Dec/090
Prepaid Cards – why opt for them?
It is quite possible to write a book or two about the potential benefits of prepaid cards to businesses and consumers. Whatever your industry or whatever your need, you will find that a prepaid card could probably make your life a lot easier and save you a bit of money too.
A prepaid card works in exactly the same way as a pay as you go phone; you can top it up with cash at 1000’s of locations like Payzone, PayPoint and e-Pay across the UK, using your credit or debit card, using your mobile phone, have your wages paid directly from your employer or transfer money from a bank account to your prepaid card. You can even top-up some cards with a cash payment at a bank affliated with the network.
It elimates the fear of debt or fraud while using at online or on high street retail outlets. You can even use it for cash withdrawls from ATM’s. Prepaid cards can be Maestro, MasterCard or Visa. MasterCard prepaid cards can be used to make purchases in-store, online and over the phone at over 28.5 million locations worldwide and to make withdrawals at over 1 million ATM’s worldwide.
An amazing array of prepaid card benefits include
- No risk of debt – spend only what you have
- No credit check or bank account required. 100% approval of all applicants as long as we can verify your ID and address.
- Share money with friends and family around the world with up to four additional cardholders on your account
- Shop anywhere in the world where Maestro, MasterCard or Visa are accepted – on the Internet, over the phone and on the high street
- Shop securely with Chip and PIN
- 24/7 balance enquiry phone line and online account management
- Top Up at any Payzone outlet, over 30,000 locations across the UK
- Top Up online with a credit or debit card
- Manage your top-ups and account using your mobile phone
- Block/Unblock your account using your mobile phone for added security
- Have your wages paid directly to your card by your employer for FREE!
- Transfer money from any bank account to your card for FREE!
Who would want a prepaid card
Prepaid cards have numerous uses and there is almost always a good enough reason for everyone to get one. Some of these reasons and uses are as follows:
A) An Everyday convenience card for those who
- don’t have a bank account and need a home for their money
- are newcomers to the UK, don’t have a credit rating and need plastic
- are going abroad and prefer to carry cash on a card
B) A money sharing card for those who
- wish to share money with friends and family anywhere in the world
- with additional cards and MasterCard Acceptance, your loved ones can have access to your money and make purchases at over 25 million worldwide locations.
C) An Online Internet Payment Card for those who
- wish to shop online but don’t have plastic
- are worried about online fraud
- feel that online shopping is subject to potential fraud
D) The funky Tweenage Card for those who
- are 14 years or over and want their own card
- want to take control of their spending. How, Where & When – they decide!
- are parents and want to give their “tweenagers” the confidence to spend
E) the Online Gaming card for those who want to
- indulge in the latest gaming online
- limit their financial exposure by not using their credit card
- protect their identity online
F) The Privacy card for those who
- are keen to avoid embarrassing bank statements
- are into Online Dating
- make Adult purchases
- are shopaholic who needs to buy that umpteenth pair of red shoes or that new handbag
- are quite simply worried about online fraud and don’t want to use a card which is linked to your bank account.
G) The Payroll card for those
- employee’s who want their wages to be paid on a card and save cheque cashing fees
- employer’s who want to pay their staff using a card instead of cash/cheque
Where can I get one
Visit Prepaid365 for a comprehensive A – Z listing of prepaid card reviews and to compare prepaid cards in the UK.
Nov/090
Prepaid card fees and why they don’t matter anymore
As the credit crunch worsens and recession sets in, the popularity of prepaid cards continues to rise with good reason. Prepaid cards have many benefits which include
- Easily Available – There are no credit checks and no bank account is required to get a prepaid card which means you can get a card even if you have a poor credit history or CCJ’s as long as you can confirm your identity and address.
- Stay in control and no debt risk – With a prepaid card, there is no risk of debt or overspending as there is no overdraft facility on a prepaid card and hence, they are an ideal way to budget for yourself or help to manage your children’s spending.
- Excellent for Travel – Many providers offer dollar and Euro prepaid cards and an exchange rate which is much better that that typically available from high street bureau de change and FX providers. There is the added convenience of loading your card online or at designated retail locations.
- Global Acceptance – Being MasterCard, Visa or Maestro branded, you can shop anywhere in the world where these scheme brands are accepted – on the Internet, over the phone and on the high street.
How to save on prepaid card fees?
Given all the wonderful benefits of prepaid cards, it seems quite surprising that prepaid cards have not been more widely adopted and that is probably down to the fact that most prepaid cards do have some fees attached to them. However, there are a number of ways that you can make your prepaid card an even more attractive proposition and save on these fees.
Tips to save fees on prepaid card application and usage
- Application Fees – Choose your prepaid card carefully. Typically card applications cost between £4.45 – £9.95 but if you are happy to load a minimum amount upfront, you can find free prepaid cards from a number of providers.
- Application Mechanism – You can apply for prepaid cards online, instore or via SMS using your phone. SMS is usually chargeable although it is convenient and you could save up to £2.50 on SMS application costs by using methods of making applications.
- Activation Fees – Choose a prepaid card in which the activation fee is included within the application fee. Most prepaid card issuers will also allow you to activate your card by calling them or online. Avoid premium telephone numbers as these can be quite expensive and it is better to activate your card for Free online where possible.
- Top-up or Loading Fees - Loading a Prepaid card with funds is usually free from most providers as they are keen for you to load your card. Check the different loading methods that your prepaid card issuer provides and choose the method that is free or is the most cost-effective.
- Point of Sale Fees - Prepaid card providers typically charge a fee for using your prepaid card at point of sale and this can vary from a few pence to up to around 2.95% of your spend value. However, a number of free POS options are also available and you should get one of these if POS is where you are most likely to use your card.
- ATM Fees - The majority of card fees are likely to come from making ATM withdrawals and these tend to be pretty steep. Where possible avoid withdrawing money at ATM’s with your prepaid card but if you reckon that this is the main use and you are likely to make numerous withdrawals, choose a card which has low withdrawal fees. There are a few providers who allow a couple of free ATM withdrawals and then charge a small fee for subsequent withdrawals.
- Pay Monthly or Pay as you go Tariffs – Some cards providers give you the option of choosing a Pay monthly or a Pay As You Go tariff. Based on that tariff, you can save on Point Of Sale (POS) fees, ATM withdrawals and loads. Choose a card fee structure that is right for you.
- Card currency – For travel cards where usage abroad is the main criteria, choose a card currency which is local to your travel destination. Euro and Dollar are the two most popular options available for UK travellers going abroad which means that you pay no currency conversion fee if use your Euro card in a Euro currency region and a USD card where USD is the acceptable transaction currency. You are already getting an excellent deal as the card FX rate on the card is better than high street FX providers and foreign exchange bureaus.
Find the right prepaid card for your business and you
Visit the consumer prepaid card comparison section at Prepaid365 to find the best prepaid card to suit your needs. If you wish to use a prepaid card for your business, visit the business prepaid card section.
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