Yes, prepaid cards do have an expiry date

Your prepaid card is usually valid for either 12,24 or 36 months with a 12 month validity period being the one that most prepaid card issuers provide. You can check this within the prepaid card issuer terms and conditions before applying for your prepaid card.

What will happen when my card expires

In most cases, when your card is due to expire, the prepaid card issuer will send you some form of communication to request that you renew your prepaid card account or apply for a new card. This may be free or may cost you the same as applying for a new card altogether. Some prepaid card issuers may even issue you with a new card automatically and deduct the fee from any balance available on your account.

Once you have a new card, any balance on you card will be transferred to your new card. There is usually no charge for this. However, if you choose not to renew your card, you can request to have any balance funds returned to you. This usually involves a fee and the amount returned is equal to the available balance minus that fee.

It is advisable to check the terms and conditions to ensure you are aware of the validity period of your card, what might happen to the card balance when your prepaid card expires and the fees involved with any balance refunds.

Visit out consumer prepaid card section to find the best prepaid card to suit your needs.