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What is the *best prepaid credit card?

Whether it's for travel, online shopping, rewards or anything else, here's what you need to know to find the right prepaid credit card for you.

Prepaid credit cards let you load and spend your own money all around the world. But just as with regular credit cards, the features and fees vary between prepaid cards and the "best" option is different depending on your individual circumstances. So here, we go through the key details to consider when comparing prepaid credit cards so that you can find an option that suits your budget and your needs.

How to find the right prepaid credit card for you

Consider these three questions to help you compare and apply for prepaid credit cards that suit your specific goals.

  1. What is the main reason I want the card? Do you want a card that lets you load and spend in foreign currencies? Or are you interested in a prepaid card that offers rewards, such as the Qantas Cash or Velocity Global Wallet? There are also prepaid credit cards you can buy for single use or as gifts, so figuring out your priorities for the card will help you narrow down your options to those that really suit your needs.
  2. How much am I willing to pay? Depending on the prepaid card, you could pay fees for activating it, loading money on it or for using it to withdraw cash. Make sure you consider these costs so you can find a card that offers the fewest fees based on how you'll use it.
  3. How long will I use it? Some prepaid cards charge an "inactivity fee" if you don't use them for a specific length of time (usually 12 months). If you only want to use the card temporarily, check out these costs when you compare your options to find one that offers the most reasonable terms for inactivity or card cancellation to help keep your costs down.

Compare Prepaid Travel Money Cards

ANZ Travel Card

ANZ Travel Card

  • Load up to 10 currencies
  • Lock in your exchange rates
  • No overseas transaction fees

ANZ Travel Card

The ANZ Travel Card is a prepaid card that can be loaded with up to 10 currencies to make purchases overseas at over 38 million merchants and over 2.3 million ATMs worldwide.

  • Lock in your exchange rates and know how much money you have to spend
  • No transaction fees for electronic purchases in Australia and overseas
  • Multiple reload options - online, over the phone or in person
  • Manage your money online or over phone 24/7
  • Spare card if in case one is lost or stolen

Go to site

Prepaid travel money cards are similar to credit cards but allow you to load and spend multiple currencies on the one account. This helps you avoid foreign currency fees typically charged by regular credit cards. Plus, because the money going onto the account is yours, you won't have to worry about interest charges or debt.

Rates last updated December 14th, 2017
Name Product Description Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
Hold up to 10 different currencies and lock in your exchange rate. No transaction fees on purchases with a backup card in case one is lost or stolen.
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD
AUD 3.50, USD 2.50, GBP 2.00, EUR 2.20, NZD 4.50, CAD 3.00, HKD 20.00, SGD 4.00, THB 95, JPY 260
1.1%
$0
Hold up to 11 currencies on the card and get a locked-in exchange rate. Use at home and overseas to rack up Qantas Points on eligible purchases.
AUD, AED, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD
AUD 1.95, CAD 2.00, EUR 1.50, GBP 1.25, HKD 15.00, JPY 160, NZD 2.50, SGD 2.50, USD 1.95, THB 70.00, AED 6.50
$0
$0
Load up and lock in up to 10 currencies and benefit from no fees for reloading funds. Comes with a secondary card for added security.
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD

Overseas: $0 per withdrawal via international ATMs

Domestic: $3.75 fee applies

$0
$0

Compare up to 4 providers

The finder.com.au best* prepaid credit cards

Compare the features, load amounts and fees of the prepaid cards below.

Prepaid cardMastercard/VisaMin/max load (AUD)Issue feeOther features
Velocity Global WalletVisa$1 / $25,000$0For eligible purchases, you can earn Velocity Points per $1 you spend in Australia and overseas.
Qantas CashMastercard$50 / $20,000$0Earn Qantas Points on all eligible purchases with no cost to open the account or keep the card.
NAB Traveller CardMastercard$50 / $45,000$0Supports 10 currencies and comes with 2 cards for convenience and security.
Commonwealth Bank Travel Money CardMastercard$1 / $100,000$15Load and use up to 13 foreign currencies, plus enjoy the security of a second backup card.
Westpac Global Currency CardVisa$100/ 100,000$0Load up to 5 different currencies on your card at a time, with 11 currencies available.

What features should I look at when choosing a prepaid credit card?

The features available on a prepaid credit card vary between products, so it's important to consider individual options before you apply. Here are the key details to look at when you're comparing cards:

  • friends-travel-card-250x250Card acceptance. Most prepaid cards are Mastercard, Visa or American Express products that can be used wherever these types of cards are accepted. But there may be certain limitations around your prepaid option if, say, you want to use a prepaid Amex card at a business that doesn't accept American Express.
  • Minimum and maximum load amounts. Prepaid cards typically come with minimum and maximum amounts of money that you can load onto them at any given time. Most also have a maximum amount you can carry on the card. Depending on how much money you want access to on your prepaid card, these conditions will have an impact on which card is right for you.
  • Reload options. Make sure that there are a lot of reload options available for the card, such as direct bank transfer, BPAY or debit and credit card payments. Also check how long it takes for the funds to become available on the card, so you can make sure you're able to use the card when you need it.
  • Account management. Look for cards that offer online and mobile account management. This will allow you to track your spending, manage funds and update card details on-the-go.
  • Security features. Prepaid credit cards usually offer similar security features to regular cards, including chip-and-PIN technology and 24/7 worldwide card support. But it's still good to take note of these details when you're comparing cards so that you know exactly what's available if it's lost or stolen.

Can I earn points with a prepaid credit card?

If you want to get rewarded for your spending on a prepaid card, you can consider an option that earns points per $1 on eligible spending. Currently, both the Qantas Cash and Velocity Global Wallet earn frequent flyer points for most everyday purchases in Australia and overseas.

What about prepaid credit card fees?

As well as the features above, there are many different fees that could apply when you use a prepaid credit card. These could include:

  • Issue fee. Some prepaid cards may charge you a fee upon activation. This can range from $5 to $24. There are also cards that don't charge an issue fee, such as the Australia Post Load&Go Travel Card, the Qantas Cash card and the Velocity Global Wallet.
  • Additional card fee. If you need more than one prepaid card you should check and make sure that there are no added fees if you get an additional one.
  • Loading fees. This type of fee is charged when you add money to the prepaid card balance. While not all cards apply a fee for loading money, it's important to check before you get one so you can keep your costs to a minimum.
  • Foreign currency fee. If you make payments in a currency that you don't have loaded onto your card, a fee of around 2-4% of the total transaction could apply.
  • ATM fee. Using your card to get cash out overseas or in Australia could attract additional fees from both the card issuer and the ATM provider.
  • Inactivity fee. This fee could be charged if you don't use your card for a period of time, usually 12 months or more and is usually applied as a monthly or annual charge.
  • Card cancellation fee. If you decide to cancel your card after using it, a fee of around $10-$20 or more could apply.

People buy and use prepaid credit cards for all kinds of reasons and there are many different options to suit these needs. So by comparing different prepaid cards based on your spending plans and goals, you'll be able to find and apply for one that's right for you.
Compare your prepaid credit card options here

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12 Responses

  1. Default Gravatar
    TimJuly 20, 2017

    Can you have your tax return deposited in a prepaid visa card.

    • Default Gravatar
      JonathanJuly 22, 2017

      Hello Tim,

      Tax returns are usually paid straight into your bank account using electronic funds transfer (EFT). If you haven’t provided your bank details you’ll be sent a cheque in the mail.

      Hope this helps.

      Cheers,
      Jonathan

  2. Default Gravatar
    holygrailNovember 22, 2015

    Can the Woolworths prepaid credit card be used overseas?

    • Staff
      JonathanNovember 22, 2015Staff

      Hi Holygrail, thanks for your inquiry

      We can confirm that the Woolworths Prepaid card can be used at over 30 million MasterCard merchants worldwide. You can find an ATM worldwide by using this link.

      Cheers,

      Jonathan

  3. Default Gravatar
    tanyaAugust 27, 2013

    hi, i am traveling to bali, do you have Indonesian rupiah available or is it just the currencies listed?

    • Staff
      JacobAugust 27, 2013Staff

      Hi Tanya.

      It’s just the currencies that are listed. You can use your debit or credit card to withdraw the local currency from an ATM; however, unless you have a card that doesn’t chart you for currency conversion, you will get charged a foreign currency conversion fee. You can compare card that don’t charge this fee on this page.

      Thanks for your question.

  4. Default Gravatar
    PatrickJuly 3, 2013

    Can pre-paid credit cards be used to register at hotels and also to hire cars

    • Staff
      JacobJuly 3, 2013Staff

      Hi Patrick. Thanks for your question. Prepaid cards either offered in conjunction with Visa or MasterCard can be used wherever Visa and/or MasterCard are accepted – this includes millions of locations worldwide. I hope this helps. Jacob.

  5. Default Gravatar
    MattMarch 14, 2013

    Is there a minimum age for the cardholder of an ozforex card?

    • Staff
      JacobMarch 19, 2013Staff

      Hi Matt. Minimum age for the Ozforex card is 18 – you get 2 cards when you apply. Thanks.

  6. Default Gravatar
    JohnSeptember 20, 2011

    We are looking for a credit card type system so we can get our clients to apply for. Then when clients receive a job completed for them, we can swipe the card and payment is received that day. It has to be a card that allows for a variable balance that caters for each individual client

    • Staff
      JacobApril 10, 2013Staff

      Ho John. Thanks for your question. Sorry for the time it’s taken to reply. You may want to consider a corporate credit card. Please contact your lender to discuss your options. Some of these cards allow companies to set spending levels and restrictions at different levels of the business. Some may offer rewards too. Jacob.

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