Prepaid Mastercard: The easier way to pay-as-you-go

Stay in control of your finances with our prepaid Mastercard – the flexible payment solution that lets you pay for services and products in store and online at millions of locations worldwide. Our prepaid Mastercard works just like any other payment card.

At PFS, we pride ourselves on offering simple, practical solutions that give our customers an alternative option. A Mastercard prepaid card is exactly that – but we understand that you might have questions, which is why we have put together this comprehensive guide. Read on to find out more about how the card works, how it can benefit you and how you can apply.

What is a prepaid Mastercard?

The difference between a prepaid Mastercard and a typical debit or credit card is you spend or withdraw the amount loaded or prepaid onto a card and no more. Think of it like a pay-as-you-go phone. You will not be able to go beyond zero – so it offers a safe, useful solution for anyone who wants to control and budget their spending.

A prepaid Mastercard is also great for anyone who cannot, or chooses not to, have their own bank account. When you apply, there are no credit checks. It means having a less-than-perfect credit history will not be a barrier to getting a payment solution that promotes financial flexibility.

How does a prepaid Mastercard work?

To use a prepaid Mastercard from PFS, you first need to pre-load cash onto it with our secure online account that you can access 24/7 wherever you are in the world. You can add money to your card at the Post Office too, plus any shop with PayPoint facilities.

Once you have done that, you can use your card wherever you see the Mastercard logo. You could be shopping online, grabbing a bite to eat or even picking up some duty-free on the way back from holiday. In short, you can use a prepaid Mastercard to pay for almost anything, anywhere, any time.

Whatever you spend is deducted from the card’s available balance until it reaches zero, so you cannot overspend. There is no credit or overdraft facility, so there is no way to build up debt. And if your card has run out of cash, you are free to top it up again when you are ready to.

What can a prepaid Mastercard be used for?

You can use your prepaid Mastercard worldwide to make a huge range of purchases. Much like any other payment card, it can be used for online shopping, in high street stores, supermarkets, petrol stations or any other retail outlets. The beauty of a Mastercard prepaid card is that it can be used in almost any location where you see the logo.

The benefits of our reloadable prepaid Mastercard

Our prepaid Mastercard comes with a number of exceptional benefits for consumers looking for a flexible payment solution that is accepted in more than 200 countries worldwide:

• No Credit Check: With no credit checks when you apply for our prepaid Mastercard, the chances of being approved are high even if you have a less-than-perfect credit history
• Pay As You Go: Keep in control and manage your finances better with our prepaid card by only loading the amount you can afford at any given time
• 200+ Countries: Use our prepaid card anywhere you see the Mastercard logo, whether you are at home or travelling in one of 200+ countries around the world
• Safe and Secure: A prepaid Mastercard is not linked to a bank account or credit facility, which means your identity is not at risk if your card is lost or stolen
• Great Foreign Exchange Rates: Our prepaid cards are paired up with our multi-currency solutions to ensure excellent foreign exchange rates when travelling abroad
• On Hand 24/7: With secure online accounts you can access any time of the day, we are here to help you whenever you need us

How to register for a prepaid Mastercard

We like to make life as easy as possible for our customers, and applying for a prepaid Mastercard could not be simpler. All you need to do is head to our online application form and fill out a few details about yourself, such as your name, date of birth, address and contact information.

When you apply for a prepaid Mastercard, we will ask you to provide proof of ID in the form of a passport or driving licence as well as proof of address – for example a utility bill or bank statement from the last three months. Please note that to be eligible for a prepaid Mastercard you must be at least 18 years old and a resident of the European Economic Area.

Once that stage has been completed, we can take over. Remember, there are no credit checks required for a prepaid Mastercard with PFS, so there is no need for you to worry if your credit score is less than ideal.

How many people get approved for a prepaid Mastercard?

Approval to the prepaid Mastercard application is subject to PFS discretion. While a large proportion of applicants are successful, there is a strict verification process to adhere to. The process is accelerated by supplying all the required documents. Once the application is approved, your card will be created and sent out to you within 10-14 working days.

How to check your prepaid Mastercard balance

You can monitor your Mastercard prepaid account balance via our cardholder portal, which enables you to keep an eye on everything in one place. From the portal, you can review any purchases you have made, as well as any amounts you have loaded onto the card.

There are a number of other services available, too, such as reporting your card lost or stolen, activating or deactivating the contactless features and revealing your PIN. You can also access the help centre, so if you are experiencing any problems with your Mastercard prepaid card then we can try to assist you.

How to put money on a prepaid Mastercard

Loading funds onto your Mastercard prepaid card is perfectly simple. You can do so via our secure online account, which is accessible 24 hours a day, seven days a week from anywhere in the world. You can also add money at the Post Office or any store with PayPoint facilities.

Are there loading limits on a prepaid Mastercard?

Different card programmes will have varying loading amounts, so the monthly and annual limits can differ depending on your needs. If you require a higher loading limit, you may be asked to provide further documentation.

Do you need a PIN for a prepaid Mastercard?

Your Mastercard prepaid card will come with its Personal Identification Number (PIN) pre-set, but you can change that once it has been issued to you.

Can you use a prepaid Mastercard online?

Yes, your prepaid Mastercard can be used for a wide range of online purchases. Whether you are browsing for clothes, furniture, DIY equipment, technology devices, food or anything else, you can use it in much the same way as any other payment card.

The beauty of a Mastercard prepaid card is that you will only be able to spend up to the amount that has been loaded onto it. So, for those who like to indulge in a spot of retail therapy and sometimes get carried away, there will be no way to overspend and get into any debt, as you will only be able to make purchases up to a certain value and not beyond what you can afford.

Are there some purchases a prepaid Mastercard can’t be used for?

Your prepaid Mastercard can be used for many types of purchases, but the programme can be set up to suit your needs. For example, you can opt to block certain merchants from completing transactions.

Can you have multiple prepaid Mastercard’s?

You can only have one active Mastercard prepaid card at a time. However, there are exceptions to that rule – for example in the case of unique programmes where several cards are required, such as prepaid cards for kids.

Is a prepaid Mastercard a credit card?

No, a prepaid Mastercard is not the same as a credit card. When you use a credit card, you are essentially borrowing the money needed to make that purchase. You then need to repay that money at a later date, usually with interest on top.

When you use a Mastercard prepaid card, the money for the purchase has already been loaded onto the card and is deducted as soon as the transaction is completed. The funds loaded are yours, so there are no debts to repay and it means you will never be able to spend beyond zero.

Why choose PFS for your prepaid Mastercard

A Mastercard prepaid card offers a simple, flexible payment solution that can be used almost anywhere, for anything. It can benefit a wide range of customers, and here are just some of the reasons why you will be in safe hands if you come to PFS:

• To date, we have issued more than 7.4 million prepaid cards and the total loading volume tops £10 billion.
• We have partnered with almost 2,000 clients including the likes of 3 Mobile, Hansel and Correos, which just goes to show how highly our services are recommended.
• We are fully regulated as an Electronic Money Institution by the Financial Conduct Authority, under registration number 900036.
• As well as our partnership with Mastercard to deliver these prepaid cards, we have also developed strong relationships with industry leaders such as Visa, Gemalto, TagNitecrest and eCOMM.
• The Financial Times Future 100 UK described us as among the “fast growing companies that are making an impact on their industry or wider society.”
• Our range of financial solutions have also seen us recognised with a number of awards, including:
  

  • European Business Awards National Winner 2019
  • Corporate LiveWire Global Most Innovative in Payment Technology Solutions 2019
  • Best FinTech Company 2019 Europe at the SME News Finance Awards
  • RSM European Business Awards 2018 Digital Technology Award winner
• We also have plenty of case studies which showcase how our offerings have helped our clients and customers find the solution that suits them.

For example, in 2015 we delivered a Mastercard prepaid card to Slovenian bank NLB which could be activated by SMS and was available to anyone over the age of 18. The results were impressive – 3,000 customers signed up in the first few months, while NLB was able to expand its product offering off the back of the launch.

Get a prepaid Mastercard with PFS

If you are seeking a convenient and flexible payment solution, look no further than a prepaid Mastercard with PFS. The application process requires Proof of ID (Passport/driving licence) and proof of address (Utility Bill, bank statement from the last 3 months) – Minimum age of 18 years, have to be an EEA resident.

If you would like to know more about a Mastercard prepaid card, how it works and how it can help you, please do not hesitate to contact us today.
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