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Prepaid Credit Cards in Sweden

Author: Kristian Ole Roerbye

Written by

Kristian Ole

Reviewer: Frederik

Reviewed by

Frederik Nielsen

Instant card loading and activation

Flexible reloading options

Enhances budget management


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Example: The variable credit interest rate is 21.99% (Feb 2024). The annual fee is SEK 0. Utilizing a credit of SEK 10,000 and repaying through 12 payments of SEK 936 over 12 months, the effective interest rate is 24.35%. The total amount to be repaid is SEK 11,233.

Prepaid credit cards in Sweden offer a convenient and secure way to manage your spending without linking to a traditional bank account. These cards, which can be either single-use or reloadable, are ideal for those looking to control their budget or handle transactions safely while traveling.

Unlike typical debit cards, prepaid cards are funded in advance, ensuring you can only spend what you’ve already loaded, which helps in maintaining financial discipline. This guide will explore the basic features of prepaid cards, highlighting how they differ from regular banking cards and their practical uses for everyday finances.

prepaid credit card

What is a Prepaid Credit Card?

A prepaid credit card requires you to load funds onto it before you can make purchases, quite unlike a conventional credit card that extends a line of credit. With a prepaid card, there’s no possibility of spending more than you have loaded, which effectively prevents debt and helps manage your budget.

  • No Bank Account Required: Unlike traditional debit cards or credit cards, prepaid credit cards do not need to be linked to a bank account. This makes them accessible to a wider range of users, including those who may not qualify for a bank account due to various reasons.
  • Spending Limit Controlled by User: The user preloads the card with a specific amount of money, which becomes the limit of what can be spent. Once the balance is used, the card must be reloaded before further use.
  • Versatility in Use: Prepaid credit cards can be used in the same places and manner as regular credit cards, including online purchases, store transactions, and bill payments, provided there is a balance available on the card.

Types of Prepaid Credit Cards

  • Single-Use Cards: These are typically bought with a set amount loaded and can be used until the balance runs out. They are disposable, which means once the funds are depleted, the card can no longer be used.
  • Reloadable Cards: These cards can be topped up repeatedly. They function similarly to a traditional debit card but without any bank account attachment. They are ideal for regular use over a longer period.

Getting a prepaid credit card is generally straightforward with minimal verification or credit check processes, making it a quick and easy option for immediate financial management needs.

Prepaid credit cards are especially useful for managing spending on travels, controlling budgets for specific projects or expenses, and providing a safer alternative to carrying cash. They also serve well as a starter card for young adults learning to manage personal finances responsibly.

In Sweden, several prepaid cards offer consumers secure and flexible spending solutions. Revolut and N26 stand out by providing reloadable options that function like digital wallets, allowing users to manage their funds via intuitive apps. These cards require no credit check, making them accessible even to those with payment remarks or no formal income.

As an alternative, consider Northmill’s virtual card, which is also popular in Sweden. Northmill offers similar benefits, including easy online management and efficient customer service, catering to those who prefer simple, straightforward financial products.


Northmill Credit Card

northmill virtual credit card

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Example: For a credit of SEK 50,000 at 12.9% annual interest (variable) over a year with 12 repayments, a withdrawal fee of SEK 195 and a monthly administrative fee of SEK 19, the total amount to be repaid is SEK 53,999 (SEK 4,500 per month) and the effective interest rate 15.4%

  • Card Details: Northmill focuses on providing a hassle-free financial experience with its prepaid card, which includes features tailored for easy daily spending and budget management.
  • Funding and Usage: Users can easily top up their card through local payment methods like Swish, ensuring convenience for users accustomed to Swedish banking practices.
  • Fees: Northmill’s prepaid card typically has no annual fee, making it a cost-effective option for users. It offers competitive rates for currency exchanges and ATM withdrawals, aligning with market standards.
  • Credit Option: In addition to standard prepaid card functionalities, Northmill offers a credit system where users can borrow up to 50,000 SEK, providing additional financial flexibility when needed.
  • Security and Controls: The card offers robust security features, including the ability to lock and unlock the card via an app, set spending limits, and monitor transactions in real-time.


Revolut Credit Card

revolut mastercard
  • Types of Cards: Revolut offers three tiers: Standard, Premium, and Metal. Each level provides different perks and benefits, designed to suit varying needs.
  • Funding: Cards can be topped up via international transfers, making them highly flexible for both local and international use.
  • Fees: The Standard card has no annual fee and offers free ATM withdrawals up to a specific limit per month. Currency exchange and international spending come without added fees up to a certain amount.
  • Additional Benefits: Users can trade stocks, cryptocurrencies, and commodities directly through the app. Premium and Metal tiers provide access to exclusive services like airport lounge access and higher cashback rates, especially beneficial for frequent travelers.


  • Card Options: N26 provides a straightforward, single-tier card that is comprehensive in its offerings.
  • Funding and Fees: Similar to Revolut, there is no annual fee, and the card can be topped up via international transfers. ATM withdrawals within the EU are free up to three times a month, and there is a low fee for international transactions.
  • Features: The card includes budgeting tools and real-time transaction notifications. N26 is especially noted for its sleek user interface and efficient customer support.

Pros and Cons of prepaid credit cards

Prepaid credit cards are a convenient option for many, but like any financial product, they come with both advantages and disadvantages.

Pros of Prepaid Credit Cards:

  1. Budget Control: Prepaid cards only allow you to spend the money you have loaded onto the card, which helps prevent overspending and encourages budget discipline.
  2. No Credit Check Required: Since these cards do not provide a line of credit, they typically don’t require a credit check. This makes them accessible to a wider audience, including those with poor credit history or no credit history at all.
  3. Safety and Security: If a prepaid card is lost or stolen, the financial damage is limited to the amount of money preloaded on the card. Additionally, many cards offer similar security features as regular credit cards, such as PIN protection and the ability to freeze the card via an app.
  4. Versatility: They can be used for most types of transactions where credit cards are accepted, including online purchases, hotel bookings, and car rentals.
  5. No Debt or Interest Charges: Since you’re using money you’ve already loaded onto the card, there’s no risk of falling into debt or incurring high interest charges.

Cons of Prepaid Credit Cards:

  1. Fees: Prepaid cards can come with a variety of fees, such as monthly fees, loading fees, ATM withdrawal fees, and transaction fees. These can add up and diminish the value of the card.
  2. Limited Benefits: Unlike credit cards, prepaid cards usually do not offer reward programs such as cash back, points, or travel benefits. They also typically lack the extensive consumer protections or insurance coverages provided by credit cards.
  3. No Credit Building: Using a prepaid card doesn’t help you build or improve your credit score since the activity is not reported to credit bureaus.
  4. Loading Inconvenience: Depending on the card, reloading it with funds can sometimes be cumbersome or slow. Some cards might have limited reloading options or could incur fees with each reload.
  5. Limited Acceptance: In some cases, prepaid cards may not be accepted for certain transactions, such as car rental reservations or hotel bookings, where a credit card is preferred as a security guarantee.


Frequently Asked Questions

A prepaid credit card is a card you load with money in advance and use like a regular debit or credit card without accruing debt.

No, prepaid credit cards typically do not require a credit check, making them accessible to a wider range of users.

Yes, prepaid credit cards can be used for online purchases anywhere that credit cards are accepted.

Yes, you can withdraw money at ATMs, but be aware of potential withdrawal fees.

You can reload your card through bank transfers, direct deposit, or at designated retail locations, depending on the card.

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Kristian Ole Rørbye

Af Kristian Ole Rørbye