Prepaid cards that may be reloaded with a specific amount of money and used for purchases and transactions are known as reloadable prepaid cards.
In general, all prepaid cards are reloadable, but you've come to the correct place if you're seeking for the best reloadable prepaid credit cards in Australia.
You can only use the funds on a prepaid card that has previously been loaded with funds.
Depending on your need for a reloadable prepaid card, prepaid cards may be an excellent choice for vacation, gifting, or regular budgeting.
The best reloadable prepaid credit cards in Australia are those that don't impose high transaction fees, can be used online where Mastercard or Visa payments are accepted, and can be managed easily and quickly.
Are you unsure which prepaid card to choose?
Don't worry; I'll show you the best reloadable prepaid credit cards in Australia in this article.
You can also consider virtual prepaid cards for international shopping.
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What is a Prepaid Card?
You can load money into a prepaid card and then spend it in stores or online.
Although there are minimum and maximum load limits, you can usually reload the card with money.
Some prepaid cards are intended specifically for travel, allowing you to load many currencies onto the card at once and lock in conversion rates.
These are also known as travel money cards.
Because most prepaid cards are issued by Visa or Mastercard, they can be used in stores or online anywhere Visa or Mastercard is accepted.
How Do Prepaid Cards Work?
They are not credit cards, despite the fact that they are usually referred to as "prepaid credit cards."
Prepaid cards don't come with a credit limit or the ability to borrow money.
A prepaid card can only be used for the amount stored on it.
There will be no interest charges, and the card will have no impact on your credit score.
As a result, prepaid cards are more similar to debit cards.
Are Prepaid Cards and Debit Cards the same?
Prepaid cards, like debit cards, allow you to make purchases, but they are not interchangeable.
Unlike debit cards, prepaid cards do not require a linked transaction account.
Money must be placed onto prepaid cards before they may be used.
This is usually accomplished through a bank transfer, BPAY, debit card, or in-person visit to the card issuer. Money is debited from your transaction account when you use a debit card.
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.
What are the Benefits of a Prepaid Card?
The advantages of a prepaid card vary based on the type of prepaid card you have.
- The ability to load multiple currencies onto your card and lock in exchange rates before you travel.
- The card can be used in-store and online at a range of retailers (wherever Visa or Mastercard is accepted).
- Loss, theft, and fraud are all protected. Both Visa and Mastercard offer global emergency aid if your card is stolen or misplaced.
- Other benefits include earning frequent flyer points and having access to free Wi-Fi.
What are the Downsides of Prepaid Cards?
Prepaid cards also have some downsides.
- You may be charged a variety of fees. Reload fees, ATM fees, foreign currency translation fees (which don't usually apply to currencies deposited on a travel prepaid card), inactivity fees, and cash-out fees are all instances of this (when you close your card and cash out the balance).
- Prepaid cards usually have card constraints, which limit the amount of money you can load onto the card.
6 Best Reloadable Prepaid Credit Cards Australia
Now we know the basics about prepaid cards, let's look at the best reloadable prepaid credit cards in Australia.
1. Cash Passport Platinum Mastercard
Cash Passport Platinum is a reloadable prepaid card, so you can top up any of your currencies at any moment.
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 bought your card in person, you can reload it at the same location where you bought it.
2. Qantas Travel Money Card
Qantas Travel Money is a reloadable prepaid debit card.
You load money onto it before you travel, which can either stay in Australian dollars or be converted into one of the 10 supported foreign currencies.
It also serves as your Qantas Frequent Flyer membership card, which you may use to speed up airport check-in.
You can use the app or website to convert your saved foreign currencies on the go, so you can load your AUD wallet now and swap it for other currencies whenever it's convenient for you.
You can add to your foreign currency wallet directly from AUD at the time of loading if you wish to lock in the conversion rate.
The monies on your Qantas Travel Money card are kept separate from your bank account.
Nobody would be able to access any of your other bank funds if you lost your card.
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 allows you to lock in exchange rates and may be filled with up to 13 foreign currencies.
You may log in to your account online, save money on loading fees, and feel safe with chip and PIN security.
When you're ready to make a purchase, the currency of the country you're in will be automatically applied.
Make sure you have enough of the correct currency on your card to avoid paying extra fees. We'll use the next available currency if you don't, as long as your card has enough of it loaded.
If you have multiple currencies loaded on your Travel Money Card, you can change the order (to the next available currency) at any time.
4. Travel Money Oz Currency Pass
Whether you're traveling abroad or a frequent online shopper, the Travel Money Oz Currency Pass card allows you to spend in up to 10 currencies while avoiding conversion fees.
When you move funds into supported foreign currencies, you'll be locked into the current exchange rate.
This is an excellent alternative if you want to secure your money and avoid erratic currency fluctuations while traveling.
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.
Among them are the USD, EUR, GBP, NZD, CAD, THB, HKD, SGD, JPY, AED, and AUD.
The current exchange rate is locked in when you load money onto your card.
Your platinum travel card also comes with two complimentary admittance permits to LoungeKey lounges or restaurants if your flight is delayed.
When you load your card with AUD$100 or a foreign currency equivalent, you can sign up for a 3-month membership of free global Wi-Fi provided by Boingo Wi-Fi.
Like other travel cards, 'My Account' allows you to instantly manage your account, add funds, and review your transaction history.
6. Australia Post Gift Card by Mastercard
The Mastercard's Australia Post Gift Card is a wonderful way to express gratitude or give something special to someone special.
It can be used anywhere Mastercard® is accepted, including in stores, over the phone, and online.
How to Choose the Best Reloadable Prepaid Credit Cards in Australia
The features you require and the costs you are ready to pay will determine which reloadable prepaid card is the "best." When comparing prepaid cards, keep the following in mind:
- 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?
Australia is one of the countries with a very strong financial ecosystem.
Prepaid cards are one of the products offered by many financial institutions in the country.
This article compiles the best reloadable prepaid card providers in Australia.
When choosing a prepaid card, consider the fees, supported currencies and many other important factors that might interest you.
Frequently Asked Questions
What is the best prepaid debit card in Australia?
Australia Post Travel Platinum Mastercard is the best prepaid debit card in Australia with $0 issue fee.
Are reloadable credit cards good idea?
Many people find that having a reloadable card that can be used in the same way as a credit card is a great way to manage their money. Reloadable cards can be a good substitute for a checking account, as they help you avoid check-cashing fees and other fees.
How much money can you put on a prepaid Mastercard?
The majority of Visa prepaid card options allow you to put up to $15,000 into the card. When you use a reloadable prepaid card, you can keep adding money to your account even after you've used up some of your current balance.
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