Top 10 Ten Prepaid Credit Cards An Independent Prepaid Credit Card Review
Prepaid Credit Cards are not really credit cards at all - they are Debit Cards.
Think of a pay as you go phone - you top it up with "Credit" and you can make calls until your credit runs out. Then you have to top it up again. This is how prepaid "credit" cards work.
They provide a useful service for people with bad credit ratings and people under eighteen. Anybody can get a prepaid card - as long as you have proof of identity and your address. But this service comes at a price!
All prepaid credit cards have some kind of charges attached. These may be: * Card application fee * Monthly/annual service charge * Customer help-line call rates * UK and foreign ATM withdrawal fees * Purchase/Internet transaction * Bank deposit fee * Card replacement fee * Card renewal charge * Courier/Express delivery charge * Account termination fee
Other factors that customers should consider before choosing a prepaid card include:
* Where can the card be topped up? Options include - online, post office, petrol stations, shops etc. * Are there any top-up fees? * Is there a limit to how much the card can hold? (A £100 limit is no use on holiday etc). * Monthly and annual fees - how much are they, and are they likely to change without notice? * Are additional cards free of charge? (Extra cards for family members are often useful) * Can the card be fully managed online? Or will you end up paying a fortune for "telephone assistance". * Are there any time and date restrictions on when money cannot be loaded onto the card? * Does the card have a Chip & PIN capability? (If not, it won't be much use). * What level of security and purchase protection is offered by the card company.
Our Advice: Shop around for the card that suits you best. And watch this space - we are currently testing a whole bunch of prepaid credit cards to discover which are best value and most user-friendly.