Best Prepaid Business Cards in 2024

If you own a small business, it's often hard to keep track of the day to day expenses, especially if you have employees who are buying and selling items. One option is to give them company credit cards, but there is a risk here that they could spend more than planned.

If you're looking for an easier way to help manage business expenses for your employees, a prepaid business card could help.

Prepaid business cards can be loaded with money in advance and used to make purchases or withdraw cash from an ATM in the same way as a credit or debit card.

Users can only spend the amount loaded onto the card, making them ideal for budgeting purposes.

In my guide I'll take you through how prepaid business cards work, the pros and cons, things to watch out for along with the best prepaid business cards in the UK.

Provider	Score	Details
1. Revolut Business	★★★★★	Learn more
2. Wallester Business	★★★★★	Learn more
3. Soldo	★★★★★	Learn more
4. Tide	★★★★★	Learn more
5. Pleo	★★★★★	Learn more
6. Card One Money	★★★★★	Learn more
7. Wise	★★★★★	Learn more
8. Equals Money	★★★★★	Learn more
9. EasyFX	★★★★★	Learn more
10. Spendesk	★★★★★	Learn more

Best Prepaid Business Cards for Employees

There are lots of options to choose from, and the best prepaid card for your business will depend on things like the nature of your business, its size, and credit history.

That's why it's important to shop around and compare providers and cards before making a choice and don't forget to always watch out for extra fees.

Let's take a look at the best prepaid business cards for employees.

Provider Name	Monthly Fee	Overdraft	Access
1. Revolut Business	From £0	No	App
2. Wallester Business	From £0	No	App and Online
3. Soldo	From £21 + VAT	No	App and Online
4. Tide	From £0	No	App and Online
5. Pleo	From £0	Yes	App and Online
6. Card One Money	From £12.50 + one-off application fee	No	App and Online
7. Wise	No (only pay for what you use)	No	App and Online
8. Equals Money	No (one-off fee £50 per year)	No	App and Online
9. EasyFX	No (First card order minimum deposit £50)	No	App and Online
10. Spendesk	Custom (based on the business needs)	No	App and Online

1. Revolut Business — Best overall prepaid business card

Revolut Business, like the regular account, is accessible via a mobile app on both Android and iOS. It can be ideal if you regularly need to carry out transactions overseas or pay invoices to businesses abroad.

You can open multi-currency accounts with Revolut and accept and make payments to and from practically any nation in the world. When compared with other methods,

Revolut is among the cheapest ways to transfer and receive several currencies. You can receive, hold and exchange money in 25+ currencies worldwide. Set up as many sub-accounts in each currency as you need to run your business.

With this account, you can give physical and virtual prepaid debit cards to your team members and set spending limits, plus block and freeze cards where they can't be used.

You'll also get automatic expense reminders to encourage staff to submit receipts and help you track which expenses need reviewing.

2. Wallester Business — Powerful solution for fast growing teams

For those looking for a payment solution with modern financial controls and scalability, Wallester Business is an optimal choice. 

With Wallester Business, your company can issue as many prepaid cards as it needs. Customise the spendings limits to your heart’s desire, too. Wallester’s platform is all about expense management, so rest assured that all transactions will be easily accessible in real-time. 

Additionally, you’ll be able to categorise and track all purchases, where you can then reconcile them with financial reports. This helps keep your administrative workload at a minimum

The cards are designed with scalability in mind. This makes Wallester Business an ideal choice for startups or larger, growing teams.

This flexibility allows your business to expand your expense management approach as your operations naturally evolve. This makes them a solid long-term investment for any company looking to manage their finances smartly.

Download the app on iOS or Android devices, or use their website – the choice is up to you.

3. Soldo — Popular prepaid business card

There is a monthly fee for using Soldo, which will depend on the plan you choose (there are three available).

You can choose between a virtual or physical prepaid Mastercard with Soldo. Limits, regulations, and budgets can all be programmed onto the card using the mobile app.

Expenses may be sent to Xero and QuickBooks Online, and transaction data can be exported to any major accounting programme.

One other perk is the ability to photograph receipts right then and there for record-keeping purposes. Using your card in the UK is free of charge, however there is a 1% cost for any purchases made outside of the UK. With the Plus and Enterprise plans, you can also get cards in EUR or USD.

You will have instant access to any deposits you make to your account, and there will be no fees associated with this.

Read More: Soldo Business Account Review

4. Tide — Great for any size business

The Tide prepaid card is a strong option for companies of any size. 

Its accessibility, compatibility with the Tide app, and scalability (up to 50 cards per account) are its main selling points. This is perfect for low to medium-sized teams.

The Tide card is designed to simplify your team's approach to managing expenses. The card enables real-time spend tracking, management, and organisation, making business admin much easier. Automated receipt management is also a big selling point.

The best part is that the card works in tandem with the Tide mobile app. This app lets you keep tabs on your financial activity in real time, restrict your spending, and temporarily freeze or unfreeze your cards.

If you're in charge of a small team, having your bank account and expense cards in the same location will save you time and hassle.

Read More: Tide Business Account Review

5. Pleo — Next-best prepaid business cards

With Pleo, businesses should have better spending visibility and management. Employees can be given their own smart company card, with each card having its own spending limits.

Using the Pleo app on your smartphone, you can monitor your business's spending without ever losing track of your cards, budget, or spending locations.

Pleo also allows you to easily monitor and pay bills, freeze cards when necessary, and integrate with accounting software. Pleo offers three online account tiers, with the top tier providing the most perks, such as a personal account manager and training opportunities. 

6. Card One Money — Up-and-coming prepaid business card provider

You can order up to four additional prepaid cards for your staff to use with the Card One Money account. Your team can then use their card for business expenses, with money being added directly from your account.

There are two pricing plans to choose from depending on the size of your company. However, fees can be expensive as you'll need to pay a monthly fee, plus a one-off application fee. In return for this, you'll be able to assign different levels of access for each team member depending on what their role is in the company.

You can also export data alongside your existing accounting software and get text alerts every time you receive payments and when you've paid bills.

7. Wise — International prepaid business cards

The Wise Business account and prepaid card is another great option for those who regularly trade overseas as there are no foreign transaction fees.

Team members' cards can be linked to your Wise business account, making it easy for you to track spending and monitor budgets. You'll get instant spending notifications and be able to approve card payments instantly, as well as set spending limits.

What's more, you can pay in the currency of the country you're buying from to save on conversion fees. You can spend online or instore in more than 55 currencies.

8. Equals Money — Top prepaid business card for low fees

Equals Money cards provide low fees and reasonable exchange rates, and may be used in more than 100 currencies. 

You can keep tabs on how much your team is spending by connecting them to Equals Money's cost management system. You can load funds, manage top-ups, freeze and restart cards all from the app, and there is no limit to the amount of cards you may distribute to your staff.

In addition to reviewing transactions, users may also assign different levels of access to different users depending on their roles and responsibilities. Plus, there's the option to earn cashback at certain retailers.

However, fees are fairly high. There's a card issuing charge of £10 and an annual platform fee of £50 (waived for non-profits). There is a £1.50 ATM charge too.

9. EasyFX — Popular prepaid business card for travelling with ease

If you often travel internationally for business, this corporate prepaid currency card could be an excellent choice since it can be used everywhere Mastercard is accepted and different currencies can be loaded onto a single card.

There are no transaction costs, ATM fees, or foreign transaction fees, and there is also no monthly charge for managing the account.

In addition, you can control your finances at any time and from any location, and there is no limit to the amount of cards you can hand out to your colleagues. It's easy to top up and go, as well as freeze cards if you need to.

10. Spendesk — Single and multiuse cards

With Spendesk, you can create single-use cards for one-off purchases or subscription cards for recurring spend. Each card has unique details.

You'll be able to easily see what's been spent by team members and where so that you can make smart decisions to help you manage costs. Employees can submit receipts automatically through the app. You can also set spend limits for each employee.

On top of this, it's possible to integrate with accounting software to help you automate admin. You can choose from four different pricing plans, one of which has no monthly fee.

What is a prepaid business card?

A prepaid card is a convenient way for employers to provide workers access to cash for business spending.

You can usually add money to the card by linking it to your bank account and loading it online or by using a mobile app. Some cards also allow you to load cash at Post Offices, banks, and PayPoint locations.

Unlike with a regular bank account, however, you can't use features like direct debits or standing orders. There are also no overdraft facilities.

However, this also means there are no credit checks which means a prepaid card can be a great option for those struggling to get a business bank account or business credit card.

How do corporate prepaid cards work?

Prepaid card applications are often only accepted online. Often you'll need to fill in an online form or download the associated app and provide a few personal details as well as some information about your business.

The application process often takes no more than a few minutes, and approval is contingent upon factors other than credit history.

Once approved, it'll usually take a few days for your physical card(s) to arrive. A “virtual card” containing all the information you need to conduct online transactions will be provided by most service providers in the interim.

Virtual cards may also be linked to mobile payment systems like Apple Pay and Google Pay.

A third-party payment processor, like Visa or Mastercard, will power the prepaid card. It's easy to use these cards instore or online, and you can also use them to withdraw cash from the ATM – though a fee may apply.

If there are insufficient funds on the card, the transaction will be declined and won't go through.

The pros and cons of prepaid business cards

Before you look at the providers of prepaid business cards, it's worth familiarising yourself with some of the main benefits and drawbacks of using these cards. Here we've got a quick summary of the pros and cons of prepaid business cards.

Pros

✔️ No credit checks: For entrepreneurs who are not able to open traditional company bank accounts, prepaid cards might be a convenient option.

✔️ Helps maintain a manageable budget: Providing your staff with prepaid business expense cards helps you keep track of spending and monitor budgets. It also means you can't spend money you don't have, and risk running up big debts.

✔️ Share expenses across multiple workers: Providing each worker with their own prepaid card is a convenient way to manage expenses. Having employees provide receipts and use their own money for business costs is inefficient and time-consuming.

✔️ Enhanced flexibility: Business prepaid cards allow you to issue purchasing power to a larger group of employees while still controlling the total amount of money they can spend on company business. You can also restrict things like cash withdrawals if you wish.

Cons

❌️ No automatic payments: Direct debits and standing orders can't usually be set up on prepaid cards to cover recurring expenses. That's because they are purely for spending and they aren't linked to a current account.

❌️ No overdraft features: If there are insufficient funds on the card, the transaction will be declined.

❌️ Some card issuers have restrictions: You might have a daily withdrawal limit, for example, or there might be a limit on the total amount you can spend in a single transaction.

❌️ High costs: Prepaid business cards can include a number of fees, which can pile up rapidly. These can include monthly account fees, transaction fees, loading fees and replacement card fees. If a card is not being used you may also be charged for it.

Prepaid business cards: The verdict

Although prepaid cards lack some features found on debit and credit cards, this can actually work in the favour of business owners in certain situations. 

It's no great surprise that corporate prepaid cards have become more popular. They're a great way to budget and can help with business expenses. You have control of how much money is on each card and there's no risk of getting into debt. They're also easy to set up and cancel, if needed.

However, prices can vary greatly from one provider to another, so it pays to look around. Keep the following in mind when comparing cards:

• Fees: you might have to pay a monthly account fee as well as a fee for the card itself. You might also need to pay fees for purchases or cash withdrawals. And there can be fees for using the card abroad.
• Spending limits: there could be a daily withdrawal limit on each card, as well as a possible spending cap.
• Loading methods: some cards allow you to add funds with cash at PayPoints or through an online banking connection. Consider what's most important to you.

Check the fees associated with using your prepaid card abroad before making any commitments.

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