What is Prepaid Visa?
A prepaid Visa Electron works like any Visa credit or debit card so transactions can be made and cash withdrawn although each transaction has to be electronically authorised.
If you are considering taking out a prepaid card it is a good choice to opt for a Prepaid Visa as it is accepted at over 12 million electronic merchant locations worldwide in over 160 countries.
Where you see the Visa or Plus payment mark displayed the Visa prepaid card will be accepted.
To obtain a Prepaid Visa you can purchase them from your bank, selected retailers or the Post Office usually for a small price of around £10 - however some providers will refund this once the user has loaded money onto it.
Benefits of Prepaid
The main purpose of a prepaid card is to help the card user budget their monthly income as the service comes with the ability to monitor online exactly where the money has been spent.
The card also does not get a user into debt like a credit card would as they only have access to the funds they loaded onto it.
It is also a good option for those who are under 18 with an income and unable to obtain a credit card, it can help youngsters to manage their money as opposed to using cash to purchase items.
Those who are unable to obtain a credit card due to poor credit ratings are also popular users of prepaid cards as anyone can purchase one.
If you are a keen internet shopper prepaid cards are also a good way to buy online items as they are widely accepted like most credit and debit cards. They are also protected against fraud and can be cancelled if you suspect identity theft.
Many people can benefit from the cards for money transfers as more than one card can be added to the account so if a family member abroad wishes to withdraw money from it they can do so and receive the funds in the correct currency.