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prepaid card

Three main questions typically face the manager or executive who is considering the use of prepaid cards:

What can prepaid cards do?

A prepaid card can be used in the same way that a debit card or credit card would be used. Whoever loads funds onto the prepaid card determines the main application of the card type:

  • Everyday shopping
  • Mail order shopping
  • Online shopping
  • Telephone shopping
  • Airline bookings
  • Car rentals
  • Hotel reservations
  • Paying bills
  • Paying bills online
  • Paying monthly subscriptions
  • Topping up a cellphone
  • Remittance, including money
    transfers overseas
  • Person-to-person money transfers

A prepaid card can also provide various benefits and features, including:

  • Avoiding identity theft or unscrupulous merchants while shopping online
  • Enabling cash back at a merchant
    or at an ATM
  • Facilitating online budgeting
  • Giving a gift
  • Making available a second card with access only the money specifically transferred onto the second card
  • Minimizing risk from lost cash
    or traveler's cheques when traveling abroad
  • Offering a safe and secure place
    to keep money
  • Providing a Visa or MasterCard to those unwilling or unable to obtain a credit card or debit card
  • Separating money into different cards
    for different purposes
  • Teaching teens about money management
  • Withdrawing cash from ATMs