Looking for a Reloadable Prepaid Card? Here are Things You Should Look For
Also known as general purpose reloadable cards, prepaid cards have gotten quite popular over the years. Since they are not linked to any account and don’t come with credit capabilities, they are considered safer to use compared to credit and debit cards.
It is also possible to own several prepaid cards for specific purposes without having to fill out registration forms or going through those time-consuming applications.
If you’re a new user, it is important that you are aware that not all prepaid cards have been created equal. Case in point: international prepaid cards are designed for a broader range of transactions compared to its local counterpart. That being said, it is important that you get a prepaid card that will suit your needs best.
Here are things you should look for when choosing a reloadable prepaid card:
Places where prepaid cards are accepted.
Most prepaid cards available today are honoured in many establishments like boutiques, restaurants, and department stores. When picking a card, consider it wise to check the list of partners that accept the card as mode of payment. As a general rule of thumb, don’t go for a prepaid card that has limited uses and options.
Also, consider it best to check the issuer’s website first so you’ll be aware of all the features of the card including the list of merchants it is partners with. In addition, make sure you are also able to check if the card is honoured in other countries so you’ll have an idea if you can use it when travelling outside the country.
Corresponding fees.
Some reloadable prepaid cards have fees for specific payment types and purchases. This is something you need to be acquainted with as well so you are aware what the deductions are after doing certain transactions.
For instance, when used for withdrawals outside the country, some prepaid cards might merit a higher transaction fee. With this in mind, you should opt for an international prepaid card with a lower withdrawal fee but is accepted in a lot of foreign establishments.
It is also important that you are aware of the card’s minimum loading requirements so you won’t be caught off-guard.
Consumer protection.
What is the type of consumer protection provided by the issuer? When you reload money on your prepaid card, how safe is it? Is there a way for you to keep track of the transactions you’ve made using your card? Do they have 24-hour customer service?
While prepaid cards offer good consumer protection practices compared to that of other plastic money, it is important that you have access to help whenever you need it. For instance, if you make an erroneous payment or enter the wrong PIN, it would be reassuring if you know you can contact their customer service easily and you’ll be provided the assistance you need asap.
Partner ATMs.
This might not be common knowledge but some prepaid cards can only be used on specific ATMs only. Others on the other hand are compatible with all ATMs. Knowing which ATMs you can use your card on is crucial as it can help you clearly define your shopping criteria. This is especially helpful if you intend to use the card for a specific purpose.
Apart from ATM partners, it is also important that you are well aware of your card’s daily spending limits (both for electronic payments and cash withdrawals). Knowing your card’s daily spending limits will also help you utilise the card to your full advantage.
Jeremy Lee Chen Seong is a Singapore based entrepreneur and has expertise in global technology and the healthcare industry. He became famous in the late 90s with his invention of the revolutionary WaveClip, the world’s first clip-on Bluetooth adapter Palm V Handhelds. In 2002, he founded the Sourcelink Group which he turned into Singapore’s only fully automated production facility for medical supplies. Later, in 2008, Jeremy Lee Chen Seong transformed his career towards legal advisory, mergers & acquisitions, and company restructuring, since then he has been helping businesses with these three challenges.