A prepaid card is a good option if you need to stay on top of your spending. Here we compare the account, transaction and withdrawal fees to help you decide which card suits you best. We also have a dedicated guide on prepaid cards for businesses.
To make comparing even easier we came up with the Finder Score. Fees, features and controls across the most popular card issuers are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyRevolut Standard Account
9.1 ExcellentYou can use the Revolut card to spend and withdraw cash abroad and no fees will be charged, provided you stay within your monthly limit and carry out transactions on a weekday. Monthly limits will depend on the plan you have chosen. You can also convert money in 36 currencies within the app, enabling you to convert some spending money into the local currency before you go on holiday - this could work to your advantage if exchange rates are favourable. If you don’t exchange currency before you go, Revolut will use its own variable exchange rate to carry out the conversion when you pay for something with your card.
HyperJar Prepaid Card
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
HyperJar is a prepaid card that is free to use. Its main selling point is its money management tools, where you can divide money into “Jars” and then use linking to automate spending with any UK retailer from a specific jar. This means you can keep your grocery money completely separate from the money you’ve set aside for your monthly travel costs. HyperJar also runs cashback offers and other rewards and discounts via the app. You can use your Hyperjar card online and in-store. However, you can’t use your card to withdraw cash at ATMs and you can only spend what you have loaded onto the card.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Suits Me Essential Current Account
It’s quick and easy to apply for a prepaid Mastercard with Suits Me. No credit checks are carried out and you can open your account in just 3 minutes. You can manage it online or via the app. The account lets you receive and send money in the UK and abroad, as well as pay direct debits and standing orders. Plus you can earn up to 15% cashback at selected partners. The Essential plan has no monthly fee but you will need to pay for certain transactions such as cash top-ups, ATM withdrawals and electronic payments in.
NatWest Rooster Money Account
9.3 ExcellentNatWest’s Rooster Money is designed to help children learn more about managing their money and how to spend, save and earn it. The Rooster card is for children aged 6 to 17 and the account is funded from the parent’s account which can all be managed via the app. Children can see their balance in the app, while parents can set dedicated spending limits as well as decide whether their children can use the card to spend online, in person or for cash withdrawals. Savings goals can also be set up, and kids can learn to earn with the chore-tracking feature. A monthly fee applies.
GoHenry Account - with £20 pocket money and 2 months free
9 ExcellentGoHenry comes with an app for parents, as well as a debit card and app for your child. Parents can set one-time and weekly spending limits and choose where the card can be used. Spending can be tracked within the app and kids can get paid when they’ve completed certain tasks. You’ll also be able to set savings goals for your child and your child can access videos and quizzes through the app to teach them more about money. Spending on the card abroad is fee-free. There are two plans to choose from and both have a monthly fee.
If you’ve got poor credit, it can be difficult to get accepted for a standard bank account. But a prepaid card could offer a great alternative as it won’t require a credit check. Your employer can even send your salary directly to your card.
Some prepaid cards offer credit building facilities, enabling you to improve your credit score over time. The provider effectively lends you a year’s worth of monthly fees and, provided you repay this in monthly instalments and on time, your credit rating will start to improve.
Some prepaid cards are designed to be used overseas and won’t charge you hefty foreign transaction fees. You can usually preload your card with currency before you set off, so you’ll know what the exchange rate is in advance. Some cards will also let you preload them with sterling and then carry out the currency conversion for you when you spend overseas.
Gift cards are also prepaid cards. You simply load them with the amount you want to spend and the recipient can then spend this amount at the card’s linked retailer(s). There’s no need for a personal identification number or a name on the card, making it completely anonymous.
There’s a range of prepaid cards available for children, enabling parents to load pocket money onto the card which children can then use online or in shops. Many of these are linked to an app, enabling parents to keep an eye on spending habits.
Prepaid cards can be used for employee business expenses. Companies can preload funds onto the card and employees can use this to pay for travel and other business costs. Different spend limits can be set for each card.
You can only spend what you top up, so you can choose to add funds as required. This makes these cards great for budgeting.
If you’ve got a bad credit history or have previously defaulted on loans, it’s unlikely that you’ll be able to get a traditional credit card right now. Prepaid cards offer respite from the spiralling debt that can come with credit. Some prepaid cards charge monthly fees, while allowing you to build your credit. Another option is bank accounts for those with bad credit.
A lot of prepaid cards work abroad. This is great for two main reasons. Firstly you won’t have to carry loads of cash around or worry about it being stolen. Secondly, prepaid cards often offer bank-beating transaction and withdrawal fees, so you won’t need to worry about racking up a big bill on ATM charges. Learn more about prepaid cards for travelling abroad.
A lot of prepaid debit cards come with an accompanying app which will allow you to track your spending. Neatly designed apps let you see how you’re spending your money too, so you can get an idea of where you need to reign in your spending!
When you get a prepaid card you can decide how much money to put on it straight away. However, there’s usually a few limitations, such as an overall maximum, and a maximum amount you can withdraw in one go. Just think of a prepaid card as a card for day-to-day spending, the same as having cash in your wallet.
Topping up works in a number of ways. All prepaid cards are linked to your main bank account, and many prepaid cards let you top up online or via an app. Revolut for instance allows you to manage your account, the cards linked to it, and other features such as your PIN number and your spending history all from the app.
A lot of cards also allow you to top up at places such as the Post Office or petrol stations with a PayPoint service, so you can go in and simply add however much cash to your card. (This may take a few days to be processed).
Fees and charges vary. Some prepaid cards come with zero fees for setting them up. In other cases, you can be charged for applying for the card, topping it up, or even if you don’t use it for a while. Some cards also have monthly management fees or cash withdrawal fees.
These fees can quickly add up so make sure you shop around and find the right card for you.
Prepaid cards can be a simple and flexible way to spend money without using cash. You won’t undergo a credit check for these types of cards, so they can be a great financial tool for people who have previously defaulted on loans or have a poor credit history.
Prepaid cards can also be a handy way of budgeting, enabling you to set yourself spending limits without going into an overdraft. For this reason, prepaid cards can be a useful tool for teaching children about personal finance, enabling them to spend money without having to open a full bank account.
As a further bonus, prepaid cards can be a great way to spend your money when you’re abroad. Not only do you avoid the need to carry lots of cash, but you’ll often find lower transaction and ATM withdrawal fees.
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