Also referred to as general-purpose reloadable cards, prepaid cards have become more and more popular with each passing year. However, if we examine all the wonderful benefits reloadable prepaid cards offer, it’s easy to see why they have gotten quite the reception.
Unlike other plastic cards, reloadable prepaid cards are not linked to any savings or bank account. That said, many consider them a lot safer to use compared to other debit or credit cards. What’s even more impressive is reloadable prepaid cards are very convenient to use compared to the other plastic cards.
Come to think of it, you can get your hands on a prepaid card without going through those pesky background checks. You also won’t be required to fill out countless forms or submit personal and financial documents. With prepaid cards you also won’t need to provide personal and confidential information just to apply.
What makes reloadable prepaid cards a favorite is the fact that they can be used for various purposes. Not only that, they also have many enticing features that are designed to make every transaction—purchase or withdrawal—a breeze for all the cardholders.
Also, if you have a prepaid card, you won’t need to own multiple plastic cards as one prepaid card alone can already serve different uses. There is however one thing prepaid card users need to be aware of, not all prepaid cards have been created equal.
For instance, the international prepaid cards are designed to carry out a broader range of transactions compared to the traditional prepaid cards. With that in mind, it is crucial that you know what to look for when picking a prepaid card that will suit your needs best.
For the uninitiated, below are some of the things you need to remember before deciding on the prepaid card to get:
You can always end up wondering where your money went and why you are being deducted for transactions you have done using your prepaid card when you don’t have the slightest idea of the charges and fees. While it’s always lesser compared to debit and credit card charges, it is still crucial that you know how much you will be deducted.
Case in point: when you use an international prepaid card to withdraw money from your prepaid card abroad, it is likely that the transaction fee will be a lot higher. That said, it would be best to consider getting an international prepaid card with a lower withdrawal fee. It is also ideal that you go for an international prepaid card that can be used in many establishments abroad.
Some prepaid cards are only accepted by specific ATMs. Others are compatible with most ATM machines. Knowing the ATMs you can use your prepaid card with is ideal if you are travelling outside the country. Aside from partner ATMs, it is ideal that you determine the card’s daily spending limit.
Where the Card is Honored and Accepted
It is reassuring to know that prepaid cards today are already accepted in different establishments like department stores, restaurants, and boutiques. However, it is still recommended that you play safe by checking out the list of merchant partners and establishments that honor the prepaid card.
It is also ideal that you pick a card that has no limited options or uses. If the prepaid card provider has a website, make sure you visit the website and check out all you need to know about the card and where they are accepted. Also, get to know its fees, features, and other basics so you can use it to the fullest and make it work for you.