Prepaid cards are another means to carrying money about in purses and pockets. Acquiring a new prepaid card requires the card holder load it up before using the card and then loaded up as the fund on it is used. Thus, it is termed pay before. The cards do not have credit hence, they can be used to make online purchases. It is a good way to reduce ones spending and also helps in budgeting.
The prepaid card program is very easy to understand and works in a very simple way. The card holders can decide on the amount of money they wish to load on the card but it does have a higher amount limit. As the funds on the card is been used on daily basis, it must be top up from a bank account. It can be top up via sms, phone call, or through 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.
Various Types of Prepaid Cards Prepaid cards are in diverse types, each having it own purposes and uses for every customer. The main types of prepaid cards are:
Travel prepaid card: This is used prior to traveling to a foreign country. They can be loaded in foreign currency
Business prepaid card: Designed for employees to control their excessive spending. Government prepaid card: Designed for government spending such as insurance, payroll and so on.
Gift prepaid card: Given by a third party to customers as a gift. It contains gift amount. They are referred to as non-loaded card.
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.
Student prepaid card: Designed for students. It is loaded with funds for students to spend directly from. Payroll prepaid card: Designed for the payment of employee payroll. It is given as a paycheck to employees by the employer.
Having a prepaid card comes with some benefits which include; having a prepaid card enables the card holder to buy things online, in person, through order, or via the phone. It comes with a 14- 16 digit PAN number which is all that is needed when making a non-appearance purchase. It allows the card holder to set a spending limit, you can control your spending limit. It does not have a credit check thus, the card holder can run into debt.
In conclusion, co-branded prepaid card is a means to advertise one's business to the outside world. Using a prepaid card is all about convenience.
The prepaid card program is very easy to understand and works in a very simple way. The card holders can decide on the amount of money they wish to load on the card but it does have a higher amount limit. As the funds on the card is been used on daily basis, it must be top up from a bank account. It can be top up via sms, phone call, or through 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.
Various Types of Prepaid Cards Prepaid cards are in diverse types, each having it own purposes and uses for every customer. The main types of prepaid cards are:
Travel prepaid card: This is used prior to traveling to a foreign country. They can be loaded in foreign currency
Business prepaid card: Designed for employees to control their excessive spending. Government prepaid card: Designed for government spending such as insurance, payroll and so on.
Gift prepaid card: Given by a third party to customers as a gift. It contains gift amount. They are referred to as non-loaded card.
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.
Student prepaid card: Designed for students. It is loaded with funds for students to spend directly from. Payroll prepaid card: Designed for the payment of employee payroll. It is given as a paycheck to employees by the employer.
Having a prepaid card comes with some benefits which include; having a prepaid card enables the card holder to buy things online, in person, through order, or via the phone. It comes with a 14- 16 digit PAN number which is all that is needed when making a non-appearance purchase. It allows the card holder to set a spending limit, you can control your spending limit. It does not have a credit check thus, the card holder can run into debt.
In conclusion, co-branded prepaid card is a means to advertise one's business to the outside world. Using a prepaid card is all about convenience.
About the Author:
The writer loves to provide information on credit card programs and is dedicated to assisting 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.
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