Key Things Every Prepaid Card User Should Know: Fast Facts

Apart from the popular debit and credit cards, there’s another kind of plastic payment card that has become quite a favourite nowadays—the reloadable prepaid card. While most cards offer cashless transactions and peerless convenience, reloadable prepaid cards are in a league all their own.

According to statistics, more and more consumers are now using reloadable prepaid cards in their day-to-day transactions. In fact, a survey conducted by the Mercator Advisory Group revealed that a total of $40.85 billion was loaded onto prepaid cards in 2010. This only goes to show that reloadable prepaid cards are already recognised as an effective and efficient financial tool.

Loading money onto a reloadable prepaid card is both easy and straightforward. Some of the most common methods of loading money onto the card include direct deposits, bank transfers, secure online portals, and more.

Apart from learning how to load money onto your reloadable prepaid card, below are other key things you need to know about this highly innovative financial tool:

Reloadable prepaid cards can come with special perks and freebies

Some reloadable prepaid card providers offer cardholders special discounts, freebies, and perks to entice potential customers. Some of the benefits and perks provided are similar to the ones enjoyed by credit card users.

Some of the special freebies and perks can include protection for items that are stolen, broken, or lost, discounts on popular brands, travel security, and many more.

Reloadable prepaid cards can have diverse fees

When getting a reloadable prepaid cards, it is important to educate yourself on the corresponding fees that comes with some of the transactions. From activation to balance inquiry, it is vital that you are aware how much you will be charged for. The good news is many reloadable prepaid card providers only charge a very minimal amount for most transactions.

Reloadable prepaid cards only require basic personal information during application

When applying for a credit or debit card, providing personal and financial information is often required. Fortunately, when it comes to reloadable prepaid cards, such is not the case.

Oftentimes, aside from only providing basic information like name, contact number, and address, you will not be required to provide any financial documents during the application. For people who are very particular about their privacy, getting a reloadable prepaid card is ideal as it helps warrant any personal or financial information is not compromised.

Reloadable prepaid cards sometimes offer consumer protection offered by other cards

Those who are not qualified to apply for credit cards can rest assured they have another amazing alternative in the form of reloadable prepaid cards. While reloadable prepaid cards will not provide all the consumer protection offered by most cards, it offers a few. For many users, that convenience they can’t find anywhere else minus all the hassle associated and fees associated with other cards.

Reloadable prepaid cards can provide diverse customer service

Prepaid card companies can provide various methods in terms of customer service so users have the option to choose the best option that appeals to them. For example, while some provide one-on-one appointments, others provide calls and emails to address customer questions, queries, and concerns.