Prepaid business cards can be a good alternative to company credit cards if you’re a business owner looking for the best way to allow your employees to pay for expenses as part of their work. They help you to limit spending and stick to a budget as cardholders can only spend the money that has been loaded onto the card. Find the best one for your business in our comparison table below.
With the Revolut Business, you can get physical and virtual debit cards for your team and remain in control at all times. Spending controls mean you can set limits, block and freeze cards and decide where the cards can be used. You’ll also benefit from automatic expense reminders to prompt staff to submit receipts and be able to track which expenses need reviewing. Its top feature is the ability to hold different currencies and exchange them for no fees. Its basic account has no monthly fee, but if you’re after its more innovative features you’ll need to pay a monthly fee.
Pros
Physical and virtual cards
Spending controls
Automated expenses
Competitive exchange rates on multiple currencies
Easy and quick to apply and set up
Cons
The free account doesn’t include many free transactions
Wallester Business starts with no monthly fee for up to 300 virtual cards and unlimited physical cards. Virtual cards are issued instantly and physical cards are sent with express delivery. If you need more than 300 cards then you can upgrade to a paid tariff. The account offers expense control services, easy reporting and integrates with accounting systems. You can set individual spending limits for each card, so you can manage your team efficiently in real time. Cards work with contactless payments systems including Google Pay, Apple Pay and Samsung Pay. As well as no monthly fee there are no minimum account balances, which is one less thing to worry about.
Pros
No monthly fees
Physical and virtual cards
No minimum account balances
Able to set individual spending limits for each card
Soldo Standard has a monthly fee of £21 and comes with access for 3 users. Its prepaid Mastercard is linked to the mobile app and allows you to set spending controls, including limits, rules and budgets. It also allows you to export transaction data to all major accounting software including Sage, and send expenses to Xero and QuickBooks Online. Further benefits include receipt capture, enabling you to document receipts by simply taking a photo. There are no fees for using your card in the UK, but you will pay a 1% fee for foreign transactions. If you want to withdraw cash, it'll cost you 1% of the transaction amount (minimum £2). You’ll also be able to add funds to your account whenever you need, free of charge, and funds will be available instantly. Should you need any help with using your card, the customer service team will be on hand to offer support via email or chat.
Pros
Useful tracking features
Data can be exported into your accounting software
All of Tide's business accounts enable you to apply for expense cards for your team, but the number you can get for free will depend on the plan you choose. These expense cards let you manage your company expenses in one place and sync transactions with your accounting software. Employees can scan and upload their own receipts, making it easy for you to track business spending in the Tide app. You'll also be able to set individual spend limits for each card to help you manage costs, as well as freeze and cancel cards if needed and view and manage PINs in the app.
Pros
24/7 customer support
Categorised spending
FCA regulated
Quick set-up
No monthly fees
Easy to manage accounts and track payments within the app
Ability to set up direct debits and standing orders
With the Card One Money business account, you can order up to 4 additional cards for business use. You can add money to these cards directly from your account so that employees can use them to cover business expenses. You'll also be able to assign different levels of access to each team member, based on their roles and responsibilities. Employees can only spend what's been loaded onto the card, making them ideal for managing budgets. However, fees will apply for transfers, as well as cash withdrawals in the UK and abroad.
Pros
Quick application process
No credit check required
Cashback rewards available on the associated Mastercard
No failed payment fees
Cons
Quite a few charges involved compared to some other business accounts, including the £55 application fee, £12.50 monthly account fee and various other transaction fees
With ANNA, every partner or employee can have their own card and make payments directly from your ANNA business account without the need to ask permission. Every time an employee makes a payment, they will be prompted to take a photo of the receipt so that it's stored digitally. The ANNA app also scans receipts, identifies the merchant and automatically assigns it to an expense category, so that you can keep track of what has been spent where, ready for your tax return. What's more, you'll be able to set individual spending limits on your team's cards, and freeze cards whenever required. Additional benefits include the opportunity to earn cashback on selected business expenses, plus the option to give team members access to your account so that they can pay bills, create invoices, and view statements to lighten your load. There are three pricing plans to choose from, including a free option.
Pros
24/7 support
Fast set-up
Invoice and expense services within the app
Ability to connect other provider accounts to the ANNA app through Open banking
Cons
No credit or overdrafts available
Still require a traditional bank account for majority of your business financial needs
No annual or monthly fee when you apply using the Finder link.
The Zempler Expense Card offers a wide range of benefits and features for your business. For a start, you'll be able to order up to 20 additional cards and set individual spend limits for each one. There are no monthly account fees for each card, just one low annual fee on the primary account. You can deposit your own money by electronic transfer and see real time data for each card. All transactions can be monitored with a single online account view for the primary account holder, with the ability to see the primary account and all additional card accounts. What's more, Zempler is integrated with most major accountancy software providers, including Clear Books, FreeAgent, QuickBooks, Sage and Xero, to make your life a little easier. You can open an account online in just four minutes.
Pros
Open an account in 5 minutes
"Cashplus iDraft" once eligible
Currency cards for travel
Online services in addition to the mobile app
Cons
Charge to have your bank card issued
Traditional bank still needed for majority of your business finance needs
Pleo aims to make it easier for businesses to control their spending and see where their money is going. Pleo’s smart company cards can be issued to employees and individual spending limits can be set for each. Pleo works from an app from your smartphone which keeps track of your cards, your business’ budget and where it is being spent, helping you to make better business decisions. You can also integrate your accounting system with Pleo, freeze cards whenever needed, and manage and pay bills with ease. There are three different pricing structures with Pleo, with the most expensive plans offering the biggest benefits, including a dedicated account manager and dedicated training. The free plan could be more suitable for those looking for a simple option for their small business.
Pros
Range of pricing structures
Multiple cards can be used on the same account
Easy to document expenses and manage business finances
Equals Spend cards can be used in more than 190 countries, with competitive fees and rates. By linking them to Equals Money’s expense management system, you’ll have control over what your team is spending, helping you to stay on top of budgets. There’s no limit on the number of users you can give to your team, and you can simply add money, manage top-ups or pause or resume cards from the app. Users can also review transactions with receipts and categories, as well as customise access permissions for individual users depending on their role and responsibilities. There’s also the opportunity to earn cashback at certain high street brands. However, costs are relatively high - there is an annual platform fee of £50 +VAT (which is waived for non-profit organisations), plus a card issue fee of £10 +VAT. Foreign purchases are free in certain countries, but not in others, while a £1.50 ATM fee also applies.
Our expert says: Prepaid business card options compared
"Many business accounts let you issue extra debit cards to employees and set spending limits for each of them, including Revolut Business, ANNA, Zempler Bank and Tide, which have accounts with no monthly fees. Prepaid business cards work differently though, as they’re not used for spending money in a bank account but need to have funds added to them.
While you might start by looking at the initial cost of the card or set-up fee when choosing one, it’s important to look at the other costs and features to find the one that will suit you best.
For example, while the Equals Money prepaid business card costs £50 plus VAT a year and £10 plus VAT for each physical card issued, it doesn’t charge a fee for non-sterling transactions on 15 major currencies. On the other hand, while Soldo costs £6 per user per month with its Pro plan, which includes one card for each, it charges an exchange fee of 1% for non-sterling transactions.
Like business accounts, prepaid card services can integrate with accounting software, such as QuickBooks, Sage and Xero, to make your transactions easier to monitor and manage, keep track of employee expenses and create and export reports."
A prepaid card can help business owners provide employees with access to money so they can pay for expenses.
It can be linked to your bank account and quickly loaded with funds online, or using a mobile app. Some cards will also allow you to load funds with cash at PayPoints, a banking branch or other locations, such as the Post Office.
However, you can’t set up direct debits or standing orders, like you would be able to do with a traditional bank account. You are unable to go overdrawn either.
You will usually have to apply for a prepaid card online, as a lot of providers don’t have branches. In many cases, you can complete the application by downloading the associated app onto your smartphone and entering a few basic personal and financial details. The application usually only takes a few minutes and you won’t need to pass a credit check to be eligible for a card.
Once you’ve successfully applied for a card(s), you’ll have to wait a few days for it to be delivered to you. However, most providers will give you a “virtual card” with all the details you need to make online purchases in the meantime. You could also link a virtual card with mobile payment services like Apple Pay or Google Pay.
The prepaid card will be powered by a payment processor like Visa or Mastercard. You’ll be able to use this card with any retailer that accepts card payments from these processors. You can also withdraw cash at any ATM, although fees may apply.
Either way, the transaction will only go through if you have enough money loaded onto your card. If your balance is too low, the transaction will be rejected.
In what situations would prepaid business cards be used?
Prepaid business cards are a useful tool for splitting your business’s funds between multiple people. If each individual had their own prepaid card, the account holder could easily control and ensure they stick to their budgets.
It’s particularly useful if you want to give employees a means of spending, as you may not trust them with full access to your account via a debit card. Prepaid cards also make it easier to track who is spending your business’s money and where.
If your prepaid card offers better overseas spending rates than your bank account, you may choose to only use this while you’re abroad.
How to compare prepaid cards for business
Fees. You may be charged a delivery fee for receiving the card, plus a monthly account fee. Some cards charge ATM withdrawal fees too, so make sure to compare the potential costs of each card.
Card limits. Each card will have daily limits on ATM withdrawals. There may also be a daily spending limit, although this tends to be very high.
Top-up methods. Some cards may let you top up by cash at PayPoints, or online by linking one of your bank accounts. Other accounts may only support a few of these options.
Overseas rates. A key advantage of prepaid cards is that they tend to offer more reasonable rates for overseas spending. If you plan to use your card in different countries, make sure to compare how much it will cost you to do so.
Pros and cons of using prepaid business cards
Keeps costs under control. Using prepaid business expense cards can be a great way to prevent your employees overspending on expenses.
No credit check needed. Prepaid cards can be an easy alternative for business owners who aren’t eligible for standard business bank accounts.
Split expenses between different employees. If each of your employees has their own prepaid expense card you’ll be able to split your business funds between them.
No direct debits or standing orders. Prepaid expense cards don’t usually allow you to set up direct debits or standing orders to cover recurring expenses.
No overdraft features. If there isn’t enough money on the prepaid card, transactions will be declined.
Alternatives to prepaid business cards
If you have previously found it easier to use prepaid cards but now want to do things like set up standing orders or direct debits for your overheads, you may want to think about going a step further and opening a fully fledged business current account.
While previously business accounts had a reputation for being less customer-friendly than personal current accounts, that has changed. In the same way that banking apps and fintech providers have made managing our personal finances more convenient, there are a range of app-only banks doing the same for our business finances.
Like with prepaid business cards, fees between different bank accounts can vary pretty wildly. Business bank account providers are also increasingly competing with one another to offer their customers perks, like discounted or free access to online accounting platforms.
For full details on how business bank accounts work, and to compare the best product for your firm’s needs, check out our business bank account comparison page.
Differences between prepaid business cards and business credit cards
The table below outlines some of the key differences between prepaid business cards and business credit cards.
Prepaid business cards
Business credit cards
Credit check
No credit check required
A full credit check will be carried out, with the best deals being reserved for those with good credit
Credit building
Prepaid cards won’t be linked to your credit file so won’t help you build a business credit score
Provided you use your credit card sensibly and make repayments on time, you can build a business credit profile
Interest charges
No interest is charged on prepaid cards
Interest rates can be high if you don’t pay off the balance in full each month
Fees
You might pay a monthly account fee, plus fees for ATM withdrawals, top ups and card delivery
Fees will apply if you miss a monthly repayment or exceed your credit limit. Some business credit cards also charge annual fees, as well as fees for use overseas
Potential to overspend
Low, as you can only spend what’s been preloaded on to the card
High – you can spend up to your credit limit
Rewards and benefits
Prepaid cards don’t tend to come with rewards and benefits
Some business credit cards offer rewards such as cashback or air miles
Expense management
Many prepaid business cards integrate with accounting and expense management software
Some business credit cards will come with expense tracking tools
Cash flow management
Prepaid cards won’t help you manage cash flow as you’re not borrowing funds
Business credit cards let you borrow funds in advance so can help with managing cash flow
Bottom line
If you’d like to have more control over your employees’ business expenses and budget more effectively, prepaid business cards can be a good option to consider rather than issuing company debit or credit cards to your employees. You should compare the various options carefully though, as they have different pricing structures that could affect the overall cost to your business.
Frequently asked questions
Getting a prepaid business card can be quicker and easier than applying for a standard business bank account, as you do not need to pass a credit check to get one.
Some prepaid expense cards do allow spending overseas, but always check the fees associated with any overseas transactions or cash withdrawals.
Yes, it is possible. In fact, some prepaid business card providers only operate online, and allow you to top up your card and manage your balance via a smartphone app.
Yes, Pleo gives you up to three users for free but you can’t set spending limits for each card and a relatively high foreign exchange fee is applied to non-sterling card payments.
Yes, Equals Money doesn’t charge charity or other non-profit organisations its platform fee, which it says is to help them get started.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Matthew has written 285 Finder guides across topics including:
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Comparing bank accounts and highlighting useful features
By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools.
Considering a Revolut Business account? We take a closer look at the features and price plans available with these digital-only accounts.
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