![]() ![]() This is the company that processes the transactions. They also have a MasterCard or Visa logo on them. Prepaid cards look the same as credit and debit cards and have a 16 digit card number, chip and magnetic strip. ![]() Payments are rejected if there isn’t enough money on your card to cover them. So, if you had £5 on the card and loaded another £50 onto it, you could spend up to £55 before you need to top it up again. There is no overdraft facility and you cannot get into debt with a prepaid card. When you pay money onto the card, it is added to your balance, and this is the maximum amount you can then spend without adding more funds. The difference is that you can only spend money you have already loaded onto the card. You can use a prepaid card to make purchases or withdraw cash in the same way as a credit or debit card. However, because they don’t let you borrow, they are a great alternative for people who want to keep a firm handle on their spending or have previously been turned down for other types of plastic. A prepaid card can be used in the same way as a debit or credit card and looks the same too. ![]()
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