When it was noticed by legal authorities that people belonging to different sectors of commerce had distinctive needs in terms of making transactions, they introduced different payment cards, which included prepaid, credit, and debit card programs.
As far as the similarities are concerned, the issuance and cancellation policy for all these cards is almost the same. However, when it comes to the mode of usage, these cards have their own unique features and thus, their own subsequent advantages.
Many people associate prepaid card programs with that of credit cards. When in actuality, these are more like debit card programs, where cardholders are allowed to use their own money only. They cannot borrow any amount from the bank or any other authority to pay for their bills.
However, there is one major difference between prepaid cards and debit card program and that is: in order to use a debit card, users must have an active account in a bank. On the other hand, for those using prepaid cards, they don't need bank accounts. Rather, a virtual account is enough to proceed.
Like a debit card, it allows customers to access and use their own money that they have in their accounts instantly. However, the user cannot borrow any extra money to make a transaction.
Prepaid cards can be issued by retail stores, who provide such cards for marketing purposes too. These cards are usually affiliated with renowned card program providers such as VISA prepaid card programs, which make them acceptable all over the world.
Prepaid card is usually issued without a credit check, which means regardless to your previous credit score, you can always apply for and avail this card.
No loans or credits are given via these cards, which saves you from debts.
If you are wondering what other benefits you can avail using a VISA prepaid card, here is the list:
No credit can be availed via these cards, which eventually saves you from the burden of debts. Plus, no credit automatically means no deduction of interest from your savings.
Consider the many benefits of Visa prepaid cards, and opt for one if you are looking for a credit card that allows you to spend money without becoming indebted with the bank.
With MasterCard and VISA prepaid cards, you get access to your money, even without an ATM nearby. This is what makes them worthwhile despite the other features that debit card programs have.
As far as the similarities are concerned, the issuance and cancellation policy for all these cards is almost the same. However, when it comes to the mode of usage, these cards have their own unique features and thus, their own subsequent advantages.
Many people associate prepaid card programs with that of credit cards. When in actuality, these are more like debit card programs, where cardholders are allowed to use their own money only. They cannot borrow any amount from the bank or any other authority to pay for their bills.
However, there is one major difference between prepaid cards and debit card program and that is: in order to use a debit card, users must have an active account in a bank. On the other hand, for those using prepaid cards, they don't need bank accounts. Rather, a virtual account is enough to proceed.
Like a debit card, it allows customers to access and use their own money that they have in their accounts instantly. However, the user cannot borrow any extra money to make a transaction.
Prepaid cards can be issued by retail stores, who provide such cards for marketing purposes too. These cards are usually affiliated with renowned card program providers such as VISA prepaid card programs, which make them acceptable all over the world.
Prepaid card is usually issued without a credit check, which means regardless to your previous credit score, you can always apply for and avail this card.
No loans or credits are given via these cards, which saves you from debts.
If you are wondering what other benefits you can avail using a VISA prepaid card, here is the list:
No credit can be availed via these cards, which eventually saves you from the burden of debts. Plus, no credit automatically means no deduction of interest from your savings.
Consider the many benefits of Visa prepaid cards, and opt for one if you are looking for a credit card that allows you to spend money without becoming indebted with the bank.
With MasterCard and VISA prepaid cards, you get access to your money, even without an ATM nearby. This is what makes them worthwhile despite the other features that debit card programs have.
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Finally, think of how the VISA prepaid cards and MasterCard are accessible conveniently and worldwide. This is exactly why debit card program is a little less favorable between the cardholders.. Free reprint available from: Why Opting For A VISA Prepaid Card A Wise Decision?.
