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Prepaid cards are cards that can be used for payment up to their preloaded values. This makes them incredibly popular tools for secure payments and budget expenditure. But how can you find a prepaid card that gives you the most bang for your buck?
Let’s take a look at free prepaid cards in Singapore, including how they work and any hidden costs involved.
Prepaid cards are preloaded with funds and can be used for payment until the balance is exhausted. In this sense, it is somewhat similar to a debit card or EZ-Link transport card. A prepaid card is also not linked to any bank account. So this means that if someone gets hold of your card, the biggest monetary risk involved is only losing the fixed value in your card.
To use a prepaid card, all you need to do is top up your card with the desired amount, then go ahead and use it like a regular debit/card. If you find it a hassle to reload value to your card, you can even opt for a prepaid card that is linked to your bank account. This way, you can use use your bank account as an e-wallet for automatic top-ups. Although this increases the security risk of your card, it makes up with convenience and time-efficiency.
Here are some popular prepaid cards available in Singapore:
Prepaid cards may not come with monthly, annual or issue costs, but they still can be subject to hidden costs. Watch out for pesky inactivity fees, ATM withdrawal charges, cancellation fees or card replacement fees.These charges might sound insignificant but they can add up, so be sure to clarify any cost-related queries with your provider before deciding on a card.
Most providers have apps that can be downloaded via the App Store or Google Play. You can sign up for a prepaid card through such apps, or by simply accessing the provider’s website. Either way, the registration process typically involves filling up personal details and providing relevant documentation. It doesn’t take long and it’s simple to register for.
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