Managing personal expenses can be challenging, especially when you want to stick to a budget and still enjoy the flexibility of card payments. That’s where the FairFX Sterling Everywhere Prepaid Card comes into play, offering a practical and efficient solution for individuals who value control and convenience.
With features like cashback rewards, multi-currency transactions, and easy online account management, this card is quickly becoming a favorite for people who prefer a no-frills yet powerful way to manage everyday spending, both in the UK and abroad.
Key information about the credit card
How does the annual fee work?
One of the most appealing aspects of the FairFX Sterling Everywhere Prepaid Card is that it comes with no annual fee. This can be a game-changer for individuals who are tired of paying recurring charges just for holding a card.
How is the credit limit determined?
Unlike conventional credit cards that rely on a credit check and financial background to establish a limit, the FairFX Sterling Everywhere Card works on a prepaid model. This means you set your own limit by topping up the card with your own funds.
Advantages of the credit card
- Cashback rewards: Earn up to 3.5% cashback when shopping in-store or online at major UK high street retailers. This perk adds real value to everyday purchases and helps you save while you spend.
- Multi-currency use: Use the card abroad in any of the 21 supported currencies without incurring additional conversion fees. This makes it an ideal travel companion for international trips.
- No monthly management fee: You won’t be charged a monthly fee just for having the card, making it perfect for both frequent users and occasional spenders.
- Convenient mobile payments: FairFX cards can be connected to your smart devices, allowing you to make quick and secure contactless payments. This feature is exclusive to customers with a ‘Standard’ account.
- No international payment fees: Sending money internationally is completely free with FairFX, which is a rare find in the world of payment solutions.
Standout advantage
The cashback feature of up to 3.5% is definitely what sets this card apart from others in its category. Unlike most prepaid cards that offer minimal to no rewards, FairFX offers an incentive for regular use, whether online or in physical stores.
Disadvantages
- ATM withdrawal fees: There’s a £1.00 charge for both UK and international ATM withdrawals, which can add up if you rely heavily on cash.
- Currency fees for unsupported currencies: Using the card in currencies outside the 21 supported ones will incur a 2.25% fee, which may affect travelers venturing into less common destinations.
- Cash withdrawal over the counter: Withdrawing money over the counter includes a fixed £2.00 fee plus 3.75% of the amount, making this option less cost-effective.
- No FSCS coverage: Although safeguarded, the money is not protected under the Financial Services Compensation Scheme (FSCS), which some users might find concerning.
- Limited customer service hours: Live support is only available during UK business hours (Mon-Fri, 09:00-17:00), which might be inconvenient in emergency situations outside that window.
A standout disadvantage
The over-the-counter cash withdrawal fee stands out as a significant downside. Not only do you pay a flat £2.00, but there’s also a 3.75% fee on the transaction value, making this feature quite expensive.
Who can apply for this card?
The FairFX Sterling Everywhere Prepaid Card is accessible and inclusive, making it ideal for a broad range of users. You must be at least 18 years old and reside in the United Kingdom to apply. Since it’s a prepaid card, there are no credit checks, which means approval is easy and fast, regardless of your credit score.
It’s also suitable for individuals who are self-employed, unemployed, students, or have had credit issues in the past, as there’s no requirement for a minimum income or proof of financial stability. As long as you can fund the card, you’re eligible to use it.
How to apply for the FairFX Sterling Everywhere Prepaid Card
For the website
Applying for the card via the FairFX website is straightforward and takes just a few minutes. Start by heading to the official site and selecting “Get Started” under the personal card section. You’ll be prompted to create an account by entering your personal details such as name, email, date of birth, and address.
After verifying your email, you’ll be asked to choose the type of account and card you want. The platform will guide you through loading your card with funds, which can be done via bank transfer or debit card.
Once the payment is confirmed, your physical card will be dispatched to your address. No paperwork or credit checks are required, which means approval is nearly instant, and you can start using your virtual card while you wait for the physical one.
Through the app
FairFX also offers a mobile app available on both the App Store and Google Play. The application process through the app mirrors the website experience but provides added convenience. Once the app is downloaded, open it and register for a personal account.
The interface will prompt you to fill in necessary personal and contact information. From there, you’ll be able to verify your account, select your preferred card type, and load funds directly within the app.
The app also allows you to monitor your transactions, reload your card, and even freeze or unfreeze it instantly if needed. Using the app to apply is ideal for those who want to manage everything from their smartphone with a smooth, responsive interface.
At the branch
Currently, FairFX does not support card applications through physical branches or stores. The entire process is designed to be digital, which enhances convenience and speeds up approval. This also ensures that all your documentation, funds, and communication are handled within a secure online environment.
While the lack of in-person service may be a drawback for those who prefer face-to-face interaction, the digital approach allows users to apply from the comfort of home. Moreover, the platform’s intuitive design and helpful guides make it easy to complete your application without needing assistance.