What is a pre paid credit card
A prepaid credit card is a payment card (usually Visa, MasterCard, Maestro, Electron or Amex). You pre load it with your own money, depending on the branded card issuer depends on how much you can load in one go and what is the maximun limit. Once you have loaded your funds on to the card you can then use wherever the payment card is accepted, including on the internet, over the phone and abroad.
What is the Maximum Limit of my pre paid credit card
This depends on the branded card issuer, and can range from £250.00 for a non KYC card (No ID required) to KYC cards which average from £1500.00 to £15,000.00. EasyKard for example has a maximum limit of £15,000,
-see more information on EasyKard - See limits of prepaid cards
What is the Minimum Limit i can load on to my Pre paid 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 or bacs / to pre load your card it depends on your card provider but on average can be to the maximum card limit.
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 Prime Card and as it is a prepaid MasterCard it has worldwide acceptance where ever you see the MasterCard sign.. Prepaid cards are the same as credit cards, but without the credit. Nearly all prepaid card providers in the UKoffer cards embossed with your own name, an expiry date and some most have CHIP & PIN.
How do I qualifying for a Pre paid Card
A pay as you go card does not offer any credit facility, so you do not need to pass a credit check. Even if you have bad credit are banktupt or have CCJs you are guaranteed to be approved for a prepaid card.
All that is legally required by the issuer as they are regulated by Banks and the FSA is to confirm who you are like most 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. 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 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 CASHBACK, 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 Review Section - benefits of cards for more information about how prepay cards can help you.
Listed through our site are some of the Visa & Mastercard and Maestro cash cards that are available to those in the UK and US and (worldwide) irrespective of whether you have any bad credit or not.
Be wary of prepaid card issuers who are offering anonymous prepaid reloadable credit / debit cards with unlimited load amounts without any ID checks. We would be very suspicious of organisations making claims about such prepaid cards. Unless otherwise stated, all of the cards we list require some form of ID check and have limits on the amount that can be loaded onto their cards. If you are unsure about a card issuer send us an email with their details and we will check them out and verify the company. email us
