Compare UK Prepaid Credit Cards
Looking for a prepaid credit card? Take a look at our comparison table to checkout the current top 10 prepaid cards on the UK market.
| Setup Cost | Monthly Fee | Reload Fee | ATM Fee | Details | ||
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Cashplus Prepaid Card |
£4.95 | £4.95 | £0.99 | UK: £1.75 Abroad: 2.99% |
More Info |
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Kalixa Prepaid Card |
£4.95 | £0 | £0 | UK: £1.75 Abroad: 2.75% |
More Info |
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Card One Prepaid Card |
£0 | £12.50 | £0 | UK: £1 Abroad: 2.75% |
More Info |
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Virgin Prepaid MasterCard Prepaid Card |
£9.95 | £0 | £0 | UK: 2.95% Abroad: 3.5% |
More Info |
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Bread Prepaid Card |
£7.50 | £0 | £0 |
UK: £1.50 Abroad: £1.99 |
More Info |
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Travel Cash Load it up in sterling and spend in Euros, US$ of other currencies. Designed for travelling. |
£0 | £0 | £0 | UK: 0% Abroad: 0% |
More Info |
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Splash Plastic Prepaid Card |
£5 | £0 | Bank |
UK: £1.50 Abroad: £1.50 + 1% |
More Info |
Prepaid Credit Cards
A myriad of prepaid credit card products flood the market each year. In recent years there has been a change in how many consumers obtain their credit cards. Instead of going for the standard revolving credit card account that accrues a balance and has a credit limit, consumers have looked to prepaid credit cards.
Prepaid cards work like debit cards in that you must have money on the card before it can be used. You cannot run a balance paying off a little each month. If there is no money in the account tied to the prepaid credit card you cannot use it. The money must be debited from the account. The reason they are called prepaid credit cards rather than debit cards is that they are not tied to a bank account.
The issuer will report to the credit bureaus regarding your account. Unlike a traditional debit card, the issuer tells the credit bureau whether your prepaid credit card account has been used and whether it is in good standing or not. It is a product meant to repair a bad credit score. For that purpose they are also known as a credit card for bad credit. That said the two types of card are very similar and many people refer to a prepaid credit card as a prepaid credit debit card.
.If you suffer from CCJs, IVAs, a bankruptcy or just bad credit scores, you may not be able to get a traditional credit card unless you want to pay high interest rates. A prepaid credit card is less dependent on your credit risk. The product, since it only works if you have the money to use it makes it easy to obtain as a bad credit credit card. The traditional bad credit credit card with a credit limit can have an APR above 25 per cent.
Compare prepaid credit cards
If you are looking for a prepaid card then it is best if you compare the range of prepaid credit cards to determine which is the best card for you. Some of the pre paid credit card providers offer free prepaid credit cards with no annual or start up fees. To compare the range of prepaid credit cards you can use our comparison table to compare the best offers and deals. The different providers of the pre pay cards often run promotional incentives and the range of benefits that are offered by different cards varies quite considerably.
The advantages of pre pay credit cards
Using a prepaid credit card rather than a traditional credit card has a number of advantages. It is easy to control spending as there is no element of credit and only money that has been credited to the card in advance can be used. This makes prepaid credit cards for teens very popular with parents looking to control the spending of their children whilst giving them an amount of credit to spend. Prepaid credit cards can be obtained easily by people with bad credit as the credit history of the applicant is not an issue for the provider of the card. Using a pre pay credit card can assist in rebuilding a poor credit history as over a period of time it will demonstrate responsible spending control and the ongoing use of the card will be noticed by the credit referencing agencies.
Prepaid credit card providers
Mastercard is probably the largest provider of prepaid credit cards as they white label cards for many of the current prepaid card brands. The following cards are Mastercard prepaid credit cards:
- Cashplus Prepaid card
- Kalixa prepaid card
- Clear Cash pay as you go card
- Bread prepaid card
Visa is also a provider of prepaid credit cards but they have a much smaller share of the market. They also provide a white labelled card for prepaid credit card providers. The range of Visa prepaid credit cards include the following cards:
- O2 Load and Go prepaid card
- O2 Cash Manager card
Maestro is the last provider of prepaid credit cards and they power a card for the following of the prepaid card providers:
- Splash prepaid card
- Tuxedo prepaid credit card
So it is clear that there are many prepaid credit cards to choose from so we hope that our prepaid comparison table will make the job of choosing a card that much easier.