July 19, 2024
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Finance

Reloadable Prepaid Cards: What New Users Should Know

Today, the recent addition to the plastic card family has earned quite a following. Reloadable prepaid cards are the recent addition to the plastic card family but they have gotten quite the reception. Just like other plastic cards, reloadable prepaid cards offer cashless and convenient transactions.

Many statistics point out that more and more people have been using reloadable prepaid cards for their purchase transactions and ATM withdrawals. Data gathered by Mercator Advisory Group found out that a whopping #40.85 billion was loaded by users on their reloadable prepaid cards.

What’s even more impressive? Many of the amazing prepaid card statistics date back to many years ago —  back to when it was first introduced. This clearly indicates how great and amazing a prepaid card is as a financial tool. Another thing about prepaid cards is they are very easy to use.

There are several options available when it comes to loading money onto the card. Some of the best methods include direct deposits, bank transfers, and secure online portals. Apart from knowing the different loading methods available, below are other reloadable prepaid card essentials you should keep in mind:

Obtaining one will only require providing basic information.

When applying for a credit or debit card, you need to go through time-consuming and annoying credit and background checks. Aside from that, there is also the possibility that you would be asked to submit financial documents and personal information. In addition, they would also likely look into your credit standing.

Those are just some of the things they would look into to assess your eligibility to get a debit or credit card. For those who are particular about privacy, this is great news as they won’t be providing confidential information aside from the basics like their name, address, and maybe contact number.

In addition, you won’t also be asked to submit financial documents or go through any screening of sorts just to get a reloadable prepaid card. This means getting a prepaid card is straightforward and easy — no need to go through pesky and time-consuming background and financial checks.

Transactions have various fees and charges.

When using a prepaid card, you need to be aware of the different fees and charges for each transaction so you won’t be surprised by any deductions or deficits in your balance. Knowing the charges and fees is also important so you won’t be surprised if there are any charges or fees applied.

Most transactions done using a prepaid card — from purchase to ATM withdrawal to balance inquiry — come with a corresponding charge. The good news is compared to other plastic cards, prepaid cards charge very minimal amounts. Credit cards on the other hand are notorious for their exorbitant charges and fees.

You can enjoy freebies and special perks.

Some prepaid cards companies provide freebies, perks, and other specials to entice prospects to get one. Amazingly, some of the benefits offered are very similar to the ones being offered by conventional plastic cards like debit and credit cards.

For instance, one of the amazing perks being offered is 90-day coverage or protection for broken, stolen, or lost items. Other prepaid card providers also provide travel perks in the form of legal and medical aids.

You have several customer service options.

If you have any questions, queries, or any problems with your prepaid card, you would be delighted to know that you have several ways to get in touch with customer care. While some will provide one-on-one appointments, others have the option to send an email or call a customer care hotline.