What is prepaid
How prepaid cards work - without the technical bits
When you use a debit card, you are using money linked to your bank account. When a credit card is used, you buy now and pay later. We offer you a service to only spend what money you have already loaded onto your card.
Shopping with your prepaid card is easy
At the shops, simply hand your card to the salesperson at the till.
Telephone shopping: Read out the card details over the phone.
Mail order shopping: Complete the order form, including the card details.
Internet shopping: Input the card details at the 'check-out' step of your Internet purchase.
When you use a prepaid card, the money is immediately taken from the amount loaded onto the card - not from a line of credit or a bank account. As long as you have enough money available, you can continue to use your prepaid card to buy what you need.
When the amount remaining on your card is low or at zero, you may be able to reload (or 'top-up') your card in a number of ways, such as:
- Cash top-up at Post Offices across the U.K.
- Funds transfer from a bank account.
- Online through an Internet account.
What you need to get a card
You may need to provide proof of your identity and your address when applying for a prepaid card - but that's all. There are no credit checks or any other information that you need to provide. Once you have been given or sent your prepaid card, you will need to activate the card by following the instructions from your card provider.
You need to be a U.K. resident in order to apply for your Prepaid card.
Ideal solutions
A prepaid card is an ideal solution for you if you:
- Are travelling abroad and don't wish to carry cash or traveller's cheques. A prepaid card is more secure because it can be blocked if it's lost or stolen.
- Want to help younger family members learn about managing their money. They can only spend as much money as is loaded onto the card, and the spending can be viewed online. You need to be over 18 to apply for a card, but secondary cards holders are permitted 13 years old and above, as long as they are registered and paid for by a parent or guardian over 18 with the same credit card billing address as the card recipients address.
- Want to manage your money by separating it into different places for different purposes. You could have one card for everyday shopping, one for travel, one for online purchases, etc.
- Are having difficulty opening a bank account or getting a credit or debit card for some reason. You don't need to pass a credit check to get a prepaid card.
Things that a prepaid card may be used for
- Everyday shopping.
- Internet shopping.
- Mail order and telephone order.
- Topping up your mobile phone.
- Paying bills.
- Paying monthly subscriptions.
- Withdrawing cash from ATMs.
Benefits for cardholders
Convenience
- Our prepaid cards can be used wherever Maestro is accepted.
- Anyone can get one - no need for credit checks or a credit history.
Money management
- Can help you budget your money.
- No interest charges on the card.
- There's no danger of going overdrawn on the card. Once the money loaded onto the card has been spent, you can't spend any more until you've reloaded it.
Security
- Carrying a prepaid card is a safe alternative to carrying cash. The card can be blocked if it's lost or stolen.
