nigel woollsey

Nigel Woollsey

Online Writer
Published: 12/02/2020

How do we decide which prepaid cards get the best rating?

Once a year, Moneyfacts financial experts take an in-depth look at all the prepaid card products currently available – carefully examining the consumer benefits and comparing these across the market. The result is the Moneyfacts Annual Star Ratings – a respected and impartial overview for both the sector and consumers alike.

We look closely at the features of each prepaid card product and the real benefits that these bring to consumers. The ‘What elements of prepaid cards do we look at?’ section below provides examples of the kind of features we look at to determine the best in class.

Once our experts have carefully assessed and evaluated the range of benefits on offer, we assign a star rating. Those awarded four or five stars are the products that consumers can consider as the best prepaid cards in 2020.

How does a star rating help me find the best prepaid card?

Our independent and impartial star ratings provide consumers with an expert view of the whole market. Customers use our star ratings as an honest and reliable way to identify the products and providers that offer the best benefits.

What elements of prepaid cards do we look at?

Charges

  • Issue fees
  • Monthly or annual fees
  • Transaction charges
  • ATM charges
  • Replacement card charges
  • Cancellation fees
  • Redemption fees
  • Cancellation/redemption fees
  • Foreign usage charges
  • Top-up charges
  • Additional card fees
  • Decline fees.

Flexibility

  • Top-up options
  • Number of additional cardholders
  • Top-up timescales
  • Card duration
  • Delivery times.

Benefits

  • Discounts
  • Emergency cash or card
  • Free purchase protection
  • Cashback
  • Travel insurance.

Prepaid cards - Five star

To be announced

Prepaid cards - Four star

To be announced

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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