What are prepaid cards?
Why choose a prepaid card?
      Instant Decision  
Overall Rating Setup
Fee		 Monthly Fee Transaction Fee ATM
Fee		 Benefits
O2 Cash ManagerO2 Cash Manager
More Info		8 star rating
No set up cost or monthly fee, and it’s free to use, unlike most other Prepaid cards in the market		£0.00£0.00£0.00£0.00
Free to get & free to use in the UK; comes with O2’s budgeting calculator; O2 customers only
Apply >
Cashplus GoldCashplus Gold
More Info		7 star rating
Free Creditbuilder option - helps you rebuild and strengthen your credit rating for no extra cost. Award winning prepaid card		£4.95£4.95£0.00£0.99
No Credit Check; no bank account needed; 100% acceptance rate; Creditbuilder option
Apply >
ClearCash PAYGClearCash PAYG
More Info		6 star rating
Pay as you go card, with no monthly fee. A good option if you only plan to use your card occasionally		£4.50£0.002.50%£0.75
No monthly fee; earn cashback on purchases
Apply >
Virgin Prepaid - Pay monthlyVirgin Prepaid - Pay monthly
More Info		5 star rating
Prepaid card with100% acceptance rate. Consider if your credit card application has been rejected		£9.95£4.75£0.00£1.50
No Credit check; no bank account needed; discounts on Virgin products
Apply >
ClearCashClearCash
More Info		4 star rating
The only prepaid card that allows you to upload by cheque, plus has unique online budgeting tools		£4.50£9.990.00%£0.50
Purchase protection; price protection; extended warranty on electrical goods
Apply >
Cashplus Deluxe with iAdvanceCashplus Deluxe with iAdvance
More Info		2 star rating
Prepaid card that let's you borrow money - up to £500. 730 APR Typical (Variable)		£4.95£9.95£0.000.00%
100% acceptance rate; creditbuilder; free ATM withdrawals in the UK; cashback on all transactions
Apply >

Prepaid cards aren’t a credit card, but they do have most of the same benefits

You can use them to withdraw cash and shop online, just like credit cards. Simply load them with cash and away you go – much like a pay as you go mobile. However, unlike credit cards, prepaid cards do not offer any borrowing facility and so don’t charge interest.


Pros

  • 100% acceptance rate - Making them particularly suitable if you have a weak credit profile, don’t have a bank account or can’t get a credit card for another reason.
  • No credit facility - Which means it impossible to overspend or pay any interest.
  • Security - Some prepaid cards come with Purchase Protection Security just like a credit card.
  • Overseas spending - A convenient and secure alternative to carrying foreign currency when abroad.


Cons

  • No credit facility - So you have to load funds onto the card in advance.
  • Usage Charges - There is typically a small set-up cost and either an ongoing monthly fee, or a small charge every time you use your card.

Go back to the prepaid card table


The product information is obtained from independent sources, rates may vary depending on your financial circumstances. Whilst we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider. We do not give financial advice.