A prepaid card is a card that serves as an alternative to carrying liquid cash. The prepaid card owes its development to the desire for people to carry less cash around or control their spending. Besides the world as it currently stands is going cashless and financial institutions are constantly encouraging customers to get a prepaid card.
Types of prepaid cards Basically there are different types of prepaid cards, they can be open loop or a closed loop, a reloadable or non-reloadable prepaid card and some special cards like a payroll card or college ID cards.
In the subsequent paragraphs we would examine some of the types of prepaid credit cards that are available for customers today. Closed System Prepaid Card. This is a prepaid card that can be used only at a single merchant. It is similar to the co-branded credit card but only with respect to the fact that it originates from the relationship a merchant has with a financial institution. A majority of the close system prepaid cards are stored value cards and external records of transactions do not exist.
Visa has its special form of co-branded credit card which has developed some traction in the retail market. It is designed to help retail companies not only increase their sales, but attract new customers, whilst delivering value at the same time.
A reloadable prepaid card, is a type of prepaid card you can add money to and also known as a general purpose reloadable card. Some of this cards start out as a non-reloadable card, but become reloadable once you complete a registration process.
Young teenagers who are not generally eligible for a credit card can get a prepaid card. It can also be used as a tool to encourage a better saving culture in young adults.
A major advantage of having a prepaid card is that it is a viable alternative to having raw cash on you. It works perfectly for those who may want to keep their purses a little neater, or are too busy to go to the bank to withdraw cash.
Benefits attributed to a prepaid card Some prepaid card programs accept applications for customers usually from age 13 and above. This gives the child a great sense of management, without the any risk of running into debt. Prepaid card can be used abroad, this cards are issued in a specific currency so be sure to check that the card you are getting covers the currency you need.
Types of prepaid cards Basically there are different types of prepaid cards, they can be open loop or a closed loop, a reloadable or non-reloadable prepaid card and some special cards like a payroll card or college ID cards.
In the subsequent paragraphs we would examine some of the types of prepaid credit cards that are available for customers today. Closed System Prepaid Card. This is a prepaid card that can be used only at a single merchant. It is similar to the co-branded credit card but only with respect to the fact that it originates from the relationship a merchant has with a financial institution. A majority of the close system prepaid cards are stored value cards and external records of transactions do not exist.
Visa has its special form of co-branded credit card which has developed some traction in the retail market. It is designed to help retail companies not only increase their sales, but attract new customers, whilst delivering value at the same time.
A reloadable prepaid card, is a type of prepaid card you can add money to and also known as a general purpose reloadable card. Some of this cards start out as a non-reloadable card, but become reloadable once you complete a registration process.
Young teenagers who are not generally eligible for a credit card can get a prepaid card. It can also be used as a tool to encourage a better saving culture in young adults.
A major advantage of having a prepaid card is that it is a viable alternative to having raw cash on you. It works perfectly for those who may want to keep their purses a little neater, or are too busy to go to the bank to withdraw cash.
Benefits attributed to a prepaid card Some prepaid card programs accept applications for customers usually from age 13 and above. This gives the child a great sense of management, without the any risk of running into debt. Prepaid card can be used abroad, this cards are issued in a specific currency so be sure to check that the card you are getting covers the currency you need.
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The advantages of obtaining a Visa co-branded credit card cannot be over avoided. In this age of competition between retailers, obtaining a co-branded card program is one way to stay ahead of your competitors, whilst rendering the best services to your customers.
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