Questions and Answers for Prepaid Cards

Published on 11 July 2012 by Raffick Marday

COMPARE PREPAID ANSWERS QUESTIONS ON PREPAID CREDIT CARDS

What is a Prepaid Card?

A reloadable payment card which is usable based the branded type either Visa , MasterCard or Maestro . Where you load funds on to your cash card and you can only spend the balance on the account and you can not go overdrawn at any time.

How are pre paid card issuers making their money?

Prepaid card issuers are not making money on late payment charges or over limit fees or on interest so the majority of them charge a monthly fee or charge you on your usage.

Types of Prepaid Money cards

It is a either a Prepaid MasterCard, Prepaid Visa or Prepaid Maestro or store value

What is the minimum age for having a one?

They are generally available to all ages, although some companies require you to be at least 18 years of age to use their cards. For under the 18 years there will be restrictions on the cash card to prevent inappropriate use such as buying alcohol and gambling.

What makes prepaid money cards safe?

With most prepaid credit cards you must enter your PIN code to use it and overall it is a safer way to carry your hard earned money. If your money card is lost or stolen, most card providers will ‘stop’ the money card and arrange for a replacement to be sent to you some may charge you also some issuers offer payment protection.

Where is it accepted?

This Depends on the type of cash cards you have, most prepaid credit card issuers are a secure and convenient way of making everyday purchases at retail outlets, including over the internet, mail order, over the phone and using at ATM machines,

How many cards can I have?

Depends on the provider but the average is three (3), But be aware of charges and usage fees for each one that you buy.

What is the cost of having a prepaid card?

As there is a variety of prepaid cards and you need to choose the card that is right for you, Spend a bit of time working out how you plan to use the prepaid card and for what services, by doing this you will save you money in the long run.

Example if you are using the prepaid card for online purchases you will be better off getting a prepaid card that charges you a monthly fee and charges no transaction fees for internet usage.

Example ATM usage if you are going to mainly use you card for this service then check out the comparison chart to get the best rates.

  • Application Fee – nearly all charge you for this as they have to issue you the cash cards and set up a virtual account including monitoring your account on a constant basis.
  • Reloading – Topping Up – the issuers are charged by companies to use their service and have to pass the cost down to you, before getting one work out how many times you will be loading your money card.
  • ATM Costs and Charges – Nearly all issuers charge for ATM usage this is down to the banks issuers and what they charge. check out what the charge rates are for international usage if you intend on using abroad.
  • Monthly service charge – in some cases this can save you money based on what you are using the card for

Please remember to check the issuer’s charges and terms and conditions before purchasing one.

Can I use it to shop online, by phone and by mail order?

Yes with most prepaid credit cards you can.

Can I use it to make monthly payments?

With most prepaid credit cards, you can use it to make regular payments.

I have lost my card or it has been stolen?

If your cash card is lost or stolen, you must report it to your cash card issuer company immediately. They will usually freeze your card and go through their security procedures, but not all of them have payment protection.

How do I load money onto my account?

There are a number of ways to reload your money card, for example: at post offices credit / debit card or by cash at retail outlets, all offer funds transferred from a bank account, on-line and some over the phone.

Difference between a ‘reloadable’ and a ‘non-reloadable ‘ card?

A ‘reloadable’ card is a prepaid card which can be topped-up at any time. A non-reloadable’ card is a card that can only be loaded once such as gift cards.

Is there a limit to how much money I can put on my account?

Yes this varies depending on the card provider.

Can I see a history of how I have used my account?

Yes, nearly all companies provide this option, you will have access to you account online to view all transactions that have done including charges and reloads.

To see a full comparison on prepaid debit cards, use the above links to see which cash cards can offer you the best deal.

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