Prepaid cards are bank-independent cards that can be used for both online and local transactions, such as cash withdrawals from ATMs, receive money and perform money transfers to another account.
You can even transfer money from a prepaid card to bank account.
Prepaid visa card alternatives in Australia are limited, but we'll look at where to buy prepaid visa cards in Australia today.
A prepaid card is a non-banking alternative to a bank account that lets you spend only the money on the card.
Prepaid cards, like debit cards, can be used at any retailer who accepts the company's payment network, such as Visa or Mastercard.
Prepaid debit cards are another name for them. They're safer and more convenient than cash.
When it comes to online shopping, prepaid cards are ideal.
Using a virtual prepaid card for online shopping, on the other hand, will provide you with the greatest online shopping experience possible.
In Australia, many people prefer to use a prepaid visa card.
They do, however, provide the same benefits as a Mastercard. You've come to the right site if you're looking for a prepaid visa card.
This article focuses on showing you where to buy a prepaid visa card in Australia.
Table of Contents
What is a Prepaid Card?
Let's start from the beginning. Pay-as-you-go or stored-value cards are other terms for prepaid cards.
The basic principle, though, remains the same.
A prepaid card is purchased and used to make purchases.
Prepaid cards are usually obtained at banks or retail outlets like grocery stores and drugstores.
They can either load money onto the card or have a predetermined available balance. You can then use the card till the balance is depleted.
You won't be able to purchase anything else until you refill your account.
In some ways, a prepaid card is identical to other cards.
This means you can swipe or enter it into point-of-sale systems to make purchases, and in some cases, withdraw cash from ATMs.
Why would you bother with any of this in a world when you can just use cash, debit, or credit cards?
A prepaid card can come handy in the following cases:
- 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.
Do Prepaid Cards Build Credit?
According to the Consumer Financial Protection Bureau (CFPB), prepaid cards will not help you to build credit.
When you use a prepaid card, you are not borrowing money, and there is no associated line of credit.
That means your prepaid card transactions aren't reported to any credit bureaus and have no impact on your credit score.
Apply for a regular credit card if you want to start building credit.
If that isn't an option, becoming an authorized user or applying for a secured credit card are two other possibilities for building credit.
Prepaid Card Limitations
Prepaid cards have several advantages, but they also have some disadvantages.
Fees associated with a variety of actions are a significant consideration when choosing a prepaid card.
According to the Consumer Financial Protection Bureau, fees can be charged for a variety of reasons:
- 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 advises that these fees come in a variety of amounts and can quickly add up.
Prepaid cards may also have less security protections than credit or debit cards.
Prepaid cardholders now have legal rights, such as a road to repayment if their card is lost or stolen, thanks to government action.
These precautions, however, may fall short of those provided by traditional credit or debit cards.
You may be required to register your card in order to receive assistance from the card issuer, for example.
There is also a deadline for contesting charges.
Even if there was no fraud involved, you could be held liable for them after that.
Where to Buy Prepaid Visa Cards Australia?
In Australia, there aren't many prepaid visa card options, however there are plenty of prepaid Mastercard options.
I'll show you where you can buy prepaid cards in Australia from some of the best prepaid Visa and Mastercard providers in Australia.
1. ANZ Gift Card and Prepaid Card
ANZ offers gift cards and reloadable prepaid cards for both personal and Corporate use.
The ANZ Visa Gift Card is available in $50 and $100 denominations at certain retail outlets.
Corporate ANZ Gift Cards can be purchased in bulk amounts of 25 or more, with values ranging from $15 to $1000 placed onto each card.
They can add your company logo to each card if you place a minimum order of 100 cards or more.
If you have B2C arrangements, you can order the ANZ Reloadable Prepaid Card (B2C), which has a maximum value load of $1000 with ATM access or $5000 with no cash access and can be customized with your company logo.
2. Cash Passport Platinum Mastercard
You may spend in 11 currencies with the Cash Passport Platinum travel card and get fixed exchange rates.
The Cash Passport Platinum is a prepaid Mastercard that can be loaded with up to 11 different currencies and used in a variety of countries.
Enjoy the convenience and widespread acceptance of a Mastercard, as well as the security of fixed exchange rates and the elimination of the need to carry cash.
With every top-up, you'll receive three months of free worldwide wi-fi, as well as complimentary access to airport lounges across the world if your flight is delayed.
3. Woolworth's Everyday Money Prepaid MasterCard
The Woolworth's Everyday Money Prepaid MasterCard is one of the best prepaid card in Australia for many because, there's no credit check, no employer references or bank account is needed!
The card is available off the shelf at Woolworth's, Safeway and BIG W.
4. Universal Gift Card
Universal Gift Card is a great option if you own a business because it can be used for sales incentives, employee benefits, consumer cashbacks, and corporate gifts. They can also include your company's logo.
5. Westpac MasterCard Gift Card
The Westpac MasterCard Gift Card is another great option you go dive into.
To get the card, all you need to do is to select an amount between $15 and $800. Purchase for $4.95 at any Westpac branch. From the date of purchase, the card is valid for at least 12 months.
6. 7-Eleven Just Go Pre-Paid Travel Card
The 7-Eleven Just Go Prepaid Travel Card is a prepaid Visa card with no initial loading, monthly account, or top-up fees that accepts five major global currencies.
You can load the card with up to $10,000 at once, and you can quickly manage your account online to change currencies and add more.
Final Thoughts
Prepaid cards provide a more convenient way to shop online while also allowing you to manage your funds from a single card, eliminating the need to carry cash.
Because Australia is such a large country, there are numerous prepaid card companies.
However, you must select a prepaid card provider based on your specific requirements.
This page lists the finest prepaid visa and mastercard providers in Australia, as well as where you can get prepaid Visa and Mastercards.