Mastercard prepaid cards can be used to pay with millions of merchants worldwide and are amongst the most innovative prepaid products available.
UK prepaid Mastercard cards
There are a number of reasons why the UK prepaid card market is currently thriving. Of course the economic circumstances of many individuals has created demand for electronic payment solutions outside of the more traditional credit and debit card space, but much of the demand has been caused by the competitive nature of the UK prepaid card market and the ever evolving prepaid credit card products it creates.
Mastercard is at the forefront of this innovation, providing the backbone to prepaid features such as discounts & rewards, credit builder functionality, contactless prepaid payments and online purchase protection (to name but a few). So if you are in the market for a prepaid credit card, you may well find that a Mastercard product is perfect for your needs.
Before you commit to a product, you should assess all the features that are issued by each individual provider. This should include being aware of not only the benefits offered by each provider, but the charges also. These can include transactions such as:
Any monthly fees taken on a monthly basis for the running of your account
Any ATM fees you may be charged for withdrawing cash from an ATM machine
Any Transaction fees you may be charged when you spend on your card, either at home or abroad
Any Load fees that prepaid card issuers could impose for loading funds onto your card
These charges may become apparent in the terms of many providers. However, if you use a comparison table, you could find providers who don't have these fees as a compulsory aspect of their service, so you may be able to avoid paying for the use of this product.
What are the alternatives to prepaid Mastercard cards?
Mastercard is not the only payment platform on which prepaid credit cards are available. Unless you have a particular affinity to MasterCard or a specific requirement that your card be accepted where this platform is accepted, you might want to also investigate prepaid cards offered on Visa too.
However, in the prepaid space, Mastercard actually tends to be the dominant platform used by many of the smaller, and often more innovative, prepaid credit card suppliers.
Because of these innovative new card suppliers, you can get great rewards including cashback, contactless technology, credit building prepaid functionality and much more. When choosing a prepaid card, It is always wise to compare all prepaid cards side by side thoroughly to ensure you get the right product for you are your financial situation and spending habits, but you might find that a little flexibility in terms of payment platform can yield great rewards.