Reloadable prepaid cards are also known as general purpose reloadable cards. Over the years, they have become more and more popular thanks to the exciting and enticing benefits they offer.
Unlike other plastic cards like credit and debit cards, reloadable prepaid cards are not linked to any savings or checking accounts. With that said, they are considered a lot safer compared to the other two.
What makes reloadable prepaid cards even more endearing to many consumers is they can easily be obtained. That means, you don’t have to go through the hassles of filling out registration forms or submitting personal and financial documents just to get ahold of one.
In addition, if you take into account all the unbeatable and peerless features and benefits reloadable prepaid cards offer, it’s easy to see it’s all the card you’ll ever need. You can use it for several purposes and you won’t need to carry other plastic cards if you already have one.
However, while reloadable prepaid card users have grown tremendously over the years (and have not shown any signs of slowing down), not many people can really claim to know their reloadable prepaid cards inside out.
For instance, not everyone is aware that there are also international prepaid cards that frequent travelers consider their ultimate travel companions. Unlike the typical prepaid card that’s designed for local use, international prepaid cards come with a few other features that are beneficial for globetrotters.
That being said, the importance of knowing all the basics about your reloadable prepaid card cannot be overstated. For starters, you won’t be able to fully enjoy all the features of this amazing financial tool as well as all the benefits they have to offer when you don’t even know the essentials.
To help you out, here’s all the basics you need to know about this one-of-a-kind tool:
Some reloadable prepaid card transactions have corresponding fees/charges.
When you use your card and notice a deduction in the balance after, it’s safe to assume you were deducted a fee for the transaction. Since prepaid cards are not linked to savings or checking accounts, many assume transactions using the card is also free.
The good news? Compared to other plastic cards, fees/charges when you use your prepaid card is minimal. The thing is you just need to be aware of these charges so you know if the deductions are correct.
In line with this, consider it best to check with your prepaid card issuer in terms of their fees/charges for transactions. If your issuer has a website, check their website out so you’ll know the charges as well as other things you need to be aware of when using your card.
Most reloadable prepaid cards are accepted by many merchants and establishments.
This is great news for those who intend to use their prepaid cards in various establishments like department stores, restaurants, and boutiques. What’s even more amazing is prepaid cards can also be used for online purchase transactions as well.
That means you are spared from leaving the comforts of your home and office just to purchase what you want. Just ensure your prepaid card has sufficient balance and you can already use it to purchase any items you want.
Online transactions are not only secure, they are also highly convenient and practical. Everything is done in just a few minutes and you won’t have to get dressed or interact with other shoppers or sales people just to purchase what you want.
Prepaid cards can also be used for withdrawal transactions.
This is something not many people are aware of. But yes, you can also withdraw money using your prepaid card. Most prepaid cards are compatible with most ATMs so withdrawing money is always a breeze.
It is also important that you are aware of your card’s daily spending limits (if any) so you can accurately plan your cash withdrawals and online purchases. Check with your issuer regarding those and visit their website for other essentials and instructions.