Easy to use, available to almost everyone and offering control over your spending, prepaid cards are one of the UK’s fastest growing financial products.
Dozens of visa and mastercard prepaid card products have appeared on the market in the last couple of years.
However, before applying for a card it’s vital that you understand and compare mastercard prepaid cards. Here’s why:
What is a mastercard prepaid card?
Prepaid cards look like traditional credit or debit cards and can be used in the same way. You can buy goods and services in shops or online or withdraw cash from an ATM. Most cards either bear the visa or the mastercard symbol.
However, the difference between a mastercard prepaid debit card and a traditional credit or debit card is that prepaid cards aren’t linked to a credit facility or a bank account.
You never borrow money or go overdrawn as you can only spend the cash that you have loaded onto your card.
You top up your mastercard prepaid card and then use it to buy goods or services or to withdraw cash. The value of your transaction is deducted from your card balance and when you have used up the cash loaded onto your card you have to top it up to use it again.
If you’re looking for a prepaid card, it’s vital that you shop around for the best deal or you could lose out. Let us explain.
Choosing the best prepaid mastercard
There are dozens of pre paid mastercard deals on the market and so it’s important that you find the right card for you.
When you compare mastercard prepaid cards you should take into account:
- The fees and charges that apply to the card
- How easy it is to top up your card
- Whether you can use your card overseas
If you don’t choose the right card, you could end up paying lots of unnecessary fees and charges. Use our comparison table to find the cheapest prepaid mastercard for your needs.
Applying for a pre paid mastercard
Once you have found the right mastercard prepaid card for you, you can apply for the card online. As there is no credit facility and no borrowing, prepaid cards are generally available to everyone, irrespective of your credit history.
Once your application has been agreed you’ll receive your mastercard prepaid debit card and your PIN through the post and will be able to top it up and start using it.
