Pre-Paid Debit Cards - Mastercard Debit Card

Pre-paid Debit Cards

Although they’re relatively new, prepaid debit cards are becoming more and more popular. There are many types of prepaid card for you to choose from. Look at the features of each card and consider those which are important to you, such as on-line account management, the ways in which you can reload the card, and the availability of additional cards on the same account and access to funds visa or mastercard or eftpos. It makes sense to choose a card that has low fees and charges for the way in which you want to use the card most. Many stores offer ‘prepaid gift cards’ - you may have already used one! But prepaid payment cards aren’t just limited to gift cards. There are prepaid cards for everything, from sending money to family and friends, to managing travel funds, to shopping over the Internet. Prepaid Cards are a secure substitute for cash, cheques and gift certificates.

Comparing prepaid cards to bank debit and credit cards

Prepaid Debit Card	Bank Debit Card	Credit Cards
No credit checks	Credit check to open the bank account to which the card is linked.	Credit check to approve card, decide credit limit and set interest rate.
No line of credit (so no borrowing and no debt).	Account can have an overdraft facility.	Line of credit that can be increased over time
No interest charges	Interest charges on money borrowed against an overdraft and with no interest free period.	Interest charges on money borrowed against the credit limit, if there is an outstanding balance after the interest-free period.
Fees may be charged depending on the type of card. Read T and Cs carefully where they will be clearly explained.	Fees if you exceed an agreed overdraft.	Charges such as late payment fees, over-limit fees, cash advance fees, foreign exchange charges, duplicate statement fees and nonactivity fees. These are explained in the T and Cs for each card product.
Only require basic customer information. under 18's	Require full customer information.	Require full customer information. over 18
Can be used wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card.	Can be used wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card.	Can be used anywhere Visa or MasterCard is accepted.
Can be used at an ATM	Can be used at an ATM	Can be used at an ATM
Can be cancelled/blocked if lost or stolen.	Can be cancelled/blocked if lost or stolen.	Can be cancelled/blocked if lost or stolen.