Pre paid debit cards may sometimes be known as cash cards, because some people just use theirs for withdrawing cash. However, unlike a conventional cash card that goes with a current account, a pre paid card offers no temptation to run up an overdraft.
But there are other advantages to students pre paid debit cards – particularly if you are a student who may move around a lot and intends to go travelling.
A safe option
Your parents may have lectured you about the importance of keeping your belongings safe on your travels. To be fair, they may have a point. If you carry around cash, whether that is in pounds, euro or another currency, it may be at risk of being stolen. And once cash is stolen, it’s gone forever. On the other hand, if a pre paid debit card is stolen, the card may be cancelled so the damage the thief can do may be mitigated.
Accepted virtually anywhere
Some prepaid debit cards are MasterCards, which may mean that they are accepted wherever that logo is shown. Given that they are so widely accepted, carrying a students pre paid credit card may be like carrying cash without you – without the security risk.
Easy to top up
If you have a job, you may wish to ask your employer to pay you directly into the account that may come with the card. Other ways of topping up may include transferring money electronically from another account you may have, or even better, getting your parents to transfer some money onto the card.
Prepaid debit cards may also be topped up at PayPoint terminals.
Fees and charges
The fees and charges you may have to pay may depend on which card provider you choose. Some charge an issue fee for the card, and then a monthly management fee. Others may also add a charge every time the card is used at an ATM or retail outlet. You may wish to study the tariff of charges for your card and work out what may be the most cost efficient way of using the card.
How do you apply?
Happily, no credit checks may typically be needed, as the card provider is not lending you any money. There is however an online identity check to confirm that you are who you say you are. As long as you have a permanent address in the United Kingdom, you may find this quick and painless. Card providers may wish to know:
- your name, address and telephone number;
- your date of birth;
- your contact email address; and
- your passport or driving licence number.
Depending on the provider, you may also be able to choose what colour your pre paid debit card comes in too to give you a bit of individuality!
