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  • Emily Friday

Breaking Prepaid Myths | 5 Myths about Prepaid Cards

Earlier this month, we asked our Instagram community: what common myths have you heard/do you believe about prepaid cards?

Whilst debit and credit cards have been around for a long time, prepaid payment methods are a slightly newer Fintech innovation.

And as it goes with any new technology, myths and doubts about their effectiveness rise to the surface!

Many people are still unfamiliar with the concept of prepaid and how exactly it works, which is why we want to help shed some light on these myths so that people can trust in prepaid cards - and see for themselves just how beneficial they can be.

MYTH 1: You won’t be accepted for a prepaid card with bad credit

What’s the truth?

You’re much more likely to be accepted for a prepaid card than a credit card.

Why? Because, with a prepaid card, you aren’t borrowing the money like you would with a credit card. You can only pay with the money that you’ve already loaded onto your card, meaning there’s no need to perform a credit check.

With ImageNPay, you can sign-up for your prepaid card quickly and conveniently as it’s right within our app. You won’t need to fill out a tonne of paperwork with your proof of income or job title - and there’ll be no potential damage to your credit score.

MYTH 2: Prepaid is insecure

What’s the truth?

Prepaid cards have plenty of self-esteem! Jokes aside, prepaid cards aren’t prone to security breaches because Mastercard prepaid cards are secured with the same two-factor authentication as other debit cards.

All ImageNPay cards are Mastercard-approved and offer a secure alternative to shopping online as a virtual card isn’t linked to a bank account or credit facility.

Read our blog on how we keep your money safe for more information.

MYTH 3: You can’t use prepaid to shop online

What’s the truth?

As we’ve already established in our previous myth-buster, this one couldn’t be further from the truth! Using a prepaid card to shop online is one of the most common ways to use them - whether it be for online gaming, clothes shopping, or getting your Christmas gifts ordered early.

The ImageNPay app also allows you to set up Apple Pay with your digital card - meaning you can take your payments offline in the ‘real world’, too!

MYTH 4: Only a few places accept prepaid payments

What’s the truth?

Any payment card that’s integrated with Mastercard is automatically accepted in more than 40 million places worldwide, meaning you can take your ImageNPay digital wallet anywhere you go. And with Apple Pay being accepted almost everywhere since the pandemic, you can rest assured knowing your virtual card is good to go.

MYTH 5: You can’t see how much money you have on a prepaid card

What’s the truth?

Most prepaid card providers these days have a mobile application or internet banking software so you can check your balance at any time. With ImageNPay, your prepaid card essentially is your phone - it’s all neatly packed into the app, with the option to use with Apple Pay.

And a virtual prepaid card certainly has its perks - you can check your balance instantly, add funds to your account within seconds, and change the image on your card with the tap of a button. Budgeting made easy and spending made fun!


With all that said, we hope we’ve managed to address any preconceptions you might have had about prepaid.

If you have any more questions about our app and prepaid, you can check out our FAQs page or follow us on Instagram and send a DM.

Let's leave the myths to the mythical creatures and pay with a unicorn using our bespoke Unicorn card - available exclusively in the ImageNPay app! 🦄

unicorn image

Download the world’s most exciting payment app today.

Click the button below to download our app for free via iOS.

Our app will also be available for download on Android very soon!


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