A prepaid card is often referred to as a ‘prepaid credit card’ but, in reality, there isn’t any credit involved.
Prepaid credit cards are reloadable. You can add money to them, and once the balance reaches £0, they can’t be used again until you reload them. These cards are also known as prepaid business cards, prepaid debit cards, cash cards, and prepaid cards – but they all mean the same thing.
With preloaded credit cards, you get individual accounts that allow people or departments in your business to manage spending without a hitch. They’re ideal to cover day-to-day petty cash costs, as well as one-off purchases. And, for many, they’ve become a welcome alternative to company credit and debit cards.
Buckle up for this journey through the benefits of prepaid credit cards and see how they can help you track and control your business spending like never before.