Pre-paid debit/credit card in Singapore
Prepaid cards are debit cards that are pre-loaded with cash and can be used wherever debit 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. However, prepaid cards are not as widely available in Singapore due to the availability of banking services, trust in our banking institutions, and the increased convenience in applying for a debit/credit card.
Prepaid cards can still be very useful depending on your needs. Here are some benefits prepaid cards have.
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!
Lastly, some cards 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
Even though consumers often call them prepaid credit cards, they are debit cards by function and certain rules apply. This means that some merchants may not accept them they do have the option whether to accept debit or credit cards only. For example, hotels often do not accept debit cards for check-in procedures, so do check on this detail before booking.
In spite of that, a vast majority of offline and online merchants accept these prepaid cards since they work like credit cards, so you can still use your prepaid card without much worry.
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 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 topping up money into the card, which is an excellent way to teach your child discipline and personal finance management. Topping up the card is also quick and cashless, which means more convenience for you. With reference back to our first point, it is also easy to apply and you need not worry about annual fee waivers. At the same time, your child also has the independence and flexibility of using the card at most merchants. Some of the prepaid card providers even have personalised designs for a unique touch!
Where to get a prepaid card in Singapore
|CARD NAME||TYPE||EZ-LINK||WHERE TO BUY|
|MatchMove||MasterCard||Y||Get it online here|
|FEVO Prepaid Card||MasterCard||Y||Get it online here|
|Maybank Prepaid Card||MasterCard||N||At any Maybank Branches in SG
(Update: Discontinued as of 2017)
|AMEX Imagine Card||AMEX||Y||Online or over the counter at Transit Link Ticket Offices
(Update: AMEX Imagine Card Discontinued on 24 March 2016)
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!