Soldo Prepaid Business Card
BUSINESS

ATM fee

1%*

Card fee

Free

Monthly fee

Free

Transaction fee

Free

Take control of your business spending with Soldo
Soldo Mastercard® cards have no fees for domestic transactions and our foreign exchange fee is fixed at just 1%. It's free to add funds, and money is available to spend instantly. Allocate funds to cards when your team needs it.
*ATM withdrawals cost 1% of amount with minimum of £2
Pleo Prepaid Business Card
BUSINESS

ATM fee

£4

Card fee

Free

Monthly fee

From £6

Transaction fee

Free

Manage business expenses with Pleo
Use your current bank and get going in a matter of minutes. Load your Pleo wallet and Pleo cards fast, with no fees.
Cash Plus Deluxe

ATM fee

Free

Card fee

£5.95

Monthly fee

£9.95

Transaction fee

Free

No credit checks to apply. Instant approval once your details have been verified.
FairFX Multi-Currency Card
OFFER

ATM fee

£1

Card fee

Free

Monthly fee

Free

Transaction fee

Free*

Get up to £40 off
Get £10 off when you load £250 or more, £15 off when you load £500 or more, and £40 off when you load £1000 or more. This offer is only available to new FairFX customers.
*15 major currencies, otherwise 1.75%. Use in over 190 countries worldwide.
FairFX Linked Card
CASHBACK

ATM fee

£1

Card fee

Free

Monthly fee

Free

Transaction fee

Free

Earn 3.5% cashback at selected retailers
Linked Cards can be used in over 190 countries, wherever Mastercard is accepted, including the UK where 3.5% cashback can be earned at major retailers.
Go Henry
OFFER

ATM fee

Free

Card fee

Free

Monthly fee

£2.99

Transaction fee

Free

Get two months free when you apply through Finance.co.uk
Try the award-winning online learning tool for children, and get two months free when you apply through Finance.co.uk. After that, it's only £2.99 /month per child.
Monese Classic
OFFER

ATM fee

Free up to £500

Card fee

Free

Monthly fee

£4.95

Transaction fee

Free

Get up to a £20 bonus with code: FINANCE22
Get £5 after the first successful card transaction (excluding ATM) and £15 after spending £500. 1. Customer must order and activate the physical card before they can receive any bonus. 2. Code not working for customers from France, Poland and Netherlands.
NatWest Rooster Money Prepaid Card for Kids & Parenting
OFFER

ATM fee

Free

Card fee

Free

Monthly fee

£1.99

Transaction fee

Free

NatWest, Royal Bank of Scotland or Ulster Bank customers get the Rooster Card free for 12 months for up to 3 kids
Easy for parents. Fun for kids. Build good money habits for life.
One of the best value kids prepaid debit cards and pocket money apps around, the Rooster Card costs £19.99 p/yr. You can also choose to pay £1.99 monthly. Plus, you'll get a free one month trial to get you started.
Monese Premium
OFFER

ATM fee

Free up to £1,500

Card fee

Free

Monthly fee

£14.95

Transaction fee

Free

Get up to a £20 bonus with code: FINANCE22
Get £5 after the first successful card transaction (excluding ATM) and £15 after spending £500. 1. Customer must order and activate the physical card before they can receive any bonus. 2. Code not working for customers from France, Poland and Netherlands.
Cash Plus Activeplus

ATM fee

£2

Card fee

£5.95

Monthly fee

£5.95

Transaction fee

Free*

*Up to 9 transactions per month. No credit checks to apply. Instant approval once we verify your details.
Card One Money

ATM fee

£1.50

Card fee

Free

Monthly fee

£12.50

Transaction fee

Free

Earn cash rewards up to 8% at more than 35 major high street retailers.
No credit checks. Open to everyone with guaranteed acceptance (subject to proper identification).
Revolut Metal

ATM fee

Free up to £800

Card fee

Free

Monthly fee

£12.99

Transaction fee

Free

Free UK current account and free Euro IBAN account. Spend in over 150 currencies at the interbank exchange rate. No fee exchange in 30 fiat currencies. No fee ATM withdrawals up to £800 per month
HyperJar

ATM fee

-

Card fee

Free

Monthly fee

Free

Transaction fee

Free

Sign up for a free HyperJar account and create Jars to manage your spending.

Finding the best prepaid card for you

Prepaid cards are an alternative to credit or standard debit cards. Our guide goes through how they work and what to look for when choosing a prepaid card for yourself.

What is a prepaid card?

It’s a type of payment card that you can top-up with money before you spend. You can use your prepaid card as a debit or credit card to go shopping or make payments.

They’re also known as preloaded debit cards, top-up debit cards or pay as you go credit cards and can help you budget.

How can prepaid cards be used?

  • Shop on the high street
  • Buy goods and services online
  • Pay in pubs and restaurants
  • Spend abroad
  • Withdraw cash from an ATM
  • Pay your bills

All prepaid card transactions in the UK are processed by Mastercard or Visa so you can use your card anywhere you see the Mastercard or Visa acceptance logos.

Prepaid bank cards are ideal if you don’t have a current account and need a secure way to spend online. They’re also popular for spending abroad, gifting and helping kids and teenagers learn to manage their money.

How do prepaid cards work?

Once you’ve got your prepaid card, you can add money onto your card and use it like you would a debit or credit card. Some card issuers offer a virtual prepaid card as an alternative to a conventional contactless card.

Once your card is preloaded with cash, you’re in control of when and how you spend your money, for example:

If you add £500 to your card, you can use it to shop online, at a restaurant, or pay a utility bill. You can add more money to your card at any time.

What’s the difference between a prepaid, debit & credit card?

A debit card is linked to your current account and allows you to spend money in your account and even overspend if you have an overdraft. A prepaid card will only let you spend money that’s been preloaded onto the card.

Although prepaid cards are often called prepaid credit cards, they shouldn’t be confused. Credit cards are a type of payment card that can help you spread the cost of purchases over a period of time, but you’ll pay interest on the money you’ve borrowed unless you take advantage of an interest-free deal.

The other key difference is debit and credit cards are linked to your current account, and you’ll need to go through a credit check to get one. You can get a prepaid card without a bank account or credit check.

How do you add money to a prepaid card?

You can add money to your card in several ways:

  • With cash via one of 28,000 PayPoints
  • By transferring money directly from your bank account
  • With your debit card online via your provider’s website
  • By phone, text or via an app

Different methods of top-up may incur a charge or fees.

How much can you load onto a prepaid card?

That depends on the card provider, and it varies considerably between providers. Typically, the card provider will set a maximum top-up limit per year and a cap on single top-ups, but you can normally increase your limit overtime or pay extra for greater top-up amounts.

Top up limits may also depend on whether they are cash deposits, bank transfers or card transactions.

How do you check the balance on a prepaid card?

The simplest way to check your balance is via your card issuer’s linked smartphone app.

This will be available to download via your provider’s website or the Google Play and App Store and will let you manage your prepaid card, view transactions, check your balance and top up.

You can usually also check your balance on:

  • your card issuer’s website
  • at an ATM
  • by text

Are prepaid cards safe?

Yes, your money is safe on a prepaid card as long as you don’t lose the card and it’s one of the best ways to protect against fraud when you spend online.

If your card is stolen or lost, you can ‘freeze’ the card via the app to prevent it from being used. It makes sense not to store lots of money on it though, or simply choose a virtual prepaid card.

Some prepaid credit card issuers also provide consumer protection, which means if you buy faulty goods or your card is used fraudulently, you may be able to reclaim the cost on a chargeback scheme.

Prepaid cards can be safer than carrying around large amounts of cash abroad and more secure than using a card linked to your bank account when shopping online.

What are the pros and cons of prepaid cards?

The biggest advantage of a prepaid card is the freedom and control it gives you over your spending. You don’t need to apply for a current account and you can even get a prepaid card with bad credit.

Here are the main pros and cons of getting a prepaid card.

Pros

  • No credit check required
  • No current account required
  • Great for budgeting & credit building
  • Manage your money via your mobile
  • Real-time balance & spending views
  • Protects from theft and fraud
  • Earn cashback & rewards
  • Convenient and simple

Cons

  • Fees can become costly
  • Limits on top up and spending
  • May not work for certain transactions
  • No credit or overdraft facility
  • Possible inactivity fees
  • May not have FSCS protection
  • No Section 75 protection

How much do prepaid cards cost?

It depends. You can get free prepaid cards, but others will charge a monthly fee and other costs.

Pay monthly prepaid cards

This type of prepaid card will charge a monthly fee, but you’ll usually pay lower transaction fees and may get cashback on your spending or other perks.

Pay monthly prepaid cards are best if you use them regularly and spend frequently.

Pay as you go prepaid cards

You’ll likely pay higher transaction fees with a pay as you go card, so they’re a better option if you only intend to use your card infrequently, need one for your child or holidays abroad.

Prepaid card costs can be complex and card issuers have different fees and charges, so it’s worth shopping around to find the one that works out cheapest for you.

Here are some of the different charges you may encounter:

  • Set-up/Admin fees up to £10
  • Monthly fees up to £15
  • Top-up charges up to 3%
  • ATM withdrawal fees
  • Foreign transaction fees
  • Non-usage charge

Can you get a prepaid card with bad credit?

Yes, you can. You don’t need to be credit checked for a prepaid card in the same way as you would if you were applying for a current account or credit card.

You may still have to have to go through identity checks and card providers might look at your credit record for any evidence of fraud or money laundering.

Do prepaid cards affect your credit score?

Owning a prepaid card will not affect your credit score negatively, but if used sensibly a prepaid card could help you repair your credit score.

Some prepayment cards are designed to help you rebuild your credit rating which is good news if you need to rely on prepaid cards because you have a bad credit record or can’t get a bank account because you don’t have proof of address or income.

If you go for a Creditbuilder option your card issuer will ‘lend’ you a year’s worth of monthly fees – typically around £10 a month which you would need to pay anyway.

As you pay back this ‘loan’ over 12 months your credit rating will start to improve and your score will build. You’ll need to commit to paying the monthly fee in full and on time. You should notice an improvement in your credit rating after the first three months.

How to pick the best prepaid card

There are some clear advantages to prepaid cards and there are times when a prepaid card can be the best option for spending at home or abroad.

If you’re planning to buy a prepaid debit card or preloaded credit card, the best place to start is online because you’ll find the biggest choice and best deals.

Ideally, you’ll want a prepaid card with no or low fees, but take these factors into account to make sure you pick the prepaid card that’s right for you.

  • Choose a prepayment card that’s widely accepted, for example, Visa and Mastercard.
  • If you want a card to use on holiday, choose a prepaid card that’s specially designed for travel and foreign transactions.
  • If you want a card for your children, pick a card that’s tailored especially for under 18s.
  • Shop around and compare transaction fees for the types of spending you do most often.
  • Check the cost of ATM withdrawals and limits; avoid withdrawing cash if possible.
  • Check top-up charges and load maximums and find the cheapest way of topping up.
  • Look for hidden fees like inactivity penalties which may kick in after 12 months.

Prepaid Cards FAQs

How do virtual prepaid cards work?

Virtual prepaid cards work in exactly the same way as physical cards. They can be used online with all your favourite retailers.

Do I have to be over 18 to get a prepaid card?

Some prepaid cards will require you to be over 18, but there are a number available for teenagers.

What is the Chargeback scheme?

The Chargeback scheme is a voluntary agreement that Visa, Mastercard and American Express have signed up to. It helps you to get your money back if something goes wrong.

Your card provider will reverse the transaction and go straight to the supplier or retailer’s bank. The Chargeback scheme will cover you in certain scenarios such as: 

  • If a purchase doesn’t arrive, is faulty, or if a service you’ve paid for isn’t provided. 
  • The company you’ve purchased goods or services from goes bust. 
  • Your card is used fraudulently.

Remember: You’re not guaranteed to get your money back because this is a voluntary scheme.

Can I use a prepaid card for shopping on Amazon?

Yes, you can. However, Amazon do have some restrictions around using prepaid cards, listed below:

  • Prepaid cards can’t be combined with other payment cards on a single order.
  • Amazon.co.uk doesn’t support entering the three-digit CVV code found on the back of some cards. If the code is required by the issuing bank, payments may not process successfully.
  • Some prepaid cards don’t support reoccurring billing charges. Contact your bank if you have a problem with your payment method.

Can I transfer funds from a prepaid card to my bank account?

Yes, you can have money on your prepaid card refunded to your bank account,  but there may be a charge.  It makes more sense to spend the money on your card rather than transfer it back to your account.

Can I withdraw money from my prepaid card?

Yes, you can withdraw money from your prepaid card by ATM, but you may be charged a fee.