How to get a prepaid credit card in Singapore

Pre-paid debit/credit cards in Singapore

Prepaid cards are debit cards that are pre-loaded with cash and can be used wherever debit Visa/MasterCards/AMEX are accepted. They key difference prepaid cards have from bank account debit cards is that they are not linked to your bank savings account, and are hence much easier to set up and maintain. Prepaid debit/credit cards are not as widely used now in Singapore due to the availability of banking services here, high trust in our banking institutions and the increased convenience in applying for a debit/credit card.

However, prepaid cards can still be very useful depending on your needs. Here are some benefits that prepaid cards have over the traditional debit/credit cards.

1. It is safe and convenient

Prepaid cards are accepted worldwide and by any merchant as long as debit MasterCard/AMEX are accepted. Not only are there no restrictions on minimum income, bank accounts and credit checks are also not required. Without these processes and documentation, it’s a breeze to set up a prepaid card. One more plus point with prepaid cards is that you need not worry about annual fees and they can be optionally set up to expire after some pre-defined usage or duration.

Lastly, some prepaid cards even come with the option to recover the money if your card is stolen!

2. It is a debit card that works like a credit card

A vast majority of offline and online merchants accept these prepaid cards since they work just like credit cards, so you can use them widely for payment. This is especially useful when making international purchase, where you may not want to disclose your credit card details to international traders.

Even though consumers often call them prepaid credit cards, they are debit cards by function and certain rules do apply. This means that some merchants may choose not to accept them. For example, hotels often do not accept debit cards for check-in procedures, so do check on this detail before booking.

3. It is great for managing your child’s spending

Prepaid cards are great tools to provide your child with the convenience of spending with a card, while allowing you to still manage and monitor his/her spending.

As a parent, you have the control over the amount to load in the card as well as the frequency of funds top up into the card. This is an excellent way to teach your child financial discipline and personal finance management. Topping up the card is also quick and cashless, which means more convenience for you. Some of the prepaid card providers even have personalised designs for a unique touch!

You can also consider using this as a one time gift to your family member!

4. It can bring more visibility to your spending habits

Whether you are wondering where all your money has gone to in the previous month, or wondering how your dependents at home are using their allowance, using a prepaid card is a great way to help bring more visibility to your family’s spending habits, with no risk of overspend.

One example is the Canvas Visa Card, where it is designed for families in mind. It also comes with a family finance app that allows for parents to have visibility into their child’s expenses. For employers of domestic help, this is also one way you can make it easy for her to stay on track with the groceries and household expenses as you can top up the exact amount into the prepaid card.

✨ Learn more about Canvas Prepaid Visa Debit Card here! | For a limited time, enjoy S$10 FREE credit for every new sign-up + 30-day free trial for a new child’s debit card (T&Cs apply)

ALSO READ: 6 Smart Tips for Managing Daily Household and Family Expenses

Where to get a prepaid card in Singapore & which is the most suitable for you?

Do prepaid cards appeal to you? If you’re a parent, do you think these cards are useful in managing your child’s expenditure? Let us know your opinion via the comments section down below!

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