Over the years, many people have used reloadable prepaid cards and with good reason. Hands down, reloadable prepaid cards are a lot easier to obtain than their other plastic card counterparts. With a reloadable prepaid card you won’t need to go through those stressful and time-consuming checks just to obtain one.
Nowadays, many people prefer using reloadable prepaid cards over other alternatives as it allows them to enjoy the many benefits offered by other plastic cards minus the hassles and inconvenience. Reloadable prepaid card users are also saved from the exorbitant fees, charges, and interests.
All the Basics You Need to Know About Reloadable Prepaid Cards
If you are like most people, it is likely that you already have a reloadable prepaid card or you are considering getting one. Regardless of where you belong, there are reloadable prepaid card basics you need to keep in mind to ensure you are able to use the card to your full advantage and reap all the amazing benefits they offer.
Prepaid cards are also considered the best alternative for gift-giving as they provide beneficial protection against card theft or card loss. The fact that it is safe is one of the many reasons people find it enticing. Also, since cash cannot be spent online, it also follows that it cannot be used to pay for purchases online.
The good thing is reloadable prepaid cards can be used for online purchases as well as other online transactions. Thanks to the countless benefits they offer, reloadable prepaid cards. Thanks to the peerless and enticing benefits they offer, reloadable prepaid cars have become one of the fastest growing niches in the financial sector today.
As the name implies, reloadable prepaid cards need to be loaded with money before they can be used for purchase transactions or ATM withdrawals. The good thing is as long as the money has been loaded successfully onto the card, it can be used for purchase transactions and ATM withdrawals right away.
You can also reload money onto your reloadable prepaid card as frequently as you wish and at any time you find convenient. Depending on the user, there are various ways you can load money onto your reloadable prepaid card. Depending on the provider, there are various ways you can load money onto your reloadable prepaid card.
Below are some of the reloading options offered by most prepaid card providers:
- Having the employee deposit the paycheck onto the card
- Transferring the money from a Paypal account
- Transferring money from a bank or financial institution
- Reloading money through a secure online portal
Different Types of Prepaid Cards
Prepaid cards are either non-reloadable or single-use or reloadable or reusable. Gift cards, incentive cards, or promotional cards are some of the classic examples of non-reloadable cards. This means that as soon as the balance on the card has been depleted, it is considered useless and can’t be used again.
Users of gift cards also don’t have the option to reload money on the card. In most cases, the cards are designed for single use only. A single merchant or retail chain. They are also not redeemable for cash and cannot be used when you are outside the country or overseas.
On the other hand, a reloadable prepaid card is designed for repeated use. This means money can be loaded onto the card as many times as the cardholder wants. Some of the classic examples of reloadable prepaid cards include payroll cards, single-purpose reloadable cards, and government benefits.