![]() ![]() If you want to make tap-and-go payments, check whether the card is compatible. Where and how you can use the card – Visa and Mastercard prepaid cards can be used wherever they are accepted.Check whether this is appropriate for your spending habits, particularly if there is a reload fee. Load limits – prepaid cards often have minimum and maximum load limits.Supported currencies – if you are intending to use a travel prepaid card, check whether the currencies you need are supported as well as the exchange rate on offer.Common ones include a purchase fee, ATM fees, currency conversion fees, inactivity fees and cash-out fees. Other fees – check whether you’ll be charged any other fees.For example, it might be free to reload through a bank transfer, but a fee may apply for reloading via a debit card. Reload fees – prepaid cards often have some free-fee reloading options but can charge reloading fees in other circumstances. ![]() When comparing prepaid cards, consider factors like: The ‘best’ reloadable prepaid card will depend on what features you are after and the fees charged. What is the best reloadable prepaid card in Australia? Prepaid cards usually have card limits, meaning there is a minimum and maximum amount of money you can load onto the card.This may include a one-off purchase fee, reload fees, ATM fees, foreign currency conversion fees (this doesn’t usually apply to currencies loaded on a travel prepaid card), inactivity fees and cash-out fees (when you close your card and cash out the balance). Other benefits, like the ability to earn frequent flyer points or access to free Wi-Fi.īut there are also drawbacks to be aware of, including:.Visa and Mastercard both offer global emergency assistance if your card has been stolen or lost. Security against loss, theft or fraud.You can use the card in-store and online with a range of retailers (wherever Visa or Mastercard is accepted).The ability to load multiple currencies to your card and lock in the exchange rates before you travel.The card cannot be reloaded.ĭepending on the type of prepaid card you choose, you could get benefits such as: The recipient of the card can then use it in-store or online, wherever the card is accepted. You may have the option of getting it delivered. Gift prepaid cards allow you to choose the amount you load onto the card and then give it to someone as a gift.Some cards come with additional perks like the ability to earn frequent flyer points or access to free Wi-Fi. Many cards are also compatible with tap-and-go payments. Visa and Mastercard prepaid cards can be used overseas, wherever they are accepted. This allows you to avoid currency conversion fees when travelling overseas. Travel prepaid cards allow you to load multiple currencies onto the card and lock in the exchange rate at the time you load your currency.They could also be helpful for younger children. Since you can only spend what is on the card, the idea is that they could help you manage your money. Many cards also allow tap-and-go payments. Everyday prepaid cards are designed for everyday spending and budgeting.There are a few different types of prepaid cards: What types of prepaid cards are available? With debit cards, funds are taken from your transaction account when you use your card. You usually do this via a bank transfer, BPAY or debit card, or in person with the card issuer. With prepaid cards, you load money onto the card. Unlike debit cards, you don’t need a linked transaction account to get a prepaid card. Prepaid cards work in a similar way to debit cards but they are not the same. Are prepaid cards and debit cards the same? Because of this, prepaid cards are more similar to debit cards. You also are not charged interest and your credit score won’t be impacted by the card. ![]() With a prepaid card, you can only spend what is loaded onto the card. Prepaid cards don’t offer a line of credit or allow you to borrow money. How do prepaid cards work?Īlthough they are often called ‘prepaid credit cards’, they are not actually credit cards. Most prepaid cards are issued by Visa or Mastercard, so the cards can generally be used in-store or online wherever Visa or Mastercard is accepted. These are also known as travel money cards. Some prepaid cards are designed for travel and allow you to load multiple currencies onto the card and lock in your exchange rates at the time of loading. You can typically reload the card with funds and there will be minimum and maximum load limits that apply. What is a prepaid card?Ī prepaid card lets you load cash onto the card and then use the card in-store or online. Depending on your situation, prepaid cards may be a good option for travelling, gifts or everyday budgeting. With a prepaid card, you can only spend what you’ve already loaded onto the card.
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