How to compare prepaid cards?
There are a number of ways that you can make a comparison. These may help you develop a shortlist of prepaid cards that could be right for you.
Use comparison guides and card companies’ sites on the internet or in newspapers or magazines. Please be aware that not all comparison guides are completely independent and may be sponsored in some way to recommend certain products over others. Also, they may not feature all card companies or product options – so there may still be a better card out there for you. Ultimately, always check the product features and terms and conditions with the card company.
Some prepaid card companies offer incentives and benefits for using their cards. It is worth comparing what is available and what incentives might be beneficial to you.
Once you have a shortlist of prepaid cards, you can start to look at the summary boxes that are supplied with marketing materials. The Summary Box provides a consistent and succinct summary of the key features and fees associated with the prepaid card. This includes information on all fees, for example for the issuing of the card, and the subsequent fees including management or service fees. These details allow you to easily compare different product offerings and to make an informed decision as to the product that best meets your needs.
Before finalising your choice you will always have at least one opportunity to review in full the terms and conditions of a prepaid card. We recommend that you always do this. You will be sent another copy of the terms and conditions and the Summary Box of your chosen prepaid card with your new card. Keep these in a safe place. We recommend that you also use this opportunity to ensure that you fully understand your rights and responsibilities.
It is recognised that where prepaid cards are sold in a retail environment external space on sealed packaging may be restricted. In such cases key details must be prominently displayed (i.e. the purchase fee associated with the card and any usage restrictions) and the Summary Box information should be available, if requested.