Prepaid cards are those bank-independent cards that are used for online transactions and also for local transactions such as withdrawing money from ATM, transferring funds to another account. Prepaid visa card options aren't much in Australia but today, we will be seeing where to buy prepaid visa cards in Australia.
A prepaid card is a non-banking alternative to a bank account that allows you to spend just the funds loaded into the card. Prepaid cards, like debit cards, can be used at any merchant that accepts the company's payment network, such as Visa or Mastercard. They are also referred to as prepaid debit cards. They're more secure and convenient than cash.
Prepaid cards are just perfect to use when shopping online. However, using a virtual prepaid card for online shopping will offer you the best experience you can have when shopping online.
Many individuals prefer using a prepaid visa card in Australia. However, they offer the same advantages as a Mastercard does. If you are looking to get a prepaid visa card, then you are in the right place.
In this article, I will show you where to buy a prepaid visa card in Australia.
CHECK ALSO: Best Prepaid Cards for Online Shopping in Australia
What is a Prepaid Card?
Let's begin with the fundamentals. Prepaid cards are sometimes known as pay-as-you-go cards or stored-value cards. However, the fundamental premise remains the same. You purchase a prepaid card and use it to make purchases.
Prepaid cards are typically purchased at banks or retail locations such as grocery stores and drugstores. They either have a predetermined available balance or the ability to load money onto the card. After then, you can use the card till the balance is gone. You won't be able to make any further purchases until you reload the account.
A prepaid card works similar to other cards in some aspects. This means you can use it to make purchases by swiping or inserting it into point-of-sale systems, and in some situations, withdraw cash from ATMs.
But, in a world where you can just use cash, debit, or credit cards, why would you bother with any of this? A prepaid card may be useful in the following situations:
If you don't want to carry cash, a single card is often more convenient than a bunch of cash. You might also find it to be a safer option than cash.
- You'd want to add an extra layer of protection: While a stolen prepaid card may be convenient to use, a thief will only be able to access the card's balance, unlike a debit card, which allows them to overdraw an account.
- You want to keep your spending to a minimum: A prepaid card can assist you in not exceeding the available balance on your card.
- If you don't want to carry cash, a single card is often more convenient than a bunch of cash. You might also find it to be a safer option than cash.
- You'd want to add an extra layer of protection: While a stolen prepaid card may be convenient to use, a thief will only be able to access the card's balance, unlike a debit card, which allows them to overdraw an account.
- You want to keep your spending to a minimum: A prepaid card can assist you in not exceeding the available balance on your card.
CHECK ALSO: 5 Best No Credit Check Credit Cards Instant Approval Australia
How to Add Money to Prepaid Cards
If you wish to keep using a prepaid card after you've used the balance on it, you'll need to add additional money to it. There are numerous options for doing so:
- Deposit money directly to the card from a checking or savings account.
- Deposit money to the card from paychecks or other sources of regular income.
- Reload the card at a retail location using cash.
- Purchase a reload pack to add a predetermined amount of money to your card.
Do Prepaid Cards Build Credit?
Prepaid cards, according to the Consumer Financial Protection Bureau (CFPB), will not help you build a credit history.
You are not borrowing money when you use a prepaid card, and there is no corresponding line of credit. That implies your prepaid card activity isn't recorded to any credit bureaus and has no bearing on your credit score.
If you want to start building credit, you should apply for a standard credit card. If that isn't a possibility, there are alternative options for establishing credit, such as becoming an authorized user or applying for a secured credit card.
Prepaid Card Limitations
While prepaid cards may be useful in some cases, they are not without their drawbacks.
Fees that may be connected with a variety of behaviors are an important factor to consider before picking a prepaid card. Fees may be assessed for a variety of reasons, according to the Consumer Financial Protection Bureau:
- Withdrawing cash
- Making purchases
- Reloading your card
- Checking the balance on your card
- Speaking with customer service
- Not using your card
- Making foreign transactions
- Using your card every month
The Consumer Financial Protection Bureau also cautions out that these fees vary in amount but can easily pile up.
Prepaid cards may also have less security features than a traditional credit or debit card. The government has taken steps to give prepaid cardholders legal rights, such as a path to reimbursement if their card is lost or stolen. However, these safeguards may fall short of those offered by regular credit or debit cards.
You may, for example, be required to register your card in order to receive support from the card issuer. There is also a time restriction for disputing charges. After that, you could be held liable for them, even if there was no fraud involved.
CHECK ALSO: 5 Best No Credit Check Credit Cards Instant Approval Australia
Where to Buy Prepaid Visa Cards Australia
There aren't many prepaid visa card providers in Australia but as for the prepaid Mastercard, you have many options.
The PayPal Cash Card offered by PayPal is a Visa card that can be used for certain payments where PayPal rewards are accepted. You can use your Rewards Points to pay for certain selected transactions that we present to you in your PayPal Rewards Card online account. Log in to your PayPal account, select 'PayPal Rewards Card', then go to 'My Rewards'. Moreover, the PayPal Rewards Card is free to use and has $0 annual fee.
We will share with you some of the best prepaid Visa and Mastercard providers in Australia where you can buy prepaid cards in Australia.
1. 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.
2. 7-Eleven Just Go Pre-Paid Travel Card
The 7-Eleven Just Go Prepaid Travel Card is a prepaid Visa card that accepts five main global currencies and has no initial loading, monthly account, or top-up fees. You can put up to $10,000 on the card at once, and you can easily manage your account online to switch currencies and add more currency.
CHECK ALSO: 6 Best Credit Cards For Unemployed And Bad Credit in Australia
3. Cash Passport Platinum Mastercard
With the Cash Passport Platinum travel card, you may spend in 11 currencies and benefit from fixed exchange rates.
The Cash Passport Platinum is a prepaid travel Mastercard that allows you to load up to 11 different currencies and spend in numerous countries. Enjoy the ease and wide acceptance of a Mastercard, as well as the security of locked-in exchange rates and not needing to carry cash around. As a platinum card, you'll get three months of free global wi-fi with every top-up, as well as complimentary access to airport lounges throughout the world if your flight is delayed.
4. 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.
CHECK ALSO: Best Credit Cards For Bad Credit Australia Instant Approval
Final Thoughts
Prepaid cards offer a more convenient way to shop online and also let you easily manage your funds from a single card avoiding you the hassle of moving around with cash. Australia is a vast country and has many prepaid card providers.
However, you need to choose a prepaid card provider based on your needs. This article compiles the best prepaid visa and master card providers in Australia where you can buy prepaid Visa and Mastercards from.