will accept prepaid cards, and this coupled with the security of not spending borrowed money means that prepaid debit/credit cards are increasingly popular, particularly among younger people.

2. Prepaid cards for bad credit

   A prepaid credit card is a great way for someone with a bad credit rating or history to continue to be able to spend money online, and wherever a card is necessary. Because no money is being borrowed, the card provider requires no credit check or security before they provide you with the card. More on credit cards for those with bad credit

3. Prepaid cards for pocket money

   Prepaid cards have become a very popular way for parents to give their kids a bit of pocket money. The parents can load money onto the card whenever they choose, leaving them able to provide pocket money with the freedom of being able to spend it online for example.

4. Prepaid cards for managing finance

   Prepaid credit cards are a good way of managing your finances, consolidating a certain amount of spending money in one place so that you can worry less about your spending.

Frequently Asked Questions

Can I use prepaid cards to receive my wages?

Yes you can arrange to have your wages paid straight onto your prepaid card. This is preferable for some who has been declined for a bank account or doesn’t want the hassle and/or potential costs of opening up a bank account, or to save on cheque cashing fees, depending on how the wages are being paid.

Will applying for a prepaid card affect my credit rating?

No, applying for a prepaid card won't affect your credit rating as there is no money actually being credit rating. The only exception to this would be special credit building prepaid cards which actively improve your credit rating.

Can I top up prepaid cards when the balance runs out?

Topping up prepaid cards is easy and can be done in a variety of ways. The most popular, for convenience, is topping up online using a credit or debit card, though this will generally incur a small fee (around 1-3% of the top-up). Other methods include going to a post office, using a paypoint machine, or bank transfer.

Can I use prepaid cards online?

Yes you can, indeed this is one of their main benefits. Almost all online retailers will accept prepaid credit cards, including any retailer that is part of the Maestro network.

Can I withdraw cash from a prepaid Mastercard?

You can withdraw cash using your prepaid Visa or Mastercard but charges will be incurred and as such it is best to use a current account or equivalent when cash is necessary, leaving the prepaid card for card payments.

What charges do I have to pay for use a prepaid card?

The charges you may have to pay depends upon the card provider and the card offered. Some providers charge a fee for open the card. Other charges may include an annual or monthly management fee, loading money fees, transaction fees and ATM cash withdrawal fees.