Prepaid Credit Card UK
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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.[br]
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[br]
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.
