Today I would like to discuss the issue of prepaid cards.
Prepaid cards are relatively new and they are becoming increasingly more popular.
Many retail stores offer ‘prepaid gift cards’ - you may already have one of these!
But prepaid cards are not limited to gift cards.
There are prepaid cards for many more situations such as sending money to family and friends, managing travel funds, shopping over the Internet.
Prepaid Cards can be a secure substitute for travellers' cheques, cash, cheques and gift certificates.
Prepaid Debit Cards can offer a number of benefits such as:
* No credit checks (so approval can be instant!!)
* No line of credit (so no borrowing and no debt!!!).
* No interest charges
* No employment verification.
* Fees may be charged depending on the type of card.
(Read T and Cs carefully where they will be clearly explained.)
* Only require basic customer information.
* under 18's
* Most of them can be used worldwide,wherever Visa - MasterCard and/or Maestro are accepted, depending on the brand mark on your card.
* Can be used at an ATM
* Usually, includes free bill payment service meaning that you can pay anyone
online or over the phone.
* Can be cancelled/blocked if lost or stolen.
* Many also offer free rewards programs(points can be redeemed for free music downloads, free travel, etc).
That's it for me now, my next entry will include a comparison/review of prepaid debit cards against "bank" debit cards and your normal credit card. Do you know their main differences? Read my next post to find out.
