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Singapore prepaid cards could be a great option for those who want hassle-free money management. It works just like a prepaid mobile SIM card and can be tailored to your budgeting needs.
Learn more about prepaid cards in Singapore and decide if this payment method is ideal for you.
A prepaid card is a safe alternative to cash. You add money to the card beforehand then use it to make purchases online and in-person, just as you would a debit or credit card.
This preloading can be done at most terminals or POS machines. Users can only use the amount of credit that they have topped up into their card, making prepaid cards very similar to debit cards. The key difference between prepaid cards and regular debit cards is that the former is not linked to your bank account.
Here are the similarities and differences between prepaid cards, debit cards and credit cards:
|Prepaid debit card||Debit card||Credit card|
|Uses funds in real-time|
|Accepts direct deposits|
|Helps you build your credit|
|Can open with no credit or bad credit||Sometimes — look at second-chance checking accounts||Sometimes — look at cards for bad credit|
Prepaid cards come in all shapes and sizes. Here’s an overview of common ones you may find:
|Type of card||Best for||How to purchase||Issued by||Fees|
|Prepaid debit card||Anyone who can’t get a bank account, needs help budgeting or has poor credit||Many — varies by provider|
|Prepaid gift card||Anyone who wants an alternative way to gift cash||One-time purchase fee|
|Prepaid travel card||Travelers||Many — varies by provider|
|Prepaid business card||Small business owners who don’t qualify for a business credit card||Many — varies by provider|
Although the variety of prepaid cards in Singapore is limited, the features of each choice are significantly different.
Here are some features to compare when deciding which prepaid card to choose:
Prepaid debit cards could be a good choice if you:
In some ways, prepaid cards are safer than debit cards. Your bank account information isn’t tied to your prepaid card, so if it gets lost or stolen, you’re only out for the amount you had available on the card. But to make sure all your basis are covered, look for a prepaid card that has these two non-negotiables:
Depending on the prepaid credit card you choose, you will be able to apply online or in person at participating retailers and bank branches. While the application details are different for each card, here are the most common requirements you need to meet to get a prepaid credit card:
If you apply in person, you should receive your card and be able to use your card straight away. If you apply online you will have to wait for the card to arrive in the post, which takes up to 5-10 working days in most cases.
After you purchase your card, make the most of it by following these steps:
Prepaid cards combine flexibility and affordability by allowing you to load and spend your own money. In Singapore, prepaid cards often come with varying features and prices, so you should always compare your options before deciding on one.
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