Cards with Special Features

Issuers offer prepaid cards as a safe and convenient alternative to department store and standard credit cards.

Uses and Types of Cards

Prepaid cards are offered to customers with fair and poor credit and serve as a convenient non-credit payment solution. Gift cards are one option to give money to friends, relatives, and family. Prepaid cards by Visa and MasterCard are offered by high street retailers, online companies, and banks and can be used as pocket money accounts. Prepaid products are offered to start-ups and entrepreneurs, customers with tarnished credit, students, and frequent travelers. Prepaid cards can be used for foreign visits, travel abroad, entertainment, shopping, hobbies, and other expenses, and clients don’t pay interest.

Rewards, CashBack, and Other Prepaid Cards

Issuers offer different prepaid options, including incentive cards, payroll cards, and general purpose cards. These cards can be used at restaurants, clothing stores, supermarkets, and online. Standard or general purpose cards can be used to pay recurring and one-time bills. Customers are offered cards that go with rewards programs and large maximum balances. Many cards offer cash incentives, savings accounts with an attractive APY, and other features. There are cards that are designed for full-time and business travelers. Issuers feature both rewards and convenience cards to help consumers to keep their personal spending separate. Reloadable cards are easy to top up and offers generous incentives. Users can exchange their points for merchandise, including fashion and clothing, electronics, games, and other items. Prepaid cards offer rewards toward merchandise from top brands. Issuers offer prepaid cards with free rewards, tax refunds, and other benefits. Some cards are designed for dependents, including young adults, teenagers, and students, and the goal is to promote financial responsibility.

Customers use prepaid cards as an alternative to a debit card linked to a bank account. To apply for a prepaid card, customers fill in their country, address, date of birth, and other information . Customers specify whether they apply for a business or personal prepaid card and choose language and currency.

Charges

Financial institutions charge fees for express shipping, replacement, and reissuance. There are issuers that charge АТМ withdrawal fees, balance inquiry fees, and teller cash withdrawal and foreign transaction fees. Many issuers charge no bill payment fees, card to card transaction, signature, and PIN transaction fees. Some cards go with high transaction, monthly, and activation fees, one-time purchase, and cash withdrawal fees and should be avoided.