Prepaid cards are actually debit cards, though they are referred to popularly as prepaid cards. A prepaid card functions like your prepaid mobile phone SIM. You load a certain amount to it every month or as per your requirement, and use it when you want to.
Why Choose Prepaid Cards
Prepaid cards are very useful if you do not want to use cash everywhere. Having a prepaid card benefits you in the following ways:
- You can opt for a prepaid card when you cannot afford a credit card or a debit card because of not having a savings account with a particular bank.
- You can consider applying for a prepaid card when do not qualify for a credit card because of a bad credit score or insufficient credit history.
- Having a prepaid card is a good option for foreigners who are planning to stay in Singapore for a short-term only.
- A prepaid card will help you in building your credit score and thereby helps in improving your credit history in a long run.
- A prepaid card is also an excellent mode of a 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 preloaded money on the card.
- Prepaid cards can also be used at most terminals or POS machines in Singapore and abroad, making it very convenient to use.
List of Prepaid Cards Available in Singapore
Mastercard Singapore offers prepaid cards that don’t require credit checks. All you need to do is provide your identity and income proof.
FEVO is a prepaid card offered in collaboration with Mastercard. FEVO card 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 to Samsung Pay.
Minimum income requirements, credit checks, annual fees, late payment charges, and monthly bills do not apply for a FEVO Card. FEVO has the following prepaid card options:
Personalised Card: These cards can be customised with a card face from the company’s gallery or your own image can also be uploaded.
Special Edition Card: These cards feature reality TV actors from Supermodelme (Season 2 and 3).
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 FEVO: FEVO also has Near Field Communication (NFC)-enabled cards that can be used at any of the contactless terminals (Mastercard) in Singapore or overseas.
FEVO Mobile App: Having the FEVO mobile application helps you activate your FEVO Card, top-up the amount, check your balance and view your account history.
- A digital card which makes your online purchases safe, easy, and faster.
- Registering for this card is free.
- No income criterion and credit checks are applicable.
- You can apply for this card if your age is 18 years and above.
- With this card, you’ll be able to make cross-border transactions, cash-pickups, online payments, and more.
Prepaid Cards by Banks
DBS and Maybank are two prominent institutions that offer prepaid cards.
Fees and Charges for Prepaid Cards
Prepaid cards charge nominal fees as the maintenance fee, the 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 FEVO Prepaid Mastercard on the company’s website.
- You can apply for MatchMove Mastercard through the Match Move app or official website.
- For prepaid cards offered by 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.