Prepaid and virtual credit cards can be a convenient way to protect your card and account details when shopping online or spending abroad. Show
This guide takes a look at how to get the benefits of prepaid and virtual cards in Singapore, and introduces a few popular options including the free Wise multi-currency card. Wise also offers virtual cards. See if you can save with Wise  Prepaid and virtual credit cardsAs more and more of our spending moves to mobile and online, physical credit cards are becoming less relevant. This has opened the way for virtual cards, which are increasingly popular and are already a big hit in B2B sales in some regions. Prepaid cards come in a whole range of guises, from the familiar EZ-Link card which can be used for travel and some purchases, through to fully active and versatile cards backed by major card issuers. Before we move on, let’s take a look at these 2 card types in more detail, including a little on how and when you might choose to use them. What is a virtual credit card?When you use a virtual card, you generate a new set of credit card numbers which is linked to your credit card account, but not the same as those printed on the physical card. These card details can be limited to one use only, given an expiry date, or have a specific spending limit on them. The primary advantage for many customers is that you can use virtual details when shopping online with a retailer you don’t know much about. If you’re concerned your details may be stolen or used inappropriately, a virtual card allows you to break the link back to your main credit account. As a personal customer, you might use a virtual card to sign up for an ongoing subscription - but limit the card to the value of the subscription to stop any additional costs being deducted by the retailer. And as a business customer, you could offer virtual cards to your team members who make purchases on behalf of the company - using your chosen expiry date and monthly spend limit to control costs.
But if you want to try out virtual cards, why not start with checking out Wise? How do prepaid cards work?Chances are you’re familiar with prepaid cards such as the EZ-Link card ¹ used by many people in Singapore to ride public transport. However, you can also get other prepaid cards which work on major card networks like Visa, Mastercard and American Express. These can be used wherever you see the relevant symbol displayed, for spending and ATM withdrawals.
That means that if the card is stolen or cloned - or if someone steals your details online - they won’t be able to run up unlimited debts. Choosing the right prepaid credit card for youPrepaid cards come in a range of types, and the costs, limits and features of different cards can vary widely. You’ll find some cards which have relatively low fees and limits, which could be good to help a teenager learn about managing money, for example. Some virtual and prepaid cards are set up to function with Apple Pay and other mobile payment platforms. And others are specifically designed to support spending in foreign currencies. When you choose a card product you’ll want to think carefully about how you intend to use it, and check out the fees you’ll likely need to pay for the services which matter to you.
It’s common for card providers to use a marked up exchange rate or a foreign transaction fee, which pushes up the price of buying goods online from retailers overseas, or when taking a trip abroad. Looking for a specialist product like the Wise multi currency Mastercard can help. Wise allows customers to exchange their money for 50+ different currencies using the mid-market exchange rate with no markup. There’s just a low conversion fee, and then it’s free to spend any currency you hold with your Mastercard. Simple. What to look for in a prepaid credit cardHere are a few points to think about when comparing prepaid card options:
Prepaid credit cards in SingaporeThe range of prepaid cards available in Singapore is relatively limited, but you’ll still find a few great options on major card networks. Different cards come with very different features and fees, so do make sure you research the details thoroughly before you choose. Here’s a rundown of some of the best available options: CardImportant feesExchange rate and foreign transaction feesSupported currenciesWise multi currency MastercardNo fee to get cardNo monthly feeNo reload fee Free to withdraw up to SGD350/month from overseas ATMsMid-market rate, no foreign transaction fee to spend any currency you holdConvert to 50+ currencies, spend wherever you see the Mastercard logoYouTrip²First card issued is free, SGD10 for a replacement card SGD5 for ATM withdrawals overseas - local withdrawals not supported³ ⁴ ⁵Exchange rate is displayed in the app, no foreign transaction feeConvert in app to 10 currencies, spend wherever you see the Mastercard logoFevo Prepaid Mastercard (only available for existing customers and corporate clients)⁶ ⁷SGD18 card purchase fee, + SGD3.50 for secure delivery Top-up online fee - 1% of top-up value Top-up using i-banking - SGD0.50⁸Mastercard exchange rate +1.5% for cross-border transaction, Mastercard exchange rate +2.5% currency conversion feeNot specifiedVivid Card⁹First card issued is free, SGD20 for a replacement card Minimum initial deposit to open linked account - SGD500, minimum ongoing balance - SGD200¹⁰ SGD5 for ATM withdrawals overseasMastercard exchange rate +3% currency conversion fee¹⁰Not specifiedGrabPay Card¹¹Refundable deposit of SGD10 to receive a card or 5,000 GrabRewards points SGD5 for ATM withdrawals overseas¹²Mastercard exchange rate +2% currency conversion fee 1% fee for cross border purchases in SGD¹²Not specifiedWirex Card - Coming soon to Singapore¹³Wirex Card is not yet available in Singapore - coming soon¹⁴Wirex exchange rate available in the app, no foreign transaction fee listedConvert and hold 7 traditional currencies, spend in 150 currencies wherever Visa is acceptedRevolut¹⁵Revolut account fees vary by planFees vary by plan Exchange rate fee may apply for weekend and out of hours conversion, or if you convert over SGD9,000 per monthExchange 28 currencies and spend in 150+Protecting our money from fraud and losses is a priority for most of us - and using prepaid and virtual cards can help, especially when spending overseas or with retailers we don’t know. By finding a card option which comes with extra features, like mid-market rate currency exchange and no monthly fee, you can get peace of mind and some great perks too. Check out the Wise multi currency Mastercard as a simple and safe way to spend online and abroad, no matter where you go. Sources:
All sources checked on 8 December 2020 This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. How can I buy a prepaid card?You can buy prepaid cards at retail locations (such as grocery stores and drug stores), online, over the phone, or from some banks and credit unions. If you buy the card online, you may be issued a virtual card, or they may send you a physical card in the mail.
What banks offer a prepaid card?What banks offer prepaid debit cards?. Fifth Third Bank.. Wells Fargo.. Chase.. American Express.. Are there prepaid cards in Singapore?YouTrip Card
Singapore's first multi-currency mobile wallet with a prepaid Mastercard that allows you to pay in over 150 currencies with no fees to boot, it is no wonder why many folks rely on YouTrip whenever they shop in foreign currency or when they're abroad.
Does CVS sell prepaid Visa cards?buy your card at a participating CVS store.
No credit check. No hidden fees. No surprises.
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Where can i purchase a prepaid credit card
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