Visa prepaid cards give you the flexibility of one of the largest payment processors in the world and a simple debit card-style account.
Getting a Visa prepaid card
Visa prepaid cards are a very popular option for individuals looking to access the benefits that payment cards offer, and it's easy to see why. Prepaid cards have helped to level the playing field of the electronic payments space; enabling people who might struggle to get a credit card or bank account (due to bad credit history, CCJs, etc.) to get an electronic payment card. Prepaid cards have also offered younger people the opportunity to 'own' an electronic payment card, thus making the transition from pocket money to credit card much easier.
Visa have been at the forefront of this revolution in the UK, hosting many of the most popular UK prepaid credit cards and offering advanced benefits and features to their customers, and they continue to do so.
A prepaid card can also be a very handy addition to have, should you wish to travel abroad. Whether it be for business or pleasure, your prepaid card could well be a real life-saver for your trip. It could save you the worry of carrying the entirety of your spending money in cash, allowing you peace of mind that your cash is safely stored on your prepaid card. Simply top up before your trip, and provided your chosen platform (i.e. Visa or MasterCard) is accepted at the location you wish to make a transaction or withdraw funds, then you will be able to do so as you see fit. This enables you to withdraw cash in the local currency when using your prepaid card at an ATM.
What to look for with prepaid cards
Before you commit to a product, you should assess all the features that are issued by each individual provider. This should include being aware of not only the benefits offered by each provider, but the charges also. These can include:
Any monthly fees or charges incurred for the running of your account
Any ATM fees you may be charged for withdrawing cash from an ATM machine
Any Transaction fees you may be charged when you purchase something using your card, either at home or abroad
Any Load fees you could be charged when loading your card with funds
What are the alternatives to prepaid Visa cards?
Visa is not the only payment platform on which prepaid credit cards are available. Unless you have a particular affinity to Visa or specific requirement that your card be accepted where Visa is accepted, you might want to also investigate prepaid cards offered on MasterCard too. In the prepaid space, MasterCard actually tends to be the dominant platform used by many of the smaller, and often more innovative, prepaid credit card suppliers.
Because of these more innovative suppliers, you can get great rewards including cashback, contactless technology, credit building prepaid functionality and much, much more. As with the Visa products, it's wise to compare the best prepaid credit cards thoroughly to ensure you get the right product, but you might find that a little flexibility in terms of payment platform can yield great rewards.