Best Prepaid Business Cards in the UK

Prepaid business cards offer an array of benefits, including streamlined expense management, enhanced security, and improved cash flow control.

But with a myriad of options in the market, which one should you choose? Should you get one as part of a bank account offering or a standalone card from a specialist provider?

This comprehensive guide will explore the range of prepaid cards available to UK businesses, delving into their unique features, benefits, and which could be the game-changer your business needs.

(If you’re interested in a current account, read our guide to the best business bank accounts)

Best Prepaid Business Cards for Employees: An Overview

The 7 Best Prepaid Business Cards

Tide Expense Card, Best Overall Business Expense Card

The Tide expense card is my top choice for businesses, large or small. The key features that make it an attractive option include its ease of use, seamless integration with the Tide app, and the ability to issue up to 50 cards per account. This makes it ideal for small to medium teams.

While many other options work as efficient stand-alone expense cards, it just makes sense to situate this functionality within a working bank account and with all the functionality that adds. As I’ve mentioned in my longer tide bank account review here, Tide is certainly one of the top accounts in the UK at the moment, offering a well-considered blend of functionality, efficiency and cost.

I have always found their customer service very responsive.

During testing, I found using the Tide expense card made expense management very easy for our team. The card allows businesses to track, manage, and organise expenses in real time, which makes accounting a doddle. Since I know that keeping receipts is a huge pain point for most staff, this level of automation really works to ease that.

Best of all, the card is also fully integrated with the Tide app. With this app, I can view transactions in real-time, set spending limits, and even freeze or unfreeze cards if necessary. As someone running a small team, I appreciate having a bank account and expense cards in the same place rather than having to transfer funds between the two.

Soldo Prepaid Company Card, Best Allround Prepaid Card

If your business is in search of a hassle-free expense management solution, the Soldo Prepaid Company Card is one of the best solutions I’ve used.

With the Soldo card, you gain effortless control over your business expenses. Each team member can have their own card, allowing you to assign specific budgets and spending limits. This ensures everyone stays within their allocated budgets, eliminating the risk of overspending.

I appreciate the real-time expense tracking and categorisation. The accompanying mobile app and web dashboard provide a clear overview of all transactions made by your employees. The system even automatically categorises expenses, making it simple to generate accurate reports and gain insights into spending patterns. Say goodbye to tedious manual expense tracking and hours spent reconciling receipts.

What’s more, Soldo enables you to issue virtual cards instantly. This feature is handy for online purchases or subscriptions, as you can create virtual cards with unique details for each vendor. This enhances security and prevents unauthorised transactions. Setting time-limited virtual cards ensures easy management and termination of subscriptions when needed.

Pleo Business Expense Card, Best for Expense Management

Pleo prepaid cards provide a seamless financial solution for businesses, combining innovative technology with simple and effective features that prioritise control, integration, and insights. Here’s how Pleo cards can be an excellent choice for your business:

Pleo’s interface is designed to integrate seamlessly with popular accounting and business software. This means you can easily synchronise your Pleo account with your existing infrastructure, allowing smoother workflows and minimising administrative time. Transactions using Pleo cards are automatically matched with receipts and categorised, saving valuable time and reducing errors.

With Pleo, you’re in full control of your team’s spending. You can set individual spending limits for each card, ensuring budget compliance across your organisation. Pleo also provides real-time notifications of transactions, allowing managers to monitor spending and make adjustments as necessary. Additionally, the Pleo app lets cardholders capture receipts and categorise expenses instantly, reducing the hassle of expense reporting.

Every transaction made with a Pleo card is tracked and recorded, creating a wealth of data that can be used to optimise your company’s spending habits. With Pleo’s user-friendly dashboard, you can visualise your company’s spending in real-time, identify trends, and make informed decisions that can result in substantial savings.

✅ Free Account Option

✅ Easy App Integration

✅ Performant Spending Control

✅ Useful Data and Insights

✅ Up to 1% Cashback on Annual Billed Plans

Equals Money Prepaid Business Card, Best Card for International Use

The Equals Money Prepaid Business Card stands as an exemplary choice for international businesses, designed with flexibility and convenience that make it ideal for global operations. Its impressive reach across 190 countries offers facilitates transactions on a truly global scale.

Firstly, the card’s broad international acceptance means that it eliminates the common problems of currency differences and international transaction fees.

Another key feature is the flexibility it offers. The cardholders have the ability to load the card with any amount at any time, making it easier to control and manage budgets.

Like most of the competitors, the Equals Money Prepaid Business Card also offers real-time transaction monitoring, allowing businesses to track expenses and swiftly identify any unusual or fraudulent activity.

Added to these, the 24/7 customer service offered by Equals Money ensures that businesses will always have support, regardless of their geographical location or time zone.

✅ Use your Card in More than 190 Countries

✅ Up to 3.5% Cashback on Top Brands

✅ High Flexibility on Deposit

✅ 24/7 Customer Support

✅ Dedicated Account Manager

Cashplus Prepaid Card, Best Card for Small Businesses

CashPlus Bank Prepaid Card is an exceptional choice for businesses that value simplicity, ease of use, and quick account opening. Here’s why:

With the CashPlus Bank Prepaid Card, businesses can access straightforward banking services, eliminating the complexity often associated with traditional banking solutions. The prepaid card simplifies expenditure tracking and ensures financial discipline, as it only allows you to spend what you’ve loaded onto the card.

The card has a user-friendly interface on the physical and digital platforms. You can effortlessly manage your finances, track transactions, and check balances from the comfort of your office or on the go. In addition, the CashPlus Bank Prepaid Card is accepted globally wherever MasterCard or Visa (depending on your card type) is accepted, making it an excellent choice for businesses with international operations.

One of the standout features of the CashPlus Bank Prepaid Card is the quick and seamless account opening process. Businesses can open an account within a few minutes without the lengthy documentation process typically associated with traditional banks. This feature is especially beneficial for startups and small businesses, which may not have the resources to navigate cumbersome banking procedures.

Other advantages include robust security measures that keep your funds safe, 24/7 customer service, and advanced online banking features. The CashPlus Bank Prepaid Card can also be integrated with various accounting software, simplifying your financial management and reducing administrative burdens.

✅ Quick Account Opening

✅ Low Fees

✅ Up to 20 Extra Cards

✅ Free EUR and USD Deposits

✅ Centralised Account Dashboard

✅ Free Account Option

Wallester Prepaid Card, Best Expense Card for Large Businesses

The Wallester Prepaid Card is not just another corporate payment solution; it’s a powerful tool tailored specifically for large businesses with global reach. Offering substantial flexibility and a level of control and efficiency that traditional payment methods struggle to match, Wallester is truly at the forefront of the financial industry.

One of the most notable features of Wallester is its provision of an unlimited number of free physical cards. This unique offer in the market allows every single employee within a company, regardless of its size, to have their own corporate card. This vastly simplifies the process of managing expenses and makes tracking and controlling company spending easier than ever.

Moreover, Wallester allows the issuance of up to 15,000 virtual cards. These are particularly useful for online transactions, subscriptions, and other digital payments. They provide an additional layer of security, as they can be quickly and easily cancelled or replaced without affecting other transactions or the physical card. This feature is particularly appreciated in today’s world, where e-commerce and digital transactions are increasingly prevalent.

Managing expenses can be complex and time-consuming for large businesses operating globally. Different currencies, varying tax laws, and the sheer volume of transactions can all make it a challenging process. Wallester, however, has been designed to effortlessly manage these challenges. Its advanced features simplify multi-currency transactions, enables real-time tracking, and provides extensive analytical tools, ensuring that your business can operate smoothly and efficiently anywhere in the world.

✅ Free Plan Available

✅ Unlimited Number of Physical Cards

✅ Up to 15 000 Virtual Cards

✅ Easy Multi-Currency Transactions

✅ Fully Integrated into Accounting Software

✅ Detailed Spending Reporting

Best Prepaid Expense Card for Low-Cost International Payments

The Wise Prepaid Card presents a value proposition for businesses seeking cost-effective global transactions.

Wise charges significantly lower fees compared to traditional banks. Their transparent pricing model eliminates any hidden costs associated with international transactions, making it a more affordable option for businesses.

The Wise prepaid card allows businesses to hold and manage money in over 50 currencies. This functionality can be especially useful for businesses operating in multiple countries or dealing with international clients and partners.

Wise uses the real, mid-market exchange rate for currency conversion. This practice ensures businesses get the most value out of their money and they are not subject to unfavourable exchange rates set by banks.

The time it takes to process international transactions is significantly reduced with Wise. The online platform is user-friendly, and the mobile app provides convenience for businesses on the go.

✅ Significantly Cheaper than Most International Banks

✅ More than 50 Currencies Available

✅ Unlimited Number of Users (Flat Fee of £3 per Person)

✅ Quick Transfer Execution

✅ 1% Cashback on Eligible Transactions

What are prepaid business cards?

Prepaid business cards, also called corporate expense cards, are a type of payment tool designed for businesses. Unlike credit cards, these cards are preloaded with a specific amount of money, which can then be used for various business-related expenses. Once the funds on the card are depleted, more money can be added, or the card can be discarded.

Just like regular prepaid cards, prepaid business cards can be used anywhere debit or credit cards are accepted. They are ideal for managing employee expenses, as they allow businesses to control the amount of money spent. These cards can also simplify the process of tracking and managing business expenses, making accounting and tax preparation easier.

Prepaid Business Expense Cards: 8 Benefits for Businesses

Here are 8 benefits of prepaid business expense cards for businesses:

Hassle-free expense tracking

One of the top benefits of prepaid business expense cards is hassle-free expense tracking. These cards provide real-time data on expenses, which helps businesses monitor and control their expenditure efficiently. Instead of collecting and sorting through receipts, businesses can now have instant access to expense data. With the analytics provided by these cards, businesses can identify spending trends and make necessary adjustments.

Enhanced control over expenses

Prepaid business expense cards give businesses more control over their expenses. With these cards, businesses can set spending limits for individual employees or departments. Additionally, they can control where the cards can be used by setting restrictions on certain types of transactions, such as travel or dining, thereby preventing misuse.

Improved cash flow management

Prepaid business expense cards can help businesses improve their cash flow management. By preloading a fixed amount onto the cards, businesses can better manage their working capital and avoid unnecessary expenses. This helps businesses maintain a healthy cash flow, which is crucial for their growth and survival.

Reduced risk of fraud

Fraud is a significant concern for many businesses. Prepaid business expense cards can help mitigate this risk. Since these cards are not linked to the business’s main bank account, the risk of large-scale fraud is significantly reduced. In case a card is lost or stolen, the potential loss is limited to the amount loaded onto the card.

Simplified reimbursement process

Traditionally, employees had to wait for weeks or even months to get their expenses reimbursed. This could lead to employee dissatisfaction and impact their productivity. With prepaid business expense cards, the reimbursement process is greatly simplified. Expenses can be approved and reimbursed immediately, improving employee satisfaction and efficiency.

Streamlined reporting and compliance

Compliance with tax regulations can be a major headache for businesses. Prepaid business expense cards make it easy to comply with these regulations by providing detailed transaction data. This simplifies the process of preparing financial reports and makes it easy to provide accurate information during audits.

Increased transparency and accountability

Prepaid business expense cards can help businesses improve transparency and accountability. With these cards, businesses can track all expenses in real time, which makes it easier to identify any potential problems. Additionally, the detailed transaction data provided by these cards can generate reports showing how and where money is being spent. This information can be used to make informed decisions about future spending.

Increased flexibility

Prepaid business expense cards offer businesses a high degree of flexibility. These cards can be used anywhere that credit cards are accepted, which gives businesses and employees the freedom to make purchases wherever they are. Additionally, prepaid business expense cards can be easily topped up, which makes it easy to accommodate unexpected expenses.

Are prepaid cards the same as business credit cards?

While prepaid business cards and business credit cards may seem similar, they function differently. A prepaid business card is pre-loaded with funds and can only be used until the funds are depleted. In contrast, a business credit card extends a line of credit to the business, allowing it to borrow money up to a certain limit.

Business credit cards often come with rewards and benefits, such as cashback or travel rewards, that can be beneficial for businesses. They also allow businesses to build credit, which can be useful for securing loans or other lines of credit in the future.

However, business credit cards often come with high-interest rates, and if not managed carefully, they can lead to significant debt. In contrast, prepaid business cards do not allow businesses to spend more than the amount loaded on the card, thereby minimizing the risk of overspending or incurring debt.

Are prepaid employee expense cards the best credit cards for business expenses?

The best credit card for business expenses will depend on the specific needs and operations of your company.

While prepaid employee expense cards can offer certain benefits, they may not always be the most suitable option for all businesses. Let’s consider how they stack up against business credit cards:

Alternatives to prepaid business cards

There are several alternatives to prepaid business cards. These include:

1. Business Debit Cards: These are linked directly to a business’s bank account, and transactions are automatically deducted from the account’s balance. These cards do not allow you to spend more than you have in the account, much like a prepaid card.
2. Business Credit Cards: As mentioned earlier, these cards extend a line of credit to the business, allowing it to borrow money up to a certain limit.
3. Charge Cards: These are similar to credit cards but require the balance to be paid in full at the end of each billing cycle. This can help to avoid interest charges and the potential accumulation of debt.
4. Expense Management Software: This software can help to track and manage business expenses. Some even offer integrated cards for employee use.

Prepaid Business Cards – FAQs