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Top Ten Prepaid Card and Prepaid Credit Cards

Top 10 Prepaid Cards

Top Prepaid Cards That Help You get The Best of your Spending Habits?
Prepaid card use is a surging master trend, replacing traditional credit/debit cards and cash gradually in a somewhat stealthy manner. The forte of prepaid cards lies in their functional designs --which foster financial control-- and in their easy usability.

How Prepaid Credit Cards Work?
Prepaid cards look identical to credit/debit cards, but behind their similar looks lies a whole world of difference between them. In the first place, a prepaid card is completely detached from a bank account, although both require similar credentials of potential holders. As an upshot of this, prepaid cards cannot support credit facilities, precluding the possibility of card holders getting indebted through it.
Through various methods the card is loaded with money, according to a user's discretion, and the funds can be drawn down like those in a regular credit/debit card. But you can only spend what's on the card at a particular moment, and will need to have it reloaded in order to spend more if the card runs out of funds.

Pros and Cons of Prepaid Credit Cards?
Of course the complete absence of downsides in any financial service is impossible, and the real concern is whether or not a user is willing to go for the benefits, disregarding the drawbacks of the program. Despite the skyrocketing popularity of prepaid cards, they still have their downsides a user is may be weary of.

Top Ten Prepaid Cards

Prepaid Cards Pros?

1-- Credit check and credit history do not apply: Prepaid cards are generally not oriented towards credit spending, so credit checks and credit history do not apply. This bars indebtedness, allowing financial self-discipline to kick in tenaciously.

2-- Cruise control over spending: Your spending limits as well as the amounts of top ups per time are subject to your direct control. You can load the card through a number of methods, of course, each with their own pros and cons, including mobile apps, texts, Paypoints and BACS bank transfer. Afterward, you get the green light for any transaction that does not break the self-imposed spending limits.

3-- Safety of personal data: Prepaid cards are a great shield against identity theft that often plagues online transactions. They serve as good protection against online consumer frauds because they can be used to execute transactions without the passing on of personal information such as bank account information or Social Security numbers.

4-- Replacement of lost funds: Like travel cheques, prepaid cards come with stolen funds replacement facilities. However, service fees apply to emergency card replacement orders. Also, in the case of a theft, your bank account details and funds remain inaccessible to the ne'er do wells who pick pocketed you.

5-- Flexible overseas spending: They are networked with international financial institutions like MasterCard and Maestro, so they're honoured internationally. With the lost card replacement feature, prepaid cards are therefore a better option to carrying cash when you're away from homeland.

-- Cashback incentives:
To stimulate spending habits in clients, prepaid card companies offer cashback for money spent at designated places.

6-- Financial lessons for teenagers and students: Although they primarily target costumers above the age of 18, some prepaid card companies offer services to teenage costumers. This presents parents with a great tool for teaching the basics of financial education to young ones; tools that preclude the risks of overboard spending and indebtedness.

Top 10 Prepaid Card

Prepaid Cards Cons?

1--Relatively excessive charges: Federal consumer protection laws touch on Prepaid cards peripherally. This gives prepaid card companies free-rein over the rates at which they charge costumers. There are charges for virtually every activity that pertains to the use of prepaid cards, including for setting up, monthly administration, withdrawals at ATM locations, and transactions of any kind involving the card. There are even charges for inactivity or infrequent card usage.

2--Inadequate consumer protection policies: Prepaid card users are not covered by the purchase protection law ensconced in section 75 of the Consumer Credit Act, which are of immense benefits to credit card users. Although some Prepaid card companies offer some form of purchase protection, they and the others who do not generally fall short in terms of the type of protection offered by the Financial Service Compensation Scheme, which covers funds lodged in bank accounts and credit cards linked to them.

Regardless of these few drawbacks, financial pundits are confident the growing trend of prepaid card usage has what it takes to trundle on for the long-run. If your outlook for prepaid cards is as positive, you can peruse the following run down of top prepaid cards for comparative purposes:

Top Ten Prepaid Cards

Prepaid Credit Card Examples

This CashPlus card is primarily designed to remedy an ailing credit score. For a yearly fee of £76, a user can use this card to rebuild credit worthiness. The scheme is basically about receiving a £71.40 'loan' upon payment of the £5.95 application fee, and paying back within 12 months. The loan is to be repaid in £5.95 monthly instalments that will run for a whole year. This shows up in your credit history as a sign of a good loan repayment attitude, substantially raising your credit rating. However, this is only another one of the services offered by this prepaid card, albeit the primary; you need to clearly indicate your interest in the scheme on your application form.

CashPlus Pros: Apart from the credit boost program, the product also offers cashback for spending at hundreds of retailers. The product also offers purchase protection.

CashPlus Cons: Missing a monthly payment on the loan can lower your credit score and offset cumulative improvements.

Pockit Prepaid card

In addition to charging one of cheapest set-up rates, the Pockit Prepaid card offers up 10% cashback on spending at a number of designated retailers which are changed on a monthly basis. There are no charges for card spending and monthly fee, and other charges are relatively minimal.

Pockit Pros: Set up fee is only 99p, as is the cost for every additional card. Loading by bank transfer attracts no fees, though 99p is charged for using the debit card or PayPoint top up methods. Users don't pay monthly admin fees.

Pockit Cons -The charges for transactions carried out overseas are on the high side --£2.25 for every cash withdrawal and a 4% foreign exchanges.

Top Prepaid Cards

Monzo Prepaid Card

After the mandatory £100 initial top up, you can load as little as £10, spend and withdraw cash up to £1000 per month for free with the Monzo prepaid card. The free of charge spending and withdrawing also applies to overseas card usage. You can load your card through the Monzo app-based bank. The Monzo current accounts services is in the pipeline.

Monzo Pros: The cards are printed with no names or personal details on it, which makes it perfect for online transactions. There are no service fees.

Monzo Cons: You can only apply for and manage the card through an app which is available for Android devices and iphones.

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