There is a new type of plastic card that has become quite popular nowadays — reloadable prepaid cards. Although most plastic cards function more or less the same way, reloadable prepaid cards are considered in a league all their own. Aside from offering cashless and convenient transactions, they offer so much more.
Statistics indicate that more and more people are starting to use reloadable prepaid cards, thanks to the peerless ease and convenience they offer. As proof of its massive popularity, a whopping $40.85 billion was loaded onto reloadable prepaid cards. And this was in 2010 alone!
Undoubtedly, this shows the massive popularity and clout of reloadable prepaid cards. What’s even more impressive? They are very straightforward and easy to use. Not only that, they also offer varied loading options including direct deposits, bank transfers, and secure online portals.
If you are considering getting a reloadable prepaid card, here are all the basics you need to know:
You will only be required to provide basic information.
When applying for a debit or credit card, you will be subjected to a stressful, time-consuming, and tedious screening and application process. Not only that, you will also be required to submit financial documents and personal information. With a reloadable prepaid card, you won’t have to go through all those.
The provider won’t also consider your credit standing before you can obtain a reloadable prepaid card. If you want to protect your financial and personal information, getting a reloadable prepaid card is the recommended route. You will only be asked to provide just basic information like your name, address, and contact number.
There will be different fees for transactions.
When using a reloadable prepaid card (or any plastic card), it is crucial that you are well aware of all the corresponding fees for each transaction. From purchase transactions to withdrawals, to balance inquiries, there will be corresponding deductions to each of them. You need to know how much so you won’t be surprised.
It is also important so you will know where every cent goes. Fortunately, while prepaid card providers charge fees for most transactions done using the card, they are very minimal compared to what the other conventional cards ask for. Credit cards for example are notorious for the over-the-roof charges and fees they ask.
You have several customer service options.
Users of reloadable prepaid cards are often glad to know that most providers have different customer care options for them. This is important so they can pick the option that’s most convenient for them. Often, call and email channels are available so users can share their questions, concerns, and issues.
You can avail of special freebies and perks.
To entice new prospects, many prepaid card providers offer special discounts, perks, and freebies. Some of the benefits are quite similar to the ones provided by established plastic cards like debit and credit cards.
Providing a 90-day protection for broken, stolen, or lost items is one of the most prevalent perks offered by reloadable prepaid cards. Others also offer legal aids, travel security, and discounts on popular brands.
You can get consumer protection.
Those who are not qualified to get credit or debit cards would be happy to know they can always opt for reloadable prepaid cards and enjoy some of the consumer protection they provide.
Of course, the consumer protection offered by reloadable prepaid cards won’t be as comprehensive or enticing as that of other conventional plastic cards. However, it is still enticing as you won’t be paying much for reloadable prepaid cards.