Could a prepaid card be right for you?

Published on 1 January 1970 by Raffick Marday

Now you may have heard the buzz over prepaid cards, but you might still be wondering if one would be suitable for you.

The main difference between a debit card and a prepaid card is that with a debit card, people access money straight from their current account.

With a prepaid card, you load money onto it so you can't spend more than you have.

This is why they're such a good option for certain people.

People with poor credit ratings or who are not able to get a bank account or credit cards could benefit from a prepaid card as you don't have to pass a credit check to get one.

Teenagers can use them to help regulate spending habits and parents can keep a watchful eye without worrying about excessive spending.

Prepaid cards are also a great secure way of taking currency abroad and are great as gifts for friends or relatives, without being restricted to one shop like a traditional gift card.

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