Pre-Paid Debit Cards

wealthymattersPrepaid debit cards are a part of the new consumer craze for financial products in the United States. Consumers use them for a wide variety of reasons, up to and including teaching their children responsibility. Another way that consumers use prepaid debit cards is to save money for emergencies and rainy days. Finally, some consumers use them as a means to pay their monthly bills online.

How a Prepaid Debit Card Works

A prepaid debit card is similar to a credit card in many ways, but it has some special benefits. Cardholders can use their prepaid debit cards at a wide variety of online and offline locations, such as for food purchases, fuel refills, clothes shopping, car rentals, airfare and the like. The main difference between a prepaid debit card and a credit card is that the customer creates the balance by loading the card. After he or she loads funds onto the debit card, the consumer can use it like a credit card. When the person uses all the funds on the card, the merchants will decline transactions until the cardholder loads the card again. Customers never have to worry about going over their limits or accruing any extra charges because the bank does not issue a “credit line.”

Where to Get a Prepaid Debit Card

A consumer can obtain a prepaid debit card from a myriad of places. Many online companies offer prepaid debit cards with a wealth of benefits and features. Kaiku is an example of a company that provides prepaid credit cards. A consumer who is interested in a prepaid card can apply for one within a matter of seconds. The provider will send the new card in the mail within seven to 10 business days.

How to Load a Prepaid Debit Card

Cardholders will have several options for loading their cards. One option is transferring funds from a PayPal account. Another option is setting up direct deposit with one’s employer. A third option is a Kaiku mobile money deposit. The mobile money deposit option allows a cardholder to take an image of a check with a mobile phone and deposit it into his or her debit card account. Finally, a person can load funds onto the debit card at a MoneyGram location. The funds will be available for immediate use on the card.

About Keerthika Singaravel

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