The latest trend in cards is the use of prepaid cards. Many retail stores offer and accept 'prepaid gift cards' - may be you already used one! But prepaid cards are not used only as gift cards. You can now get a prepaid card to even make purchases online regardless of your credit history and present employment situation.



There are prepaid cards for everything, from sending money to friends and family and friends, to managing travel funds, to shopping over the Internet. Prepaid Cards are a safe payment alternative.

Compare: Prepaid Cards - Bank Debit Cards & Credit Cards

Prepaid Debit Cards - main features:

*No credit checks carried out as you are not asking for line of credit (so no borrowing and no debt on your part). *You do not get charged interest. *Your employment situation is not verified. *In some cases, fees may be charged depending on the type of card. (Read T and Cs carefully where they will be clearly explained.) *Only require simple customer information. *Under 18's can have access to card. *Can be presented worldwide,wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card. *Use at an ATM. *Normally, includes free bill payment service, so you can pay anyone online or over the phone. *Can be blocked/cancelled if stolen or lost. *Free rewards programs are offered by many cards.

Bank Debit Cards:

*Credit verification to open the bank account to which the card is linked. *Account might have an overdraft facility. *Interest charges usually applies on money borrowed against an overdraft and with no interest free period. *Fees if you go over an agreed overdraft. *Full customer information is required. *You can use card wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card. *Can be used at ATMs. *May be cancelled/blocked if lost or stolen.

Credit Cards - Key features:

*Credit history check to approve card, decide credit limit and set interest rate. *Line of credit normally can be increased over time. *Interest charges may apply on money borrowed against the credit limit, if there is an outstanding balance after the interest-free period. *Such charges as late payment fees, over-limit fees, cash advance fees, foreign exchange charges, duplicate statement fees and nonactivity fees. These are explained in the T and Cs for each card product. *Require full customer details. *Must be over 18. *May be used anywhere Visa or MasterCard is accepted. *Can be used at ATMs. *Can be blocked or cancelled if card is lost or stolen.

Who can make good use a Prepaid Card? Prepaid cards can be obtained by people who have less than perfect credit or do not qualify for a bank account. People who do not want to carry large amounts of cash. Backpackers and working tourists. A person who wishes avoid paying credit card interest charges. Parents who would like to give their children secure and controlled spending capabilities. Cardholders who would like to plan and budget their finances. People travelling overseas. Employees wishing to disperse funds onto these cards, lowering payroll distribution costs, simplifying bank reconciliation, decreasing fraud and eliminating lost cheque cancellation and replacement. Low-cost money transfers. An additional card may be added to send to a relative or friend within the country or overseas.

In essence, Prepaid Cards are a secure substitute for cash, cheques and gift certificates. They provide a number of benefits. And they are available to almost all individuals including those whose credit history is less than perfect and have no chance of qualifying for a standard credit card.