MasterCard Prepaid Cards

Find out how to put prepaid MasterCard credit cards to work for you

By Judy Artunian, Freelance Writer

MasterCard prepaid cards are accepted by the millions of locations throughout the world. That includes retail stores, airlines and countless websites. With reloadable prepaid MasterCard credit cards, you can spend up to the amount that you have deposited into the card’s account. Each time you use the card, money is deducted from your card’s available balance. When the account gets low, you can load more money onto the card.

Prepaid MasterCard gift cards can be used only up to the card’s original value. You can purchase prepaid MasterCard credit cards through MasterCard or at retail outlets and financial institutions that issue MasterCard prepaid cards.

Some pointers for making good use of your MasterCard prepaid cards:

A major benefit of prepaid MasterCard credit cards over credit cards is that when you use a prepaid card, you avoid racking up costly credit card debt.
Before purchasing a prepaid MasterCard, compare prepaid card fees. Most charge a monthly fee but some also levy an application fee, a reload fee and other charges.
Keep track of the balance of your prepaid MasterCard credit cards so that you aren’t caught short when you’re ready to make a purchase. Not all retailers can tell you what your balance is.

Use MasterCard prepaid cards for personal expenditures

MasterCard prepaid cards can be used for all kinds of personal purchases. The features, benefits and fees vary depending on the card you choose.
Try: Compare the features and options of the 25 prepaid MasterCard credit cards available. For example US Paycard offers a prepaid Mastercard that can be used by more than one family member. With a BuyRIGHT prepaid MasterCard, your checks can be automatically loaded on to your BuyRIGHT card. General purpose MasterCard prepaid cards can be used to pay bills or make purchases.

Reward friends, employees and customers with prepaid MasterCard gift cards

A prepaid MasterCard gift card makes a versatile corporate present, whether you're thanking employees, business associates or customers.
Try: Washington Mutual and HSBC will personalize prepaid MasterCard gift cards for your family and friends. At thegiftcard.com, you can order prepaid Mastercard gift cards that are customized with your company’s logo. You can also include your gift recipient’s name and a personalized message on the card. Springbok Services provides prepaid MasterCard gift cards for corporate incentive programs, whether you need one card or thousands.

Debit cards: an alternative to business prepaid credit cards

Debit MasterCard Business Cards are as practical as business prepaid credit cards. When you make purchases with the debit card, funds are automatically deducted from your business checking account.
Try: The Debit MasterCard Business Card can reduce the need for checks, improve your recordkeeping and protect your business against unauthorized purchases. Many banks, including CapitalOne and Citizens Bank, issue MasterCard business debit cards, which can be used in place of business prepaid credit cards.

Shop for MasterCard prepaid cards at comparison sites

Several comparison sites give you an overview of how some MasterCard Prepaid cards and prepaid business credit cards stack up against other prepaid cards.
Try: Before applying for a prepaid credit card, visit sites such as CreditCards.com and CreditCardGuide.com.

When you travel, prepaid MasterCard credit cards are safer than a large wad of cash. Also, a prepaid MasterCard can save the day if your other credit cards are stolen during your trip.
Don't lose the account number and customer service phone number on your MasterCard prepaid credit card. You'll need those numbers if your card is lost or stolen.
After you've used the balance of your prepaid MasterCard, hang on to the card. You may need it if you return or exchange merchandise that you purchased with the card.