Prepaid Credit Cards or simply prepaid cards as they are also known have been creating waves and hype. The financial service equivalent to the mobile phone prepaid card means that you can load money on to the prepaid card and then use that card to spend online, in-store and over the phone wherever your card is accepted. Getting a card is extremely easy – there are no credit checks, no bank account requirements. Simply produce some valid ID and a valid address and the cards in your back pocket sooner than you know it.
Everyone Loves Prepaid – NOT!
Yes, it’s true. For all the power of the prepaid card and all its wonderful benefits, prepaid cards attract a lot of criticism as well.
The reason is simple, prepaid credit cards typically have fees attached to them which means that you need to pay a fee to load your card and to use your card. Strangely enough, this fee is typically very small but not small enough to prevent the media going all gung ho on it and criticising the entire concept of prepaid. We are so used to the idea of free banking, that the mere thought that we actually have to pay for a little bit of added value service seems to be unacceptable.
Prepaid Cards Fighting Back
Well, it seems that Prepaid Card companies are fighting back by providing us with added value propositions so that are protestations melt away. Fighting back are the BaBeeCard, the Rational FX Travel Money Card, the Caxton FX Travel Card and the Virgin Money Prepaid Card.
Top of the hoop would be the BaBeeCard. Should really have been called the “Mummy card” because it is the one card in the market which delivers exceptional value to mummies – young, old and expecting.
With numerous discounts on shopping like Argos, ASDA, Alton Towers, Boots, Buyagift, Comet, Carphone Warehouse, Debenhams, JJB Sports, Halfords, H.Samuel, Hard Rock Café, Homebase, House of Fraser, HMV, Legoland, Mothercare, Ocado.com, Sainsbury’s, Selfridges, TopShop, Waitrose, WH Smith and many many more, the BaBeeCard can typically deliver a saving of GBP 831.95 across your grocery and petrol shopping alone.
Difficult to criticise that one – eh, Mr. Cynical Media Person!!
2. Rational FX Travel Money Card and Caxton FX Prepaid Card
Travel money from specialised FX providers like Rational FX and Caxton FX means you get a fantastic exchange rate which is way better than the high street exchange rate. Avoid Exchange rates at the Airport at all costs because they are simply too high – exorbitant even.
Now take this market leading exchange rate and put the currency on a card and what do you get?
Well, quite simply, a free card with the best FX rate in the market delivered on a convenient, safe and secure prepaid card, in a choice of currencies ready to deliver savings when you use your card at over 28.5 million worldwide locations.
The media does quite like travel cards but not as much as they are loved by consumers and travel cards along with money transfer cards represent the fastest growing segment of the market by far
3. Virgin Money Prepaid Card
Take a market leading brand which every consumer would love to be associated with and carry in their pocket, which has numerous different stores and product offerings across which it offers a 10% discount to its cardholders and add to it, the prestige of having a product that looks and feels exactly like the “best buy” credit card solution provided by the same provider and what do you get?
Well, the totally delicious Virgin Money Prepaid Card, of course.
Three wonderful prepaid card propositions that are changing the context of prepaid.
Find the right prepaid card for you
Visit out consumer prepaid card comparison section to find the best prepaid card to suit your needs. If you wish to use a prepaid card for your business, visit our business prepaid card section.