Prepaid credit cards can be a convenient way to spend and manage your money. Instead of using a normal credit card which will cost you interest, you simply load your funds into a prepaid credit card and it works just like a credit card would. You’re able to use it online and in-store. Show
This guide will take you through what you need to know about prepaid credit cards, what fees to look out for and how to compare your options to find the right one for you. Compare a range of digital bank cards in SingaporeHow do prepaid credit cards work?Prepaid credit cards work the same way as a prepaid mobile SIM, but as a debit card. You pre-load a certain amount of money into the prepaid credit card account and can access the money at most terminals or POS machines locally or abroad, whenever you want to. Prepaid credit cards are becoming more common in Singapore with the rise of digital banks. Just as with regular credit cards, the features and fees vary between prepaid credit cards and the right option for you is different depending on your individual circumstances. You’ll typically find prepaid credit cards have a number of fees, such as a monthly fee or a one-off card fee, and you may also find other fees apply such as a load fee or ATM fees. What are the best prepaid credit cards in Singapore?There are a few prepaid card options in Singapore. Here’s our pick of ones to consider: YouTripYouTrip is a multicurrency digital card that is also prepaid. It’s designed for travellers, online shoppers or those that need access to more than one currency. With YouTrip, you can enjoy no monthly fee, no currency conversion fee and the ability to hold up to 10 currencies in your wallet at once. TransferWise Multi-Currency AccountTransferWise is another great prepaid card option that gives you access to multiple currencies. The TransferWise account lets you spend like a local in a number of different countries by giving you a local bank account. You’re also able to hold and convert up to 55 currencies in your account. RevolutRevolut is a digital account and prepaid card that comes with a number of benefits. You can hold multiple currencies (including cryptocurrencies), spend globally for no extra fees, enjoy rewards such as cashback and even get complimentary insurance. Revolut offers three account options with different levels of features, including a free account option. BigPayBigPay is a new prepaid account option from AirAsia. You’re able to transact in 150 currencies through the app and you’ll pay no currency conversion fee when you opt to pay in local currency. You also earn 1 AirAsia Point for every S$5 you spend. Questions to ask before you get a prepaid credit cardConsider these three questions to help you compare and apply for prepaid credit cards that suit your specific goals.
Features of the best prepaid credit cardsThe features available on a prepaid credit card vary between products, so it’s important to consider individual options before you apply. Here are the key details to look at when you’re comparing cards:
How much do prepaid credit cards cost?As well as the features above, there are some different fees that could apply when you use a prepaid credit card. These could include:
Bottom linePeople buy and use prepaid credit cards for all kinds of reasons and there are many different options to suit these needs. So by comparing different prepaid credit cards based on your spending plans and goals, you’ll be able to find and apply for one that’s right for you. RELATED: Find your best credit card options here Jeremy is finder's Global Head of Publishing & Editorial. Jeremy has been with finder since the very beginning and is part of the founding team working closely with Fred and Frank to build finder.com into the comparison network it is today. More guides on Finder
Which prepaid card is the best?The 5 Best Prepaid Debit Cards of 2022. Best Overall, Best for No Monthly Fee: Bluebird by American Express.. Best for Cash Reloads: American Express Serve FREE Reloads.. Best for Walmart Shoppers: Walmart MoneyCard.. Best for Rewards: American Express Serve Cash Back.. Best for Tweens/Teens: FamZoo Prepaid Debit Card.. Are prepaid credit cards free?Prepaid cards are usually free if you sign up online. And since it's a type of card that doesn't charge interest like a credit card, prepaid card companies make money by charging fees for their services.
How can I avoid prepaid credit card fees?Check to see whether your card waives the fee in some circumstances, like direct deposit for your regular income. You can also shop for a card that doesn't charge a monthly fee, though some of those cards may charge a transaction fee instead.
Do all prepaid cards have fees?Some cards may waive the monthly fee under certain circumstances. For example, some prepaid cards waive the monthly fee if you have your pay or benefits directly deposited into your prepaid account. If you use your card frequently, a monthly fee may be cheaper for you than paying a fee for each transaction.
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