The application of pre-paid cash card for consumers
Prepaid cash cards look like credit and debit cards and they offer the same ability to purchase products and services but with a crucial difference – people can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility.
Customers will be give a Pin number when their purchase a card, and once money has been credited, it can be used in the same way as a debit or credit card – for high street, online or telephone purchases, as well as cash withdrawals from ATMs.
Money can be loaded onto a prepaid cash card by cash at a bank, Post Office, at Payzone or PayPoint terminals or via a bank transfer. However, not all prepaid providers offer all of these loading options, so customers need to bear this in mind when comparing deals as some are more flexible than others.
The application of pre-paid cash card for consumers are stated below:
(i) Buying petrol and groceries at petrol station
(ii) Pay bills
(iii) For people who wish to use foreign currency on a holidays.
(iv) Withdrawn money from ATMs
(v) Internet shopping
(vi) For people who have a poor credit rating or a history of bad debt, it is difficult for them to get a credit card. So, it is another choice for them to apply prepaid cash card.
(vii) Top up mobile phone
The advantages of using prepaid cash card:
(a) Easy to Get, Easy to UseThere is no credit check and no bank account required. When you carry a prepaid card, you can leave your cash at home and enjoy some of the benefits of a bank account without actually having one.
(b) Easy to pay bills and manage expenses
No more waiting in line for money orders. Use your card to pay bills and manage your expenses easily with your statement and online financial tools.
(c) Availability
There are no credits checks, which mean you can get a card without worrying about your credit history. All prepaid card providers will carry out an identity check to confirm you are who you say you are.
(d) Control
Prepaid cash cards are an ideal way to budget for yourself or help to manage your children’s spending. Like a credit card you get a full breakdown of spending on the card so you can see what has been purchased, who from and when.
(e) No debt risk
With a prepaid cash card there is no chance of spending too much as you are limited to the amount you put on your card.
(f) The card for travel
Prepaid cash cards are a good option if customers are going overseas. They are popular with students heading off on gap years and children who go abroad on school trips as parents can load them up.
In conclusion, with a prepaid cash card, it makes our life easier.
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5 comments:
can i get any interest on the money in my account?
can i use it to withdram money from cash machine?
Dear Susan:
No. Pre-paid cash card account does not pay interest.
Dear Kai:
Yes, you can. Your card will have a pin number. But you can only withdraw money that already loaded on to it.
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