Pre-paid debit/credit card in Singapore
Prepaid cards are debit cards that are preloaded with cash and can be used wherever debit MasterCards/AMEX are accepted. They key difference Prepaid cards have with Bank account Debit cards are that they are not linked to your bank savings account, and are hence much easier to setup and maintain. However, pre-paid cards are not as widely available in Singapore due to the availability of banking services, trust in our banking institutions, and the ease of applying for a debit/credit card.
Prepaid cards can still be very useful depending on your needs. Here are some benefits of prepaid cards:
1) Prepaid cards are safe and convenient
Prepaid cards are accepted worldwide wherever debit MasterCard/AMEX are accepted. Bank accounts and credit checks are not required so it’s a breeze to set up. Lastly, some cards some with the option to recover the money if your card is stolen.
2) It is a debit card but most merchants should accept it.
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 before booking.
However, having said this, a vast majority of offline and online merchants accept them, so it is not much cause for worry.
3) It’s great for managing your child’s spending
Prepaid cards are a great way to provide your child with the convenience of spending with a card, while allowing you to manage and monitor his/her spending.
Where to get a prepaid card in Singapore
|Card Name||Type||EZ-link||Where to buy|
|Maybank Prepaid Card||MasterCard||N||At any of Maybank branches in SG|
|FEVO Prepaid Card||MasterCard||Y||Online|
|AMEX Imagine Card||AMEX||Y||Online or over the counter at Transit Link Ticket Offices|