Best Prepaid Credit Cards In Spain 2022 [2022 English Guide]

Having a prepaid credit card can guarantee a whole host of benefits. This guide will let you know why you should consider getting one and the options that you have. While a number of companies offer prepaid credit cards, not all of them will offer the same kind of benefits. Read on to see which one suits your spending habits.

Quick Comparison Of The Best Prepaid Credit Cards In Spain

	BBVA Aqua	MoneyToPay	Spark	Correos	ViaBuy
Annual fee	5 euros	6.95 euros	14.4 euros	×	19.90 euros
Issuing fee	5 euros annually	16 euros	10 euros	6 euros	69.90 euros
Embossing on card	×	√	√	√	√
Recharge fee	×	1 to 1.5%	2% via bank transfer5% via debit or credit card	2 euros if recharged online and 1 euro if at a Correos office	×
Cash withdrawal fee	Only for ATMs outside the network	3%	×	1 euro	5 euros
Foreign transaction fee	3%	0.4%	×	×	2.75%
English website	√	√	√	√	√

What Is A Prepaid Credit Card?

A prepaid card differs from a regular credit card because it is not linked to any of your bank accounts. It functions as a kind of debit card which is limited by the amount deposited into it, which you will need to do in advance. These cards are not connected to your credit score, so anyone can get them. It is a great option if you are looking for an alternative to cash, but only a few other features in a card.

You are constrained by what is already in the card and can usually not overspend on it. So technically, you are not borrowing money or taking out credit for your purchases when using the card. Therefore, you will not have to worry about any interest or debt charges.

6 Reasons Why You Should Consider A Prepaid Credit Card In Spain

Fewer Chances Of Overspending

Unlike traditional credit cards, with a prepaid card you have a lesser risk of overspending. This is because they limit your spending to only the amount that you actually deposited in the card. This is an easy way to stay out of debt. Moreover, since most prepaid cards do not offer an option for overdraft, you will not be charged the hefty fees that usually accompanies such services.

You can even take out a card for specific uses that aren’t necessities. For instance, you can deposit money in a separate card specifically for dining out. Once you have maxed out on your card, you won’t be able to spend any more on dining out. Therefore this can also be a good way to budget.

Convenience Of Use

Prepaid cards are easy to load, and this can be done either online or in person. You can add money onto the card either through a bank transfer, cash or a direct deposit. This is known as an open-loop reloadable card. You can continuously top it up depending on the bills you need to pay or other purchases you need to make. You can even track your transactions and get updated information on your spending.

Secure Form Of Payment

Some people might be hesitant to use their debit or credit cards in some situations for security and privacy reasons. This is particularly relevant for personally identifiable information. With a prepaid credit card, you don’t have to worry about things like these. There is no bank account information and little personal information at risk. There is also zero-liability protection, instant reporting as well as better security and monitoring such that there are fewer chances of theft and fraud.

Limit Your Losses

Prepaid cards are also legally covered for fraud. In case there is an unauthorized payment using your card, and you notify the card issuer timely, the company will reimburse you for any such errors.

In the rare instance that you become a victim of fraud, your losses are also limited. Instead of putting your entire bank account at risk, you only risk losing the amount on the card. You might also be eligible for other protection policies as part of the issuing card company’s policies. In addition to these, some cards offer protection of your balances up to a certain limit against bank failure.

Does Not Require A Bank Account Or Credit History

Prepaid credit cards are usually not linked to any bank account. While you might get yours at a bank, they are usually issued by financial institutions independently and you don’t necessarily need to have a bank account. A prepaid card is not linked to your credit history either, unlike a traditional credit card. Banks usually take a look at your bank history and require you to meet extensive conditions like a minimum balance, credit history and other identification documents and forms. A prepaid card will not require such checks so you don’t need to worry about any unpaid balance at your last bank. It is a good way to get a card even if you can’t get one from other avenues, and manage your financial needs.

Accepted Everywhere And Easy To Use

These cards are a safer alternative to cash so you don’t have to worry about carrying around too much when travelling for instance. Unlike gift cards, they don’t limit you to spend on a specific store only. Prepaid cards are accepted almost everywhere that traditional cards are accepted too, so that you can make purchases anywhere in the world through your card. You can even use it for cash withdrawals and online shopping.

What Are The Best Prepaid Credit Cards In Spain?

BBVA Aqua 

The BBVA Aqua prepaid card is ideal for someone who wants to use plastic money but does not qualify for or wishes to use a traditional credit card. It does not require any checks for credit history, so you don’t have to worry about your experience with previous banks before getting this card. The card was introduced in the Spanish market in October 2022 and has made a buzz with its advanced security features.

Pros

• The card does not have any printed numbers for an added level of security
• You can recharge the card free of cost for any amount between 6 and 1,000 euros
• Using the card online requires a dynamic CVV code which you can only get from your BBVA app
• You can add your card to Apple Pay, Google Pay and others to pay with your phone without having to carry the card
• Turn the card on and off whenever you like
• Option to get a digital card only
• Free ATM withdrawals at BBVA ATMs and insurance for ATM robbery

Cons

• Monthly maintenance fee of 5 euros
• Charges for withdrawals at out-of-network ATMs
• 3% fee is applied to transactions made outside the Eurozone

MoneyToPay

MoneyToPay was launched by la Caixa Bank as the first bank that specializes in prepaid cards. It is a fairly recent venture, launched in 2012. Even before this, la Caixa was the leading operator in all card types. With the advent of this bank, it could have a specialist team in place to drive its growth in the sector of prepaid cards.

Pros

• Website available in English
• 3 different Visa cards you can opt for depending on your needs
• CaixaBankProtect service provides greater security against fraud
• You can withdraw cash from ATMs across the world

Cons

• Each top-up after the first has a 1 to 1.5% fee
• You can choose among various methods of top-up
• There is an issuance fee of 16 euros
• Cash withdrawals at an ATM have a 3% fee

Spark

When the Spark card was launched in Spain, it stood out due to the ease of not having to link a bank account to it. Not only can you use this card to pay for your purchases, but also send and receive money without connecting your card to a bank account. Furthermore, it also does not require any documentation to issue.

Pros

• You can block the card via SMS in case of theft or loss
• Universal acceptance including pages of online bets and ATMs where MasterCard is accepted
• You can link multiple cards to the same phone number
• The website is available in English for ease of use
• More than 35,000 points of sale and reload which form an extensive network in Spain

Cons

• Reload fees are charged depending on the mode of deposit. Reload via bank transfer is charged a 2% fee, whereas that by a credit or debit card is charged a 5% fee
• The basic card does not have an ATM withdrawal option and maximum balance is limited to 250 euros only

Correos

Correos Prepago was launched by the Spanish Post Office in partnership with Prepaid Financial Services (a leading European issuer of virtual prepaid card products) in 2015. As part of their agreement, FPS provides program management, end-to-end technology solution and also the customer service support for the card service. The cards can be bought from the Correos post offices all across Spain.

Pros

• You just need a valid ID document to get a prepaid card from any one of the Correos offices
• Accepted at more than 37 million shops globally which also accept MasterCard
• The card and transactions can be managed through your phone and the mobile app
• Recharging is a very easy process via cash, a bank card or the recharge app
• Tourists visiting Spain can avoid the foreign exchange fees that are usually charged on other cards
• You can instantly block the card through the web, app or through customer service

Cons

• You have to pay a fee every time you recharge the card
• Fees are also charged at every cash withdrawal

ViaBuy

This prepaid card was launched in 2012 and provides its users with an IBAN account number. ViaBuy was also among the first credit card companies that supported e-wallets like Apple Pay.

Pros

• Open an account in less than 8 minutes with fully online verification
• The card comes with an online account which has its own IBAN number
• The card’s security is guaranteed by MasterCard’s Zero Liability Policy, and the fact that it is issued by a licensed e-money institution regulated by the EU

Cons

• The card is relatively expensive when compared to other options available in the market
• ATM withdrawals are not free
• Payments in foreign currencies and international bank transfers are not free of cost

Final Thoughts

Prepaid credit cards are a great way to keep track of your budget and limit your spending. Additionally, the issuing authorities usually have far less stringent requirements than they do for a regular card. The price you must pay for this is an increased number of fees, which in some cases can get a little expensive. This guide can help you select an option that works for you, given all its costs. Prepaid cards do have their pros and cons, but if traditional cards don’t work for you, this is the way to go.