Business prepaid cards are perfect if you want a hassle-free way of sorting out your business expenses and accounting .
Best business prepaid cards
Business Prepaid cards offer businesses a number of benefits and are suitable for a number of different uses.
Some businesses will want to use them to better manage the cashflow of the business as they can load and effectively cap expenses, whilst also getting an accurate picture of what employees are spending at any given time
Some businesses will want to take advantage of rewards available from certain business prepaid card issuers
Some small businesses are now reducing their banking costs by switching their business banking to a prepaid business card (NB. business prepaid card accounts do not come with a chequebook - if you want to write cheques you will need a conventional business bank account)
Business prepaid cards are also becoming very popular with a new wave of new small business owners, establishing lean startups in the wake of the recession
What do business prepaid cards cost?
Each business prepaid card is different and each has different fees associated (so it is essential that you undertake due diligence in understanding all the fees associated with the products), but common fees associated with business prepaid cards include:
Many business prepaid cards do charge fees for their services, in the form of a set-up fee, annual or monthly fees for the maintenance your account.
Transaction fees are also common for business prepaid cards and include charges for using ATMs for cash withdrawals and purchase fees when using the card to pay for goods directly.
Some cards also charge load fees. These are fees charged at the point of topping up the cards. Sometimes they vary by top-up type - an in-store cash top up might cost more than a bank transfer, for instance.
Other prepaid card options
If you don't have a business then you might find that you are better off with a more conventional prepaid card or, if you are about to travel abroad, a prepaid travel card.