Types & features of Prepaid Cards

Here we will find about different types of prepaid cards and their features. They look exactly like the plastic credit or debit card. All you require to do is contact a bank or any private financial institutes &, get a card based on the amount of cash you wish to deposit. No bank account, no fees, no min.

balance, no account suspension problem ever. Even if you are not eligible for a credit card or your credit history is bad that banks do not wish to open an account for you, prepaid cards are of great help. Few of its benefits are listed here below.

Travel card – Most of us carry cash while traveling & at times credit and debit cards do not function when you are on an international tour. It is better to have a prepaid card, and erase the fear of carrying cash with you.

Gift card – Incase you do not know, what to purchase for your beloved one on their birthday, gifting a prepaid card having a decent sum is a good idea. They can buy whatever they wish to and this card is widely acceptable.

Withdrawal card – If the prepaid card is provided by any bank, you will be able to withdraw money from the bank’s ATM just like the way you withdraw money through a debit card.

Pay bills – Depending on the type of card, you can even pay your utility bills, provided you have enough funds in your prepaid card account.

Payroll card – Many companies provide salaries through prepaid cards instead of cash or checks. This will ease the companies’ overhead costs.

Teen cards – Parents of teenagers provide them with prepaid cards so that they do not overspend their money and the parents can keep a track of their spending limit as well.

Disposable – Incase you do not wish to use the card anymore, all you require is to dispose it off, unlike other banking cards where you have to inform the bank, before disposing the cards.

Expiry – Many cards do not have an expiry date. This will benefit the user as they do not have to keep a track of the expiry of the card.

Maintenance – It is advisable for the user to check whether the card has any maintenance fee. Try to get cards which are free from maintenance, otherwise a certain amount will keep getting deducted from the balance in your card.

Conclusion

Today, many individuals who are unable to get credit ratings from their bank basically due to their poor credit history in the form of regular check return cases, non maintenance of minimum average bank balance, making over the limit purchases all fall in the bank’s negative fraudulent list. For such people, going for a prepaid card is the best option as they do not require any credit rating to get such a card.