Suits Me® Simplified: Banking 101

Can a Prepaid Contactless Card Work for Joint Finances?

Thinking about splitting the finances with your partner? Then discover how a contactless prepaid debit card can work for you both.

Can a Prepaid Contactless Card Work for Joint Finances? bold text with a couple walking on a beach

Prepaid contactless debit cards are a great way to manage your money and keep a close eye on your spending. Once you have loaded funds onto them, you can only spend what you have at any given time and with no overdraft, there’s no chance of you spending more than you have.

However, there’s a lot more to prepaid debit cards than just loading and spending, and just like they can help you with your personal money matters, they are also pretty helpful in managing joint finances. 

Couples can use a contactless prepaid debit card to keep an eye on their incomings and outgoings and make sure they don’t slide into debt. 

Balancing The Books

Although you don’t require a bank account to take out a prepaid debit card, some card features can replicate those of a bank account (just like our card here at Suits Me®!)This means that couples can manage household income and outgoings using a prepaid debit card. Each card has a number, expiry date and CVC code, meaning you can use it for a range of other payments to and from the card.

Among the uses of a prepaid debit card are:

  • Have wages paid onto them
  • Use them to receive benefits and pensions
  • Set up direct debit debits for bills and subscriptions
  • Set up standing orders to pay rent or mortgage

As a couple, you can organise bills and regular payments to be made using a prepaid card, but you must make sure you can get enough funds on the card when each payment is due. In the case of direct debits, where there is the possibility of the amount varying each month, you must keep an eye out for a bill from your provider before payment is taken to know precisely how much you will need to have on the card. 

Easily Control Your Spending Using a Prepaid Debit Card

Couples can set a weekly shopping budget, and by paying with a prepaid contactless card, there is more chance of sticking to it. When you decide on a budget, you can then load that amount of money onto your prepaid debit card and use it to shop online or in-store. 

You can also use a prepaid debit card to withdraw cash from an ATM, which can come in handy when you are abroad, too, as some prepaid cards offer very competitive transaction and exchange rates.

A prepaid debit card does not involve any credit element (like an overdraft or credit card), so you can only spend what you have on the card, meaning you won’t owe any money on it at the end of the month and therefore won’t go into debt.

Transferring Money Made Easy

Most prepaid debit cards can be managed online or with the use of a smartphone app. This means you can always check your balance, so you know how much you have on the card before you try it use it.

It also means that transferring money is simple and straightforward. Couples with prepaid debit cards can send each other money and make sure that they are always covered for whatever expenses they need each month.

Get Your Prepaid Debit Card with Suits Me®

Here at Suits Me®, we offer much more than just a basic prepaid debit card. Our accounts are personal e-money accounts that work similarly to a traditional bank account. You’ll gain access to your online account and our mobile app, where you’ll be able to manage your money on the go, 24/7.

We offer a whole variety of banking-like features including:

  • The ability to set up standing orders and manage direct debits,
  • Send money within the UK via a transfer, international transfers are available via a partner in the Suits Me® app,
  • Gain access to our exclusive cashback reward programme where you’ll automatically get a percentage of your money back when you use your Suits Me® debit card with our retail partners.

Opening a Suits Me® account takes 3 minutes and you’ll gain access to your online account immediately so you can start managing your money. We don’t ask for proof of address or run a credit check. We accept 99.8% of all applicants – so if you’re looking for a suitable alternative solution apply today!

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3 Ways to manage your finances

A free contactless Mastercard® debit card and access to an online account and mobile app.