What is a Prepaid Card?

Prepaid is an innovative way to manage your money. A prepaid card looks, feels and works similar to a debit card, and can be topped up like a mobile. Prepaid cards are NOT debit cards or linked to a bank account. Only the funds that have been loaded by the cardholder can be spent. There are no credit or overdraft facilities, and no fees/penalties from these services. Prepaid cards can be used at ATMs (cash machines), and purchase items wherever the MasterCard Acceptance Mark is shown.  more

Prepaid cards are, in fact, not credit cards. Prepaid cards act like credit cards but, in reality, are more like debit cards. These types of cards have many benefits, including: No finance charges, easy budgeting, avoiding debt, etc. With prepaid cards, the cardholder determines the credit line. Generally speaking, a cardholder's credit line depends on how much money he/she transfers to the card. Therefore, there is little risk of running up credit card debt, while budgeting is made easier. Although most prepaid cards do not charge finance fees, other fees may apply, including: monthly fees, startup or application fees, overlimit fees, ATM fees and more. Be sure to thoroughly look over the terms and conditions for each specific card before applying.  more

A prepaid card holds a specific dollar amount that you choose. As you access money from the Card, its balance is reduced until all funds are used. In addition to taking money from the Card, you are also able to add value to it over and over again.  more

A prepaid card is not a credit card. It has a pre-determined amount of dollars placed on the card by the card purchaser. The use of a prepaid card is limited to the available balance on the card.  more

The Prepaid Card is a prepaid debit card accepted at millions of locations worldwide, including online. For more information, Click here.  more

Like debit and credit cards, prepaid cards allow you to make purchases without cash or checks. Unlike credit cards, you cannot take on debt with a prepaid card, and unlike debit cards, prepaid cards are not linked to a bank account. A prepaid card has a zero balance until you add money to it. How Prepaid Cards Work When you make a purchase with a prepaid card, the amount is subtracted from the balance of the card. Once the balance reaches zero, the card is empty. It can then be discarded, unless it is a reloadable card, in which case you can add funds and continue using it. With Prepaid Cards You Can: • Make purchases in person, online, or by phone • Give gifts to friends and family • Withdraw cash from an ATM or bank • Receive wages or funds by direct deposit to the card • Pay bills Kinds of Prepaid Cards Reloadable cards. A reloadable prepaid card is one that lets you add funds after your initial purchase. Teen cards, Travel cards, and Payroll cards are often reloadable. Gift cards. ...  more

Prepaid cards offer customers either one or seven continuous days of unlimited Wi-Fi access at all T-Mobile HotSpot locations nationwide. The cards have no value until purchased. For security reasons Prepaid cards require a PIN number to activate.  more

Prepaid cards can be described as reloadable debit cards. Available in either Visa or MasterCard, prepaid cards are often used to purchase items and services or withdraw cash from ATM machines. These reloadable debit cards are often used as an alternative to cash when shopping. Although pre paid cards act similar to a debit card, they are often referred to as prepaid credit cards.  more

Prepaid cards or Prepay Credit cards are becoming increasingly available; offering a secure and convenient way to transfer or share money, spend abroad, shop online, receive wages and simply use for day to day spending. They are a great option if you are unable to get credit or a bank account, because you'll get all the versatility of a debit or credit card regardless of your credit rating. Prepaid cards are used and accepted just like credit and debit cards, except you 'pre-load' the card with funds. The cards can be loaded by a variety of methods and does differ by card (check our Prepaid Calculator table to view top-up types.) Generally you can load with cash at EG Post Office or Paypoints; and sometimes at a bank itself. Other methods include having your wages paid onto the card, via a bank transfer or even by post!  more

The prepaid card is far from a new idea. How many of us have used a prepaid gift card or a prepaid mobile phone SIM card? The concept is basically the same. A prepaid card looks like a credit or debit card, and gives users the ability to purchase products and services with a card but with a crucial difference - you can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility.  more