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Prepaid Cards are an alternative to carrying money about. Funds are been deposited in prepaid cards when they are newly acquired and subsequently topped up when the funds are been exhausted. Therefore, it is pay before. The cards are also used to buy online because they are have no credit cards. The cards are good for budgeting and also helps in reducing spending.
The prepaid card program works in a very simple and easy to understand ways. The moment you get the card, you decide the amount of money you want on it. Although, it comes with an higher limit of how much you can have on it. And as you spend the money day-to-day, you need to top it up from a bank account, which could be through sms, phone call, or visiting a Paypoint.
Co-branded prepaid cards on the other hand are designed for businesses and partnering companies for their customers. The cards carries the partnering retailers and the issuing company logo.
A prepaid card could also be provided through a third party who makes deposit on the card after the suppose card holder must have presented the deposit receipt to the third party provider. Having a prepaid card does no necessarily means that one must have a bank account.
Types of Prepaid Cards There are various types of prepaid cards and they are designed for the different uses and demands of customers. The major types include:
Travel prepaid card: Used when traveling to another country. Foreign currency can be deposited on it.
Business prepaid cards: They are designed for employees to limit their spending.
Government prepaid card: The type of prepaid card used for government disbursement such as insurance, payroll, etc.
Gift prepaid card: Provided by a third party. They are non-reloaded. They are gifts cards and also comes with a pre-loaded gift amount.
Student prepaid card: Usually pre-loaded for students so they can spend directly from it.
Payroll prepaid card: Given by an employer to an employee. It is used in paying employee salary i.e paycheck is paid directly on the card.
In addition, having a prepaid card enables the card holder to buy directly from online stores. They can also make order in person or via phone call or from the internet. The prepaid card has a corresponding 14-16 digit number which is required when making order or a non-appearance purchase. The card enables users to set their spending limit. Card holder needs not worry about running into debt as the card does not have a credit check.
Finally, co-branded prepaid card can help to promote the awareness of the issuing company and the third party provider. Prepaid card brings about convenience for the card holder.
The prepaid card program works in a very simple and easy to understand ways. The moment you get the card, you decide the amount of money you want on it. Although, it comes with an higher limit of how much you can have on it. And as you spend the money day-to-day, you need to top it up from a bank account, which could be through sms, phone call, or visiting a Paypoint.
Co-branded prepaid cards on the other hand are designed for businesses and partnering companies for their customers. The cards carries the partnering retailers and the issuing company logo.
A prepaid card could also be provided through a third party who makes deposit on the card after the suppose card holder must have presented the deposit receipt to the third party provider. Having a prepaid card does no necessarily means that one must have a bank account.
Types of Prepaid Cards There are various types of prepaid cards and they are designed for the different uses and demands of customers. The major types include:
Travel prepaid card: Used when traveling to another country. Foreign currency can be deposited on it.
Business prepaid cards: They are designed for employees to limit their spending.
Government prepaid card: The type of prepaid card used for government disbursement such as insurance, payroll, etc.
Gift prepaid card: Provided by a third party. They are non-reloaded. They are gifts cards and also comes with a pre-loaded gift amount.
Student prepaid card: Usually pre-loaded for students so they can spend directly from it.
Payroll prepaid card: Given by an employer to an employee. It is used in paying employee salary i.e paycheck is paid directly on the card.
In addition, having a prepaid card enables the card holder to buy directly from online stores. They can also make order in person or via phone call or from the internet. The prepaid card has a corresponding 14-16 digit number which is required when making order or a non-appearance purchase. The card enables users to set their spending limit. Card holder needs not worry about running into debt as the card does not have a credit check.
Finally, co-branded prepaid card can help to promote the awareness of the issuing company and the third party provider. Prepaid card brings about convenience for the card holder.
About the Author:
The writer loves to provide guidance on credit card programs and is dedicated to helping people and businesses embrace the opportunities in the world of payments. The writer is a passionate writer on the world of co-branded prepaid cards options and solutions.. Free reprint available from: Prepaid Cards Program: What Are They And How Can You Benefit From Them?.
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