Reloadable prepaid cards are those cards that can be loaded with a certain amount of money which will be used for purchases and transactions. Basically, all prepaid cards are reloadable but if you are looking for the best reloadable prepaid credit cards in Australia, then you are in the right place.
You can only spend the money on a prepaid card that you've already loaded onto it. Prepaid cards may be a fantastic option for travel, gifting, or everyday budgeting, depending on your situation.
The best reloadable prepaid credit cards in Australia are those cards that don't charge excessive fees for transactions, that can be used online where Mastercard or Visa payments are accepted and that can be manage conveniently without hassle.
Confused on which prepaid card to go in for? Do not worry, because, in this article, I will show you the best reloadable prepaid credit cards in Australia.
CHECK ALSO: Where to Buy Prepaid Visa Cards in Australia
What is a Prepaid Card?
A prepaid card allows you to put money onto it and then use it in stores or online. You may usually reload the card with money, albeit there are minimum and maximum load limits.
Some prepaid cards are designed for travel and allow you to load various currencies onto the card at the same time and lock in your exchange rates. Travel money cards are another name for these.
Because most prepaid cards are issued by Visa or Mastercard, they can be used anywhere Visa or Mastercard is accepted in-store or online.
How Do Prepaid Cards Work?
Although they are commonly referred to as "prepaid credit cards," they are not credit cards. Prepaid cards do not have a credit line or allow you to borrow funds.
You can only spend the amount that is loaded into a prepaid card. You won't be charged interest, and the card won't affect your credit score. As a result, prepaid cards resemble debit cards more closely.
Are Prepaid Cards and Debit Cards the same?
Prepaid cards are similar to debit cards in that they allow you to make purchases, but they are not interchangeable. A prepaid card does not require a linked transaction account, unlike debit cards.
Prepaid cards require money to be loaded onto them. This is normally done using a bank transfer, BPAY, or debit card, or by visiting the card issuer in person. When you use a debit card, money is deducted from your transaction account.
What Types of Prepaid Cards are Available?
There are few types of prepaid cards available some of which are:
- Everyday Prepaid Cards — Which are prepaid cards meant for everyday spending and budgeting. Many cards also provide tap-and-go transactions. They're supposed to help you manage your money because you can only spend what's on the card. They might be useful for younger children as well.
- Travel Prepaid Cards — You can load different currencies onto a travel prepaid card and lock in the exchange rate at the time you load your currency. When traveling abroad, this allows you to avoid currency exchange fees. Prepaid Visa and Mastercard cards can be used anywhere Visa and Mastercard are accepted. Many cards also provide tap-and-go transactions. Some cards come with extra benefits, such as the ability to earn frequent flyer miles or free Wi-Fi.
- Gift Prepaid Cards — Which are those prepaid cards that allow you to choose the amount you want to put on the card and then send it as a gift to someone. It's possible that you'll be able to get it delivered. The card can then be used in-store or online by the receiver, wherever the card is accepted. It is not possible to reload the card.
CHECK ALSO: Best Prepaid Cards for Online Shopping
What are the Benefits of a Prepaid Card?
The benefits of a prepaid card will differ depending on which prepaid card you have.
- The ability to load your card with several currencies and lock in exchange rates before you depart.
- The card can be used at a variety of stores both in-store and online (wherever Visa or Mastercard is accepted).
- Protection from loss, theft, and fraud. If your card is stolen or misplaced, both Visa and Mastercard provide global emergency help.
- Other advantages include the ability to earn frequent flyer miles and free Wi-Fi.
What are the Downsides of Prepaid Cards?
Prepaid cards also have some downsides.
- A number of fees may be imposed on you. A one-time purchase cost, reload fees, ATM fees, foreign currency translation fees (which don't normally apply to currencies placed on a travel prepaid card), inactivity fees, and cash-out fees are all examples of this (when you close your card and cash out the balance).
- Prepaid cards frequently have card restrictions, which means you can only load a certain amount of money onto the card.
Best Reloadable Prepaid Credit Cards Australia
We outlined below, the best reloadable prepaid credit cards in Australia.
1. Cash Passport Platinum Mastercard
Cash Passport Platinum is reloadable, allowing you to top-up any of your currencies, anywhere, anytime.
You can reload online in three ways:
- Transfer funds from Debit Card (instant)
- Bank transfer (1 business day)
- BPAY (up to 2 business days)
If you purchase your card in-store, you can reload in-person at your original place of purchase.
2. Qantas Travel Money Card
Qantas Travel Money is a reloadable prepaid debit card. Before you travel, you put money onto it, which can either stay in Australian dollars or be changed into one of the ten supported foreign currencies. It's also your Qantas Frequent Flyer membership card, which you may use to expedite check-in at the airport.
You can convert your saved foreign currencies on the fly, which means you can load your AUD wallet now and swap it for other currencies whenever it's convenient for you, using the app or website. If you want to lock in the conversion rate, you can add to your foreign currency wallet directly from AUD at the time of loading.
Qantas Travel Money card funds remain separate from your bank account. If you lose your card, nobody would be able to access any of your other bank funds.
Here are the conditions to get a Qantas Travel Money Card;
- Make sure you're a Qantas Frequent Flyer member before using Qantas Travel Money.
- Make sure you have your Qantas Travel Money card, your address information, your driver's license, and your passport with you.
- To activate your Qantas Travel Money card, enter your Qantas Frequent Flyer number. Activate your credit card.
3. Commonwealth Bank Travel Money Card
The Commonwealth Bank Travel Money Card is a prepaid Visa card that can be loaded with up to 13 foreign currencies and allows you to lock in exchange rates. You can access your account online, save money on loading fees, and have piece of mind with chip and PIN security.
When you're ready to pay for something, the appropriate currency for the country you're in will be used automatically.
To prevent unnecessary fees, make sure you have enough of the correct currency on your card. If you don't, we'll use the next available currency, as long as your card has enough of it loaded.
If your Travel Money Card has multiple currencies loaded, you can change the order (to the next available currency) at any time.
4. Travel Money Oz Currency Pass
You can use the Travel Money Oz Currency Pass card to spend in up to 10 currencies and save conversion costs, whether you're traveling abroad or a frequent internet shopper. You'll be locked into the current exchange rate when you move funds into supported foreign currencies. If you want to protect your money and avoid volatile currency rates while traveling, this is a good option.
5. Australia Post Travel Platinum Mastercard
Australia Post Cash Passport Platinum cardholders can spend in 11 international currencies wherever Mastercard is accepted, similar to the Multi-Currency Cash Passport. USD, EUR, GBP, NZD, CAD, THB, HKD, SGD, JPY, AED, and AUD are among them.
When you put money onto your card, the current exchange rate is locked in. If your flight is delayed, your platinum travel card also comes with two complimentary admission passes to LoungeKey lounges or restaurants.
You can register for a 3-month membership of free global Wi-Fi supplied by Boingo Wi-Fi when you fill your card with AUD$100 or a foreign currency equivalent. 'My Account', like other travel cards, allows you to quickly manage your account, top up your funds, and examine your transaction history.
6. Australia Post Gift Card by Mastercard
The Australia Post Gift Card by Mastercard is a wonderful way to express gratitude or give someone special. It can be used to shop in stores, over the phone, or online anywhere Mastercard® is accepted.
How to Choose the Best Reloadable Prepaid Credit Cards in Australia
The 'best' reloadable prepaid card will be determined by the features you require and the costs you are willing to pay. Consider the following when comparing prepaid cards:
- Reload fees — Prepaid cards often offer some reloading options that are free of charge, but they can charge reloading fees in other situations. Reloading through bank transfer, for example, may be free, but reloading via debit card may incur a cost.
- Other fees — see if you'll be charged any other fees. Purchase costs, ATM fees, currency conversion fees, inactivity fees, and cash-out fees are all common ones.
- Supported currencies — If you plan to use a travel prepaid card, make sure that the currencies you require are supported, as well as the exchange rate available.
- Prepaid cards frequently have minimum and maximum load limits. Check to see whether this fits your spending habits, especially if there is a reload fee.
- Where and how to use the card — Prepaid Visa and Mastercard cards can be used anywhere Visa and Mastercard are accepted. Check whether your card is compatible with tap-and-go payments before using it.
- Other perks — does the card allow you to earn rewards points or obtain free Wi-Fi, for example?
Those where the best prepaid credit cards in Australia. You can go through the list and pick the one that best suits your needs. When choosing a prepaid card, consider the above listed points and assure that they meet your expectations.