5 best prepaid credit and debit cards available in Singapore - 2023 review

Searching for the best prepaid credit card in Singapore - or maybe a prepaid debit card or prepaid travel card is more your thing?

Join us as we compare some of the best prepaid debit cards in Singapore, such as the Wise card, alongside other options from popular banks - like the DBS prepaid credit card.

Table of contents
What is a prepaid credit or debit card? Best prepaid cards in Singapore Wise card YouTrip card Revolut prepaid card NETS prepaid card DBS prepaid card Where to buy a prepaid debit card Summary

What is a prepaid credit or debit card?

Prepaid credit and debit cards usually require you to load a balance, or pay a security deposit in advance of spending. This can make it easier to manage your budget, as your spend limit will then be set to the equivalent of the amount you’ve added to the account.

Prepaid debit cards and prepaid credit cards work slightly differently.

With a prepaid debit card you’ll usually have a linked account to top up, and you can then spend freely up to the balance amount, with no bill to pay at the end of the month. Just top up again when you’re ready.

Prepaid credit cards on the other hand usually require a deposit to be paid upfront. You’ll then be able to spend to the set credit limit - likely to be the equivalent of the deposit you’ve paid already. At the end of the month you’ll get a bill which you need to repay in full to avoid interest or penalty fees - or you can choose to pay interest and spread the costs of your purchases out over a few months instead.

Advantage of using prepaid cards

Using a card for spending and withdrawals is generally convenient - and as more and more places in Singapore and globally move away from cash altogether, card payments are increasingly important. Here are a few of the advantages of using prepaid cards for you to consider:

• More convenient than cash - card payments are very widely accepted
• Not linked to your main spending account for an extra layer of security
• With prepaid debit cards you can’t blow the budget or accrue interest or penalty fees
• Manage your card and account from your phone - often including topping up a balance and freezing your card
• Some cards have unique features like cheap currency conversion or reward earning options
• Many prepaid cards are issued on globally available networks for use all over the world

Best prepaid cards Singapore

Singapore citizens and residents can choose from a pretty solid range of prepaid cards, covering prepaid debit cards, prepaid travel cards and prepaid credit cards you’ll need to post a deposit to use. Which suits your needs can vary a lot depending on how you’ll use the card - and your personal preferences. Let’s walk through some of the best prepaid cards available in Singapore, to help you pick the right one for your needs.

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Wise card - most international prepaid Visa card

Open a Wise account online or in the Wise app, and order your prepaid Wise card in just a few clicks. Simply top up your Wise account from your phone wherever you happen to be, to spend freely with your linked card in 170+ countries.

You’ll be able to hold and exchange 40+ currencies in your Wise account, and get local bank details to receive fee free payments from 30+ countries (with the exception of USD wire transfers).

All Wise currency exchange uses the mid-market exchange rate and low fees from 0.43%. It’s free to spend any currency you hold with your prepaid Wise card, and if you don’t have the currency you need already, your card can convert for you - using the Google exchange rate - for the lowest available fee every time.

40+ currencies supported for holding and exchange - all currency exchange uses the mid-market exchange rate Top up your account from your debit card or bank account, and spend to your card’s balance amount - no overdraft or interest to worry about Spend in 150+ countries, with up to 350 SGD fee free international ATM withdrawals every month

Get a Wise card today!

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

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YouTrip card - hold and exchange 10 currencies, and tap to ride public transport on Singapore

YouTrip¹ has been around since way back in 2002, and is a simple to use multi-currency wallet with a linked prepaid Mastercard you can use to spend around the world.

You can hold and exchange up to 10 major currencies, and spend in 150+ currencies with your YouTrip card. There’s no fee to switch currencies, and you’ll get the mid-market exchange rate when you do. YouTrip is co branded with EZLink in Singapore, so you can also use your card to tap in and out of public transportation for convenience.

Spend overseas in 150+ currencies, wherever Mastercard is accepted Hold and exchange 10 currencies using your card Low replacement fee if you lose your card, and a 1.5% fee if you top up with a Visa credit card² 5 SGD or equivalent ATM withdrawal fee³

Learn more about the YouTrip card here.

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Revolut prepaid card - account plans and prepaid cards to suit different customer needs

Revolut⁴ is a financial app with a great range of features for personal users, and all account plans come with a linked prepaid card for easy spending and withdrawal.

You’ll be able to keep things simple with a fee free standard account - or if you want more features, and will use your account more regularly, upgrade to a fee paying account tier for up to 19.99 SGD a month. Revolut prepaid cards can be used all over the world, with fee free currency exchange to your specific plan’s limits.

Choose a free standard account, or upgrade for up to 19.99 SGD/month for more features Hold and exchange 25 currencies - all accounts have some fee free currency exchange Different card types available with different account plans, including personalised and metal cards Good range of other features for budgeting, saving, investing and more

Learn more about the Revolut card.

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NETS prepaid card - easy spending in Singapore, with up to 10 cards for each customer account

NETS⁵ is one of the most widely accepted payment networks here in Singapore, so a prepaid NETS card can be handy for everything for paying for lunch, transport rides and more.

NETS is not commonly supported overseas⁶, so this won’t be the best card to take travelling with you, but it is easy to manage and top up your account while you’re in Singapore, with instant card freeze options, transaction notifications and balance checks using just your mobile.

Widely accepted in Singapore for public transport and merchant payments - overseas use is limited Top up and manage your card online or in the NETS app Link up to 10 cards to one account, to give cards to dependents for convenient spending No bank account required - and no credit check

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DBS prepaid card - secured credit cards with reward earning opportunities

DBS doesn’t promote any prepaid debit cards - but it is possible to apply for a DBS secured credit card⁷ instead. In this way, the DBS range of secured cards can be used as prepaid credit cards, subject to approval and credit limits.

When you apply for a secured credit card you’ll pay a deposit up front - 10,000 SGD is the normal minimum for DBS⁸ - and you can then spend up to your card’s maximum credit amount every month. Your credit limit may reflect the amount you’ve paid as a deposit - so a higher deposit may mean you have a higher credit limit to play with. As with other credit cards, you’ll need to repay your bill at the end of the month to avoid further charges and interest.

Apply for a DBS credit card using a deposit instead of worrying about fulfilling minimum income requirements Access any other rewards that come with the specific credit card you select Lots of choice for DBS credit cards, including options co-branded with popular stores and other merchants

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Where to buy a prepaid debit card

You can get a prepaid card online, through a provider’s app, in a bank or in a store - all depending on the specific prepaid card you pick.

Some cards, like the NETS prepaid card - can be ordered online or collected at physical locations. NETS cards can be purchased from TransitLink ticket offices, or convenience stores like 7-Eleven.

Others - like the Wise card or the Revolut card - can be ordered online or via the provider’s app, and delivered to your home for convenience.

And finally, cards from banks - like the DBS secured credit cards - are likely to require a visit to a bank branch to get everything set up. Check out the details for the card that interests you, so you know the process you’ll need to follow.

Summary

Prepaid debit cards, prepaid travel cards and prepaid credit cards all have different features which makes them a good pick for different customer needs. However, what they all have in common is that it’s usually easy to stick to a budget with a prepaid card, as you can’t spend more than you’ve already loaded as balance. That usually means no interest to pay and no unexpected penalty fees.

Use this guide to find the right Singapore prepaid card for your specific needs, including traditional options like the DBS prepaid secured credit cards, and more innovative products like the multi-currency prepaid Wise card.

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Sources:

1. YouTrip
2. YouTrip fees
3. YouTrip ATM fees
4. Revolut Singapore
5. NETS prepaid card
6. NETS FAQ
7. DBS credit cards
8. DBS card eligibility

Sources checked on 09/03/2023