Reloadable Prepaid Cards – An Excellent Alternative to Credit and Debit Cards

Gone are the days when you had no other option but to carry hard cash wherever you went. It was not possible to purchase goods or services without using money in the form of cash or a check. These methods were quite inconvenient, unsafe and time-consuming. Today, you have reloadable prepaid cards with no money fees. This is perhaps one of the most convenient, fastest and safest ways of making money transactions of all kinds.

What is a reloadable prepaid card?

In order to use it effectively for your advantage, it is important to understand what a reloadable card is. Although it looks a lot like a credit or debit card, it has some distinctions. It can be used the same way as cash, check, credit card or debit card for various money transactions. You can use it for buying products and services offline or online, pay for travel expenses, withdraw cash, provide allowances to children, teenagers or elderly parents, pay bills, etc.

How is it different from other cards?

There are many important differences between a credit or debit card and reloadable prepaid cards with no money fees. One of the most important one is how you can use the card for many transactions. With a credit card you purchase goods or services and pay for them later when your card is billed. When you use a debit card, on the other hand, you make the payment when you purchase, much like a cash payment. But when you have a prepaid card, you make the payment first in the form of placing funds on the card and only then can you use it to pay for your purchases.

How does it work?

As seen above, you first have to load money on the card. You can do this either in cash, using an online facility or automatically using debit card, wire transfer or direct deposit. Once you have loaded the card, you can use it for various money transactions. The amount of the card goes on reducing as your make various payments with your card. Once the payment is zero, you cannot use the card for any further purchases unless you reload it. So how much you money you put into your card is entirely up to you.

Advantages of reloadable prepaid cards with no money fees

·         They are cost-effective and save you money in the long run.

·         They are easy to handle and carry and are a convenient way of making money transactions.

·         It is also much safer to carry a card than cash. If you lose cash, your chances of getting it back are rare. However, if you lose your card, you can get your money back in most cases.

·         As opposed to credit cards, there is no credit check required to obtain them.

·         You can reload them anytime saving you of the need to buy a new card from time to time.

·         They can save expenses like stamps, money-orders, etc. if you use your card for direct deposits or online bill payments.

·         They make it easier to monitor, plan and manage your spending.

This article is written by Hilmi Raja on behalf of card-dna; this is having topics on reloadable prepaid cards and many more. For more details visit: card-dna.biz

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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