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Best Prepaid Business Cards
Best Prepaid Business Cards: FAQs
Do prepaid business cards work overseas?
Yes, most prepaid cards will work overseas but be sure to check associated fees and whether you’re getting a decent exchange rate.
How simple is it to apply for a company prepaid card?
You won’t need to undergo a credit check to get a prepaid card, so the application process is usually pretty straightforward.
Can a prepaid business card be used without a bank account?
Prepaid cards don’t need to be linked to a bank account, making them ideal for those struggling to get accepted for a standard bank account.
Is it simple to get a corporate prepaid card?
Prepaid business cards have fewer requirements and risk factors than traditional banking and credit card options, making them simpler to apply for.
Can I get a business prepaid card if I have a low credit score?
Yes, there’s no credit check needed with a prepaid business card, so you’re more likely to get accepted if you have poor credit.
How much do company prepaid cards typically cost?
This depends on the card. You might have to pay a monthly account fee, as well as fees for certain transactions. Fees can apply to foreign spending, ATM withdrawals and loading the card.
How much money can be loaded onto a prepaid corporate credit card?
Prepaid business cards typically allow for balances between £10,000 and £25,000, but it depends on the provider.
Do business prepaid cards function like business credit cards?
No, unlike with a credit card, you don’t borrow money with a prepaid card. Instead, funds are loaded onto the prepaid card in advance. Because you’re not borrowing money, there is no interest to pay as there usually is with a credit card.
When would you use a business prepaid card?
Using a prepaid business card is a convenient way to manage company expenses. If every employee has their own prepaid card, it’s easier to monitor spending and set spending limits.
If your prepaid card offers competitive rates and low fees for spending overseas, it can also be an ideal solution if you regularly need to travel abroad.
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