Prepaid Cards

Prepaid cards (sometimes known as prepay or prepaid credit cards) are relatively new to the Aussie market but are becoming increasingly popular. Prepaid credit cards provide an alternative to regular credit cards, the money on the card is loaded by you, there is no credit facility with Prepaid credit cards. So, if you're looking for a cheap way to make payments online, abroad, or want to share money with family and friends (get secondary prepaid cards which can access the same funds), look at the attractive range of Prepaid credit cards and their offers in the table below. Check what fees (such as ATM fees) are involved with the card, and what the minimum age limit might be (some cards require you to be at least 18 years of age).

Prepaid cards let you load cash on them and spend anywhere credit and debit cards are accepted. Stay in control and stick to your budget with a Prepaid Card.

Prepaid Cards work like credit cards but with one big difference

Prepaid cards work like credit cards. You can use them to make purchases online, over the phone and in shops. However there is one big difference – you can only spend the money you have put on the card. You are not borrowing any money, there are no overdrafts and as such there are no credit checks. Anyone can get a prepaid card, whether you are under 18, have a bad credit rating, or don’t do not have a bank account. There are no credit checks and it doesn't matter if you have been refused a credit or debit card elsewhere.

Prepaid cards let you load cash on them and spend anywhere credit and debit cards are accepted. With a prepaid card if you haven’t loaded money on, you can’t spend on it.

Only transactions up to the balance loaded onto the account will be authorised so you can only spend what you have paid in.

Prepaid cards are widely accepted and can be used internationally. With most accounts you will be given an online account so you easily view your balance and transactions. Also if your card gets lost or stolen, the remaining balance will be transferred to a new account and you will receive a replacement card. Prepaid cards are much safer than carrying around cash which you are unlikely to see again if it gets lost or stolen.

What do you need to look out for?

Some prepaid cards will come with certain fees that are worth considering. It is common for a fee to be charged when you top on the card but this depends on the one you choose. You can also find there are application fees and replacement fees for ordering a new card. A few cards may also charge a monthly fee.

Many cards charge you for retail purchases or withdrawing from a cash machine. Please bear in mind that you can be charged considerably more for making transactions like this while abroad.

It is worth bearing in mind that different prepaid cards come with different fees and charges. Some cards will charge a monthly fee and some card providers will charge an application fee just for issuing you with the card. Some cards will have a maximum balance which might affect your decision and it is also likely that you will be charged for withdrawing money from cash machines and for making transactions abroad.

In some instances you can be penalised if the card goes unused.

Finding a great Prepaid Card

You can usually choose between a 'Pay as you go' or a 'Pay monthly' tariff and again these will have different features and charges that you should take into consideration.

As prepaid cards are becoming increasingly popular there are a wide range of prepaid cards available for you to choose from. Use the comparison table above to find the best prepaid card to suit your needs.