Difference between prepaid card and debit card

Published on 13 July 2012 by Raffick Marday

Comparing prepaid cards to debit cards and credit cards

PREPAID CARDS

DEBIT CARDS

CREDIT CARDS

No credit checks

Credit check to open the bank account to which the card is linked.

Credit check to approve card, decide credit limit and set interest rate.

No line of credit (so no borrowing and no debt).

Account can have an overdraft facility.

Line of credit that can be increased over time

No interest charges

Interest charges on money borrowed against An overdraft and with no interest-free period.

Interest charges on money borrowed against the credit limit, if there is an outstanding balance after the interest-free period.

Fees may be charged depending on the type of card. Read T&Cs carefully where they will be clearly explained.

Fees if you exceed an agreed overdraft.

Charges such as late payment fees, over-limit fees, cash advance fees, foreign exchange charges, duplicate statement fees and non-activity fees. These are explained in the T&Cs for each card product

Only require basic customer information.

Require full customer information.

Require full customer information.

Can be used wherever

Master Card and/or Maestro cards are accepted, depending on which Brand Mark is shown on your card.

Can be used wherever Master Card and/or Maestro cards are accepted, depending on which Brand Mark is shown on your card.

Can be used anywhere MasterCard is accepted.

Can sometimes be used at an ATM

Can be used at an ATM

Can be used at an ATM

Can be cancelled/blocked if lost or stolen.

Can be cancelled/blocked if lost or stolen.

Can be cancelled/blocked if lost or stolen.

Difference between prepaid card and debit card

 

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