What are the advantages of Prepaid Debit Cards?
Prepaid Maestro® Cards and Prepaid Mastercards have a large number of advantages for making secure and convenient payments, both online and in the high street!
100% Guaranteed Acceptance - Even with Bad Credit
Because you can only spend what you have paid onto your prepaid debit card, there is no risk to the lender. As a result, everyone can get a prepaid debit card, even if you have bad credit or CCJ's (County Court Judgements) against your name.
In the past it's always been difficult for people who couldn't get a traditional credit or debit card, as it made it extremely difficult to buy online from millions of retailers on the internet. With your prepaid debt card, you can buy online or in the high street and enjoy many of the same benefits as a traditional card.
Lower Age Limit - Great for Kids
Because there is no credit involved with a prepaid debit card, children as young as 10 can get a prepaid maestro card (with parental permission). It's great for giving your kids independance over their spending, and to ensure their money cannot be lost. 2 cards can be linked to the same account, so you can transfer money to your childs card at anytime, no matter where you are, giving them extra money when they need it.
No Bank Account needed
You can still get a prepaid maestro card or prepaid mastercard even if you don't have a bank account! You can pay for some cards with cash or by text, and can top up using cash at any branch of the Post Office or at PayPoint outlets across the UK and Ireland (depending on the particular card provider you choose).
Most cards allow wage transfers, so that your employer can pay your wages directly onto your prepaid debit card each month, at no extra cost! This makes prepaid debit cards a great choice for people who can't get a bank account, or haven't been in the UK for long.
Stay Debt Free!
Many people who take out existing credit cards end up in debt, as they only plan to spend a small amount and pay off the entire balance each month. However, this doesn't always happen and the convenience of the extra credit can be too hard to resist! This starts the downward spiral as people fill up the first card, and so take out a second - before they know it they are caught in the credit trap!
With a Prepaid Maestro® Card or Prepaid Mastercard® you can only spend what you have already loaded onto the card. There is no credit involved, so its great for budgeting and gives you the convenience of being able to buy online without running up huge bills!
Safe and Secure
Prepaid debit cards are just as secure as traditional credit and debits cards, utilising the latest in chip and pin technology. With each card you will get given your own 4 digit pin number so that you can buy using chip and pin, or withdraw money from ATM's.
If your card is lost and stolen, you can ring up your card provider and your card will be cancelled. Your balance will then be transferred to a new card, so unlike cash it's not lost forever!
Prepaid debit cards are also great for use online, especially if you are worried about internet fraud! Prepaid Maestro® cards and Prepaid Mastercards® offer a "sandboxed" account, totally separate from your main bank account.
In the rare event that someone discovered you pin number, the most they can take is the balance of your card, rather than taking you card up to its credit limit and stealing hundreds or possibly thousands of pounds.
Withdraw money at thousands of ATM's or using CashBack facilities
If you need cash in an emergency, you can use your prepaid maestro® card or prepaid master card at any cash machine that shows the maestro® or mastercard® logo's.
You can also use cashback facilities at participating outlets.
Use your Prepaid Debit Card at Millions of Outlets Overseas
It's not only in the UK that you can use your prepaid maestro® card or prepaid mastercard®, they are also accepted at millions of outlets abroad!
Prepaid Maestro® Cards or Prepaid Mastercards® make a safe, convenient and modern alternative to travellers cheques, and are a great way to carry money when you go on holiday or go abroad for business.