How Does a Prepaid Card Work?
To use a prepaid card, you must first have funds loaded onto it. You can only spend up to the amount of money you have on the card at any time. You can use a prepaid to withdraw cash at an ATM or pay for goods and services in-store online.
What Other Payments Can I Make With a Prepaid Card?
You can use a prepaid card to set up regular payments such as standing orders and direct debits. This means you can use it to pay for regular subscriptions or household bills, such as electricity, gas, phone and broadband. You can also have payments made to your cards, such as your salary and benefits.
How Do I Reload my Prepaid Card?
There are several ways to load funds onto your prepaid debit card. You can use the card issuer’s website or mobile app and add funds from another bank account. You can also load cash onto your card at certain dedicated retailers.
How Do I Check my Balance on a Prepaid Card?
You can check the balance on a prepaid card by logging onto the card issuer’s website and entering the card number. Many card issuers also have dedicated mobile apps that allow you to check your balance and transaction history.
You can also telephone your card issuer to find out what the balance on your card is and going through the automated steps using your card number and PIN.
Are Prepaid Cards Only for People With Bad Credit?
No, anyone can take out a prepaid card. Credit checks aren’t relied on by card issuers as the card doesn’t contain a credit element. However, some people with a poor or limited credit history find them a useful alternative to a current account as they are much easier to obtain.
What are the Costs Involved in Having a Prepaid Card?
There are certain fees connected with having a prepaid card and these can vary between different card issuers. You may have to pay loading fees of 1% and 3% and there may be a small involved in getting the card in the first place.
Some cards may come with the transaction and transfer fees and may also come with a monthly charge of up to £15 for having the card. Extra fees will apply if you use your prepaid card abroad or have to get a replacement card if it is lost or stolen.
Can I use my Prepaid Card Abroad?
Yes. You can use your prepaid card abroad in much the same way as you would use any other debit card. Indeed, some of the fees and exchange rates involved are quite competitive and you can load different currencies onto your prepaid cards. A prepaid card is a good way to budget while abroad as well as availing of preferable exchange rates and fees.
What Happens if I Lose my Prepaid Card?
If you lose your prepaid card or it is stolen, you must contact your card issuer immediately to have it frozen (just like with any other banking provider). You can then apply for a replacement card and will likely have to pay a small replacement fee.
Where can I Open a Prepaid Card Account?
Here at Suits Me® we offer prepaid accounts, which are perfect for those looking for a debit card but can’t gain access to one with a high street banking provider.
With our prepaid cards, you can do pretty much the same things as you can using a debit card – the only difference is we don’t offer a credit facility – meaning there’s no overdraft.
However, you’ll be able to manage all your financial needs, including sending and receiving money, access to an online account and our mobile app, the ability to set up standing orders and direct debits and exclusive access to our cashback rewards programme, where you’ll get discount when you use your Suits Me® prepaid card with our retail partners.
