What is a prepaid credit card

Published on 11 July 2012 by Raffick Marday

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 What is a pre paid credit card?

A prepaid credit card is a payment cash card (usually Visa, MasterCard, Maestro, Electron or Amex). You top up your card with with your own money, depending on the branded card issuer depends on how much you can top up on one go and what is the maximum limit. Once you have loaded your funds on to the prepaid card you can then use wherever the payment cash card is accepted, including using on the internet, over the phone and abroad.

How do i qualify for a prepaid credit card?

As prepaid cards do not offer a credit facility, there is no credit check to pass so you are guaranteed to get a card as long as you pay the application charge, there are some prepaid cards with no application fee so even if you have bad credit rating or you are banktrupt, have CCJs you are guaranteed to be approved for a prepaid card.

As prepaid card funds are held in banks such as Newcastle building society, Clydesdale Bank or Raphaels Bank the card company need to verify your details to ensure all applicants comply with the money laundering act and the FSA like all Money products, They must confirm your ID before they can issue you a card so you are required to provide details verifying your identity and address (for example a passport, driving licence or national identity card + utility bill or an official letter with your permanent or temporary UK address).

Some of the UK prepaid card issuers can so an international online verification where once you complete the online form it is automatcally checked and gives you an instant approval this is done by your passport number, electrol roll, BT number. Please note this is an electronic identity check, they check the details you entered like your passport, your address to see if you are on the electrol role, home telephone number with BT and even your utility reference number with utility providers.

What are top up fees?

There are fees associated with card usage or top up card funding. You will need to read the terms and conditions and it should display a full list of all charges associated with your prepaid credit card. Depending on the issuer will depend on the card charges but all provide free top up charges.

What is the Minimum Limit i can top up my prepaid credit card?

On average it is usually between £10.00 and £20.00 per minimum reload with an average of £500.00 maximum reload through paypoint or payzone. If you are topping up your card by wages then all you need to do is get a standing order from your branded card issuer and complete it with your employer. If you are using a bank, bacs or standing order to top up your prepaid card it depends on your card provider but on average can be to the maximum card limit.

What is the Maximum Limit of my pre paid credit card?

This depends on the branded card issuer, and can range from £600.00 for a non KYC card (No ID required) to KYC cards which average from £1500.00 to £5,000.00 or €7500.00 euros or $10,000 dollars. Cashplus for example has a maximum limit of £5,000,

There are now prepaid gift cards that can be turned in to reloadable cards and are available from most high street chains in the UK, like the Freedom Card and as it is a prepaid MasterCard it has worldwide acceptance where ever you see the MasterCard sign. Free Prepaid cards are the same as credit cards , but without the credit facility. Nearly all UK prepaid card providers in the offer cards embossed with your own name, an expiry date and some most have CHIP & PIN.

What are the main Benefits of a pre paid credit card

Card issuers are looking at the long term picture and have some have added special beneifts for their customers such as Creditbuilder and Cash Back, everytime you use your card to make a purchase online through their retail network you earn cashback this is then credited back to your card.

On average if you use the cash back system on a regular basis you would in fact incurr no charges as you would get these back from the retailers. from speaking to one of the top 10 cashback companies you can earn apporx £500.00 a year if you used the cash back site.

There are also many other benefits of using a card such as better foreign currency exchange rates, discounts or additional benefits such as the Virgin prepaid MasterCard that gives you discounts on most of their other services they provide, So regardless of your financial status you can beneift from having a card in your wallet. See our section on Review prepaid card for benefits of cards for more information about how prepay cards can help you.

Looking for the right prepaid card, review and compare a prepaid card for your needs. Choose between the various Prepaid Visa MasterCard and Maestro cards. Want the cheapest prepaid card or best deal available then use compare prepaid we are a specialist website with the latest reviews and video’s, on pre paid gift, business and branded cards in the UK and USA, So apply online with secure online application. Finding the right prepaid debit card for you.

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