Prepaid credit cards or secured credit cards are a perfect solution for nationals of any country that faces a mounting debt risk. Although, prepaid credit cards are highly popular in the US, they are still a new concept in other countries like the UK.
Unlike other traditional credit cards, prepaid credit cards do not require the cardholder to pay any interest charges nor have the risk of getting into debt. Another advantage of prepaid credit cards is that anybody can apply for these cards including people with adverse credit history and those who do not have any credit record.
There are different companies offering prepaid credit cards. Prepaid credit cards have the benefit of guaranteed acceptance and even foreign nationals can avail the option. It is easy to apply for a prepaid credit card. Companies like Sterling and New Castle Bank have online websites that offer online prepaid credit card applications. One has to simply fill the application form and submit. Foreign nationals can either use Pound Sterling, US Dollars or Euro for buying a prepaid credit card. The card can be loaded with the required amount by means of an online transaction, phone or at any Foreign Currency Branch. One can withdraw up to £500 per day or the equivalent amount in US dollars or Euros at any ATM. These cards are available with the MasterCard, VISA or American Express AMEX Logo.
A few popular prepaid cards available in the UK include The Sun Tuxedo Master Card prepay card issued by New Castle Bank Limited; New Tuxedo eccount and Master Card Prepaid Card offered by Tuxedo MoneyPlus Limited; Guaranteed Acceptance EasyKard Prepaid Visa, Crystal Prepaid Master Card, New CashPlus Prepaid MasterCard, New Extremo Maestro Card and New Post Office Travel Money Card. All these cards offer the convenience of carrying a foreign currency in a secure way.
The card issuing company does not require any credit records, bank account details and employment history of the customer for approving a prepaid credit card.