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How do I find the best prepaid card for my needs

Comparing prepaid card features and costs is one way to find the best UK prepaid card for your circumstances. You can use the handy tools on this page to compare prepaid cards by filtering preferences and costs like monthly fees, setup fees, ATM costs and more. Or follow these four simple steps:

1. Decide which type of prepaid card you need

Before you apply for a prepaid card, decide what features you would like. It could be that you're looking to budget, streamline business expenses, need a prepaid travel card for going abroad, or a prepaid card for kids.

2. Compare prepaid cards

When comparing prepaid card choices, check for fees and any restrictions that come with the card such as balance and spend limits. Check for unique features too, for example budgeting tools, competitive exchange rates and card management functions via the app.

3. Visit the provider's website

Although prepaid cards are generally easy to get, there may be some ID verification required. Where possible, we have listed these under the "More information" link. To apply, there may be an application fee or a minimum top up requirement.

4. Load your prepaid card with money before using

When your prepaid card arrives, it will need to be topped up with money before you spend. After that, you can use it like a regular debit card, as they are accepted nearly everywhere. Some prepaid currency cards allow you to hold multiple currencies and you can also transfer between currencies.

Prepaid cards may come with an application cost or a monthly administration fee. Always check the card fees before applying.

How do prepaid cards work?

Unlike your debit card, which is connected to your bank account, a prepaid card works by topping it up with money. So once you have spent your balance, you will need to load it with money again. This can make it a bit easier to control spending and budgeting. Some prepaid travel cards let you hold multiple currencies and offer you a competitive foreign exchange rate, making these prepaid cards for holidays abroad ideal. While other types of cards may offer rewards and cash-back at selected retailers.

What types of prepaid cards are available?
The main types of cards available include: everyday cards, prepaid cards for travel and prepaid cards for kids and teenagers. You have other features and choices too, such as Visa or MasterCard, free prepaid cards (no application fee), and prepaid cards that help you improve your credit score. There are also prepaid business accounts typically suited for smaller businesses and sole traders.

What are the pros and cons?
Pros include better budgeting as you cannot spend more than you load to your card and there is no overdraft available, helping you manage your money better. Applying is usually straight forward, as there are no credit score checks. Many offer similar features and functions you would get from a regular bank account. Some providers have an associated app to help you manage the card.

Additionally, some card providers let you earn cashback and rewards at selected retailers. Prepaid cards for kids are a good option if you are looking at teaching your children about money or simply looking for a modern way to give them pocket money. You can learn more about this in our expert guide ‘how to choose between prepaid debit cards for kids’.

Cons include the possibility of the card being declined at the till if you don't have the available funds on the card. There are also fees to consider - which can add up with regular usage. Limits and restrictions will likely apply on top-ups, balances, withdrawals and spending. Most prepaid card accounts are E-money accounts and these are not protected by the FSCS (Financial Services Compensation Scheme) - although other safeguards apply. Our guide elaborates on all this: "Prepaid cards: How safe is your money?"

What is the difference between prepaid and debit cards?
Prepaid cards are not linked to a bank account, whereas debit cards are. That means when you spend with your debit card you use money in your bank account. Debit cards don't need to be "topped up" in the same way prepaid cards are topped up. With a debit card however, you can go into an overdraft if you have that facility with your bank account.

Another difference is most typical high street bank accounts are protected by the Financial Services Compensation Scheme (FSCS). The FSCS compensates you up to £85,000 (or up to £170,000 for joint accounts) if your bank, building society or credit union fails. The same scheme does not cover e-money (such as prepaid card accounts) and payment providers.

Also, there are no credit checks when you apply for a prepaid card, and as a result, you may find it easier to apply for a prepaid card account than a regular bank account. Plus, there are no overdraft facilities as there are with regular bank accounts. You can find more details of these and other differences in our guide "Prepaid cards VS Debit cards - What's best?" where we compare debit cards with prepaid cards.

What types of fees are charged on a prepaid card? -

Fees can include:

Monthly fees (sometimes referred to as admin or management fees)
Application fees (sometimes called set up fees)
ATM or cash machine usage fees (UK and overseas)
Foreign transaction fees
Top-up fees (some top-up options may be free)
Card replacement fees
Inactivity fee (when your card is not used for a prolonged period)

The above is not an exhaustive list, and not all fees will be applicable. For example, you may find there is a fee to top up your prepaid card using your debit card, but it's free if you top up by bank transfer. We explain fees in more detail in the guide: "How to find the best prepaid cards?" under the section: How much do prepaid cards cost?

How do I know if I need a prepaid card? +

You may want to think about getting a prepaid card if you:

Have a poor credit score
Want help with controlling your spending
Want to earn rewards and cash-back at selected retailers
You don't want to carry cash while abroad
You need a travel card that can hold multiple currencies
Have children and want to help them learn about money
Need an alternative to a traditional bank
Have a small business or are a sole trader

Are prepaid cards like credit cards? +

In short, the answer is no. When you make a purchase with a credit card, you are borrowing to make a purchase. That money is then paid back and may be subject to interest charges. With a prepaid card, you are using your own money, not borrowed money. And unlike a debit card, you cannot go overdrawn. To learn more see our article Prepaid card VS Credit card - What's best?

Is using a prepaid card safe? +

As prepaid cards are chip and PIN protected, just like most debit or credit cards. Prepaid cards are not linked directly to your bank account, so if your details are compromised while shopping online or abroad, it will be less likely someone will have access to your bank account funds. However, the money in you prepaid account may be accessed, so you should always protect your card details and never share your PIN with anyone.

Some prepaid card accounts come with an app that allows you to freeze or block your card. Prepaid cards are not protected by Section 75 of the Consumer Credit Act. However, depending on your provider, you may also be allowed a payment reversal (chargeback) when purchasing using your prepaid card. Your card provider is not legally required to provide this service.

Payment providers and e-money accounts, including most prepaid card accounts, are not covered by the Financial Services Compensation Scheme (FSCS).

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Related Guides & Articles

Want to read more about prepaid cards? Check out the articles below, or visit our guides and blog section.

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At this time of year, it's hard not to daydream about holidays. The call for sunshine, sea and relaxation is strong as we endure the last few weeks of winter. But with the cost-of-living crisis, saving money is the key consideration on everybody’s minds. Here are some ways you can keep the cost of holidays down this year.

How to choose between prepaid debit cards for kids

Understanding how to manage money is a vital life skill for children to learn. And they can start this financial education young, from earning pocket money to saving up for new toys. Parents who want to give their youngsters some financial independence can now do that even earlier with a wide range of prepaid debit cards.

Prepaid cards VS Debit cards - What’s best?

Prepaid cards are similar to bank debit cards, and that's why some people refer to prepaid cards as "prepaid debit cards". But did you notice we said bank debit cards? That's because regular debit cards are linked directly to bank accounts, meaning when you use your debit card to pay for something, you are spending the money in your bank account.