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Prepaid credit cards online
How do you sign up for and use a prepaid credit card online? Here's what you need to know.
Prepaid credit cards work in many ways like regular debit cards. You load the card with money from your bank account instead of using your credit limit. A prepaid credit card can be used both online and in retail stores across the Netherlands.
In this guide, we explain how you can apply for and use a prepaid credit card online, as well as how to find the best card for you.
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How does a prepaid credit card work online?
Compared to a standard credit card where you borrow money from a bank, prepaid cards only allow you to spend money you already own. You can pre-load money onto your card using your bank account, then spend with your card up to that amount.
That’s where the differences usually end. In general, prepaid cards can be used just like credit cards, especially for convenient online spending.
Here’s how prepaid credit cards are commonly used online in the Netherlands.
- Buy your prepaid credit card online. You can buy your prepaid credit online by simply visiting your provider’s website and completing an application form. As a minimum, you’ll typically have to provide your name, contact number, and an address in the Netherlands.
- Load the card with money. Prepaid credit cards can either be a physical card or a digital card that exists entirely online. To fund your prepaid credit card, follow the card issuer’s instructions. Some prepaid credit cards are linked to current accounts that you will have to top up, while others may be automatically linked to bank accounts you already own.
- Use the card online. Simply visit your preferred website, add items to the cart and check-out. While checking out, you’ll be asked to provide your card details for payment. Key in the details of your prepaid credit card and check out just as you would with a regular credit card.
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Benefits of using a prepaid credit card online
You stand to enjoy a range of benefits by choosing an online prepaid credit card over an ordinary credit card. These advantages often include:
- Convenient and fast applications. Since prepaid credit cards do not require you to borrow money from the bank, your BKR registry will not be checked. You typically won’t be asked to provide income documentation or past credit reports. As a result, applying for a prepaid credit card online only requires your basic financial details. This means a faster application and approval process.
- No debt, interest charges or overdraft fees. Prepaid credit cards only allow you to spend the money that you’ve loaded onto the card. As such, some additional fees like interest charges and overdraft costs do not apply.
- They can act as financial “training wheels”. Just as training wheels help children get comfortable with riding a bike, prepaid credit cards can introduce teens to the world of finance. Parents can load up a prepaid credit card and monitor their child’s spending history. This way, children can learn to spend responsibly without parents having to worry about interest charges or racking up a huge credit card bill.
Some prepaid credit cards are also completely virtual. These cards offer additional benefits, such as:
- Instant usage. Instead of having to wait for your card to be delivered, virtual prepaid cards can often be used immediately once your application has been approved.
- Security. Virtual prepaid credit cards typically come with a host of security features that help you monitor your transactions and freeze your card if it’s been lost or stolen.
Fees to take note of
While prepaid credit cards can be extremely useful online, they do come with a range of fees that you should be aware of.
- Initial purchase fee. Most prepaid credit cards come with a one-time sign-up and/or delivery fee.
- Monthly/annual charges. Some prepaid credit cards in the Netherlands may charge you a monthly or annual fee for using their services. This usually applies to prepaid cards like Revolut Metal or N26 Premium, which offer premium services including insurance coverage or cash rebates.
- Currency conversion mark-ups. Multi-currency wallets that offer prepaid credit cards may allow you to hold and spend in multiple foreign currencies. Converting between these currencies may result in additional charges.
- Top-up fees. You may be charged a small percentage of the top-up amount when reloading your prepaid credit card.
- Inactivity fee. Some prepaid card providers charge an inactivity fee for every 3 months that you do not use your prepaid card.
What to watch out for
In spite of the multiple benefits we’ve mentioned, prepaid credit cards aren’t always better than regular credit cards. Here are a few downsides for you to consider.
- Limited acceptance in stores. While prepaid credit cards tend to be widely accepted online, they are less commonly accepted by in-store merchants. In the Netherlands, making larger purchases (e.g. renting a hotel room, paying for car maintenance) may not be possible with a prepaid credit card.
- Inability to improve credit profile. Loan and card providers in the Netherlands do check with the BKR registry to understand your level of financial responsibility. If you currently have a poor credit profile and wish to improve it, a prepaid credit card won’t help.
- Card declined. Prepaid credit card users run the risk of not being able to pay above their card balance. This can be distressing or embarrassing and to add salt to your wound, could also result in card-decline fees.
How to compare online prepaid credit cards
Considering the benefits and shortfalls above, getting a prepaid credit card online could be the right choice for you. With so many options to choose from, you should use the factors below to pick the best prepaid credit card for your online usage.
- Online acceptance. If you use your prepaid credit card online, you should use a card that is widely-accepted by e-commerce merchants around the world. In this case, you might want to opt for prepaid credit cards issued by well-known global brands including Mastercard and Visa.
- Account features. While prepaid credit cards aren’t typically linked to a bank account, they may be linked to a digital wallet with additional features. These features typically include multi-currency payments, bank transfers and even free travel insurance. Choose a prepaid credit card that offers features that could be useful to you.
- Level of security. Using a prepaid credit card online can make you vulnerable to risks like online credit card scams. Choose a provider that offers comprehensive security features to help you keep your account safe.
- Fees and charges. Prepaid credit cards may not necessarily be cheaper to use than a standard credit card. If cost is an important factor to you, you should pick a card that charges the bare minimum.
- Top-up methods. The convenience of topping up your card can really shape your prepaid credit card experience. Consider getting a card with a range of online and physical top-up methods.
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