Prepaid Credit Cards in Singapore


    Prepaid cards are actually debit cards, though they are referred to popularly as prepaid credit cards. A prepaid card functions like your prepaid mobile phone SIM. You load a certain amount to it every month or as per your needs, and use it when you want to.

    Why choose prepaid credit cards

    Prepaid cards are very useful if you do not want to use cash everywhere, but cannot afford a credit card or a debit card because of the following reasons:

    • You do not have a checking or savings account with a bank, or
    • You do not have a good enough credit score or insufficient credit history and cannot obtain a credit card.

    Prepaid cards are also good for foreigners who are in Singapore for a short to medium-term stay. These cards are also a great tool to build your credit score by improving your credit history. It is also an excellent mode of cashless transaction if you have no other means of making cashless payments.

    You can also use the prepaid card as a gift for a friend or family member with pre-loaded money in them. Prepaid cards can be used at most terminals or POS machines in Singapore and abroad, making it very convenient to use.

    List of Prepaid Credit Card Available in Singapore

    Singapore does not have a huge market for prepaid credit cards, so there are few banks offering this product. Let us look at what you can do if you want a prepaid card on our island:

    Fevo MasterCard

    Fevo is a prepaid card offered in collaboration with MasterCard. Fevo can be used anywhere a MasterCard is accepted. It also comes with MasterCard privileges and can be used as an EZ-Link Card. You can also link the card with Samsung Pay. Fevo does not charge any annual fees, monthly bills or late payment fees. You also don’t have to meet any minimum income requirements, or submit to credit checks. Fevo has the following prepaid card options:

    • Personalised Card: These cards can be customised with a card face from the company’s gallery or even upload your own image.
    • Special Edition Card: These cards feature supermodels and reality TV stars on the card-front.
    • M1 Prepaid MasterCard: This is co-branded with M1 and can be used as a contactless card. It also gives you bonus value on M Cards and automatically doubles as an EZ-Link Card.
    • Corporate Card: This can be used by companies to reward their employees, vendors or clients.
    • NFC cards: Fevo also has Near Field Communication (NFC)-enabled cards that don’t need to be used at a POS terminal.
    • Fevo mobile app: Having the Fevo mobile application helps you activate your Fevo Card, top-up the amount, check balance and see account history.

    MasterCard Prepaid Card

    MasterCard Singapore also offers prepaid cards that don’t require credit checks. All you need to do is provide identity and income proofs. You can also use MasterCard PayPass for contactless payments. There are three kinds of MasterCard prepaid cards:

    • Everyday Money Card: This is an ideal substitute for a debit or credit card. The MasterCard Everyday Money card can be used for shopping, paying bills and purchasing daily essentials.
    • Travel Card: This is a great alternative for traveller’s cheques and cash when you are travelling abroad. You also don’t have to worry about losing money or the card being stolen because the money is safe in the card account.
    • Gift Card: This card makes an ideal gift for your loved ones, instead of a gift voucher or card related to just one shop or brand. The MasterCard Gift Card can be used at all outlets on the network.
    • MatchMove Card: This is a digital card to make your online purchases easier and safer.

    Prepaid cards by banks

    Though not many banks in Singapore offer prepaid cards, they are quite likely to give you one if you can state your case and show availability of funds. DBS and Maybank are two prominent institutions that offer prepaid credit cards to its customers. American Express is also known to provide prepaid cards in Singapore.

    Charge Cards: Charge Cards by American Express is another alternative to prepaid credit cards or debit cards. These cards offer great rewards and benefits, and do not allow you to spend more than what you can pay back at the end of the month. Though there is no interest charge, if you do not pay off the balance every month, late payment fees will be levied. The main charge cards by AmEx are:

    • American Express Gold Card: The Gold Card has no preset spending limit. Though this card has no rewarding programme, it gets you into the American Express Charter Membership that gives you access to 24x7 global Charter Customer Assist and extended warranty on products bought with this card.
    • American Express Personal Card: The Personal Card is a charge card that offers rewards points and allows you to indulge in culinary delights at low cost through American Express Selects, enjoy shopping and travelling on discount through Live the World with American Express, and gets you into invitation-only events through the American Express Invites programme. It also gives purchase protection and travel accident insurance.
    • American Express Platinum Card: The Platinum Card is a sign of affluence. It gives you access to high-profile Platinum benefits in the areas of lifestyle, health and wellness, travel, hotel accommodation, golfing, and dining. With free travel insurance, rewards points accrual, airport lounge and invitation-only events and club accesses, this is definitely a great charge card for well-to-do Singaporeans.

    Fees and charges for prepaid cards

    Prepaid cards charge nominal fees as maintenance fee, fee for a printed statement or statement request for past months, sales draft copies charges and withdrawal charges for using the card at ATMs of other banks or networks.

    Eligibility criteria for prepaid cards

    To get a prepaid card, you need not meet any minimum income requirement or credit score. All you need to do is provide valid identity documents and income proofs.

    How to apply for prepaid cards in Singapore

    You can apply for a Fevo Card on the company website and for MasterCard Prepaid Cards through Fevo or Match Move Singapore. For prepaid cards from banks, you need to approach the nearest branch of your preferred bank.

    How to choose the right prepaid card

    Choosing a prepaid card depends on the following parameters:

    • The card should have a low maintenance cost and little or no additional fees.
    • The benefits available on the card should be aligned with the maintenance cost of the card.
    • You should be able to use the card at a variety of outlets.
    • You should be able to top up the card easily.

    Prepaid cards are a good choice if you do not want to worry about being in debt but want to build a credit history.

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