Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply online today. Products shown with a yellow background are sponsored products.
Our prepaid cards chart is ordered by the lowest UK transaction fee, lowest monthly fee, then lowest application fee.
Prepaid cards are not a form of credit – you can only spend money that you’ve previously put onto the card. They work in a very similar way to pay-as-you-go mobile phones – once you’ve used up the money on the card you can’t spend on it again until you “top-up”.
There are Visa or MasterCard options to choose from, both of which are widely accepted.
Prepaid cards are ideal for:
• People who have had debt problems (including those who have an IVA or who have been made bankrupt)
• Young people
• People who are unable to get a UK bank account
Some providers even offer a “Credit Builder” option which can help improve or re-build your credit score.
Most cards will allow your wages to be paid to the prepaid card directly, as well as offering a number of other ways to top-up, these include:
• Bank account transfer
• Debit or credit card payment
• Standing order
• Post Office
• SMS text
Make sure the method you would like to top-up by is one of those accepted by the prepaid card provider, before applying.
One downside to prepaid cards is that they can charge a lot in the way of different fees. Look for cards with low monthly fees as well as prepaid cards that don’t charge transaction fees. Most will charge you for using an ATM, so if you prefer to withdraw cash than use your card for purchases, be sure to select a card with a lower fee.
Learn how prepaid cards can be a convenient way to control spending
Read about the advantages and disadvantages of prepaid cards
Prepaid Everyday CardsPreload your card with money that you already have so you only spend what you have.
Prepaid Travel Money CardsPreload them with foreign currency before you travel so you know how much you have to spend abroad.
Business Prepaid CardsNeed a payment option for staff, but don’t want a credit card?
Competition in the balance transfer market is definitely heating up, with lenders tempting you to tr... More
Turning to credit cards can be a great choice for a lot of people, but the key to keeping things und... More
The January blues have got a lot of people longing for some winter sun. In fact, according to figure... More
The festive season has been and gone, but unfortunately a lot of people will still be paying for it.... More
A lot of surveys have been released over the last few weeks revealing just how much Brits are planni... More
Getting a long 0% balance transfer credit card can reduce your debt quickly and cheaply. But there a... More
Find out who provides your credit card. Most branded cards are issued by another provider – this cou... More
They’re so easy aren’t they: credit cards? It lands on your doormat, 85.60 x 53.98mm of pure spendin... More
TSB has increased the introductory balance transfer deal on its balance transfer credit card by four... More
Virgin Money has increased its introductory period for balance transfers on its credit card by three... More
Barclaycard has launched a new Visa credit card that’s perfect for those wishing to transfer an exis... More
Tesco Bank has launched a credit card offering the lowest APR currently available on the market.
Capital One, in partnership with vehicle manufacturer Vauxhall, has launched a new rewards MasterCar... More