Prepaid Credit Card UK

By: EconomyWatch Content   Date: 24 February 2010

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EconomyWatch, Content Team

 

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After the US prepaid credit cards were restricted for non-residents, as per the Patriot Act 2001, an increasing need for prepaid credit cards was felt in many countries. As a result, many financial institutions started offering a variety of specialized prepaid credit cards in the UK. For instance, you can get a card specific for under 18’s. Prepaid Visa or MasterCards are also available with Chip&PIN capability as well as high reload limits.

 

The prepaid credit cards differ in fees and pricing structures making it confusing for the buyer to choose one. The best way to select a card that suits your specific needs and spending patterns is to use online prepaid cost calculator. You need to input the amount that you wish to top-up every week and the amount you intend for using the card, to calculate the card fees for every product.

Prepaid Credit Card UK: Benefits

The process of getting a prepaid card does not involve any credit checks. Money can be loaded at a bank or bank transfer, PayPoint terminals or Post Office. Once the money is credited in your prepaid credit card, you can use it as a normal debit or credit card. For instance, you can withdraw cash from ATMs, make purchases online, at high street or on telephone. A prepaid credit card enables you to control your budget and there is no risk of debt.

Prepaid Credit Card UK: Types

The following Prepaid Credit Cards are very popular in the UK:

 

o2 Money Prepaid Visa: Available only to the UK residents who are o2 customers, this card has the following features:

  • No Monthly Fees
  • No Application Fee
  • No UK Transaction Fees
  • Totally FREE prepaid Visa card
  • No Load Fees
  • 2 card programs to choose from
  • Top up at o2 shops or Paypoint

 

Virgin Money Monthly Prepaid Mastercard: For this card, you need to pay just £9.95 initially and 4.75 monthly fees. You can load it without any fee at The Post Office.

 

cashplus Gold UK Prepaid Mastercard: This card belongs to the popular prepaid Mastercards category offered by cashplus. It comes at just £9.95 and enables the cardholders to repair their credit rating. Free top-up is available at 14,500 locations.

 

Eclipse Prepaid Credit Card: It comes at an initial cost £8.95. You can choose to pay monthly or by transaction. The card enables you to repair your credit rating. You can even get your salary transferred onto the card directly.

 


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