Apply for a Prepaid card?

The search for the best prepaid credit card has risen sharply in recent years. More and more people are turning away from credit cards and debit cards and using prepaid cards to protect their online security and privacy, and to better budget and manage their finances.

Here at Getsby, you can open your first card in under 20 minutes and use it to shop online or in-store at over 36 million Mastercard merchants.

What is a prepaid card?

A prepaid card is an alternative to cash, traditional debit and credit cards. Much like a pay-as-you-go mobile phone, you top up a prepaid card as and when the funds are needed. You can only spend the amount that is on the card, which means that your accounts can’t go overdrawn or run up a debt.

You can choose the amount you want to put on your card as long as it is within the card’s limit. Your wages or benefits can also be automatically paid to your card rather than being paid into a bank account.

You don’t need a bank account to apply for a prepaid card, and your credit history won’t influence your application. Purchases won’t affect your credit score and won’t appear on your credit report either.

Prepaid cards are available in a reloadable or non-reloadable format. The former means that they can be used repeatedly and topped up with more funds. This is usually better for people who want to put more money onto their cards as they tend to have a higher limit. Non-reloadable cards are single-use and cannot be used once the funds have been spent. You can also choose disposable cards which are usable for a single transaction.

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Types of prepaid cards

Prepaid cards are growing more popular year after year. In 2019, the global prepaid market was valued at $1.73 trillion (over £1.57 trillion or €1.78 trillion). The market is projected to reach a value of $6.87 trillion (£6.2 trillion or €7.1 trillion) by 2030.

There are different types of prepaid cards that cater to a variety of needs. Below is a breakdown of what you can expect from each type.

Virtual prepaid cards

Prepaid cards act in the same way that debit cards do, as you only have access to your current funds. This means that you can’t use the card to buy an item or service unless you have previously allocated the funds to the card.

Prepaid debit cards don’t need users to link their bank accounts because they can only spend the amount that they have linked to the card. While some people refer to them as prepaid credit cards, this term is incorrect, as funds are added to the card in advance. This is unlike a traditional credit card, where users are given credit to spend and then required to repay the funds.

As the name suggests, you won’t be given a physical plastic card when you sign up for a virtual prepaid card. Instead, you can link your mobile phone to your card to make in-store and online purchases.

Prepaid travel and currency cards

Prepaid travel and currency cards are preloaded cards that are designed to be taken with individuals when they travel and go on holiday. These cards act in the same way as debit cards, as you can use them to purchase goods and services and withdraw money from ATMs.

Many prepaid travel cards come with locked-in rates, which means that your funds won’t be affected by changing conversion rates.

Prepaid gift cards

Prepaid gift cards are single-load gift vouchers from Mastercard or Visa that can be given to friends, family and employees. They aren’t linked to a bank account in the way that credit and debit cards are. However, funds are safeguarded.

Consumer gift cards usually have a limit of € 50 (£45) and have restrictions on which countries the money can be spent in. On the other hand, corporate gift cards generally have limits of € 1000 (£900) and don’t have restrictions on which country the gift card can be used.

Some prepaid gift cards, such as One4All cards, can only be used in specific stores. The person who buys the gift card specifies how much they want to be credited onto the gift card. The recipient of the gift card can then spend the gift card funds. These closed-loop gift cards usually have a limit of € 150 (£120).

Why choose a Getsby prepaid card?

Getsby prepaid cards help to make sure that all of your in-store and online transactions are secure. All payments made through the cards are authorised via Mastercard 3D secure authentication, biometric verification (such as face or touch identification) or a passcode sent to a second device.

Your online purchases can’t be traced back to your original card, which means your funds are safe in the unlikely event that there is a cyber attack. Your purchases won’t show up on your debit or credit card transaction history either, which gives an added layer of privacy.

You can only spend the amount that has been put on the card, which helps with budgeting. Unlike credit cards and most debit cards, you are unable to go into an overdraft. The transaction will be cancelled unless you have the funds to spend.

Frequently Asked Questions

Who can get a prepaid card?

Almost anyone can get a prepaid card as you don’t need a bank account, and you won’t be subjected to credit checks. You can get accepted for a prepaid card, even if you have previously been rejected for a credit or debit card. However, to be eligible for a Getsby card, you need to be at least 18 years old. You must also be an EU, EEA, UK, or Swiss citizen or have a B visa (or a residence permit).

How do I put money on my prepaid card?

You can top up your card by visiting your online account and selecting the balance that you would like to add. The funds can be added directly using your credit or debit card. This method allows you to top up your card by a maximum of € 500 per transaction (maximum of € 1000 per day). Alternatively, you can top up your card via bank transfer, which allows you to add a maximum of €‎ 7,500 per day.

How do I pay in-store with a prepaid card?

With a Getsby prepaid card, you can connect it to your Apple Pay or Google Pay to use quick and easy contactless payment in-store.

Can I apply for a prepaid card if I have a poor credit history?

Prepaid cards aren’t linked to your credit score, which means you can apply for one even if you have a poor credit history.

What is the difference between physical and virtual cards?

You can gain immediate access to a virtual card after registration, unlike physical cards, which can take a while to arrive through the post. Virtual cards are also near impossible to lose, whereas physical cards can be easily stolen or damaged.

Can I use my prepaid card abroad?

The prepaid cards can be used around the world at over 36 million Mastercard merchants.

Is a prepaid card the same as a credit card?

Prepaid cards don’t allow you to spend more than the funds on the card. This helps with budgeting and means that you won’t be in debt or overdrawn. Your credit score won’t influence your application for a prepaid card, and your purchases won’t change your credit score.

How safe are prepaid cards?

Prepaid cards are not directly linked to your bank account, which means payments you make won’t show up on your bank statements. Criminals won’t be able to steal your personal details, or excessive funds as the only money connected to the card is the amount you have put on it.

What happens if I lose my prepaid card?

It’s hard to lose a virtual card. However, if you think that someone else has your card information or you lose access to it, you can block any further transactions and transfer the funds back to your bank account.