Prepaid Card Fast Facts 

Prepaid Card Fast Facts 

Aside from the massively popular credit and debit cards, there is another type of plastic card that has become a favorite among many since it was first introduced—the reloadable prepaid cards. The best prepaid cards allow users to do cashless transactions while offering peerless convenience at the same time.

It’s safe to assume, the best prepaid cards are in a league all their own. According to some studies, more and more consumers nowadays are using reloadable prepaid cards in their daily transactions. A survey by the Mercator Advisory Group revealed that a staggering $40.85 billion was loaded onto prepaid cards in 2010.

The figure clearly indicates that reloadable prepaid cards have become an efficient and trusted financial tool by many. Loading money onto your reloadable prepaid card is both straightforward and easy. Some of the most prevalent methods of loading money onto the card include bank transfer, secure online portals, direct deposit, and many more.

Aside from knowing how to load money onto your reloadable prepaid card, below are fast facts you need to know about this reliable and highly innovative financial tool:

Prepaid cards offer freebies and other special perks.

Some providers of reloadable prepaid cards give cardholders freebies, discounts, and other special perks. Some of the enticing perks and benefits provided are similar to the perks enjoyed by credit card users.

Other special freebies and perks provided by prepaid cardholders include travel security, protection for items that are lost, broken, or stolen, and many more.

Prepaid cards have diverse fees.

When getting reloadable prepaid cards, it is essential that users educate themselves on the corresponding fees for every transaction they make. From balance inquiry to activation, it is important that you are well aware of the possible charges.

The great news is many reloadable prepaid card providers will only charge a minimal amount for transactions cardholders do using their reloadable prepaid cards.

Only basic information is required when getting a prepaid card.

If you wish to get a debit or credit card, you will be required to provide financial and personal information during the application. Fortunately, when it comes to reloadable prepaid cards, such is not the case. Apart from providing just basic information like contact number, address, and name, you will not be required to provide anything else.

For those who are very particular about their privacy and don’t want to share their personal and financial information, getting a prepaid card is ideal. Using a prepaid card also warrants that any personal or financial information is not compromised in any way.

Prepaid cards provide some of the consumer protections offered by other plastic cards.

Those who are not qualified to get a credit card can rest assured they have another awesome option available at their disposal. While reloadable prepaid cards will not offer the same consumer protection offered by most cards, it offers a few notable ones.

For many prepaid cardholders, this is convenience they can’t find anywhere else. What’s even more impressive is they are spared from all the hassles and fees associated with using other plastic cards.

Prepaid cards offer different types of customer service options.

Prepaid card companies provide their cardholders with different options when it comes to customer service. This means, prepaid cardholders can choose the customer care option that appeals to you best. 

For instance, if you prefer emails, it is an option offered by many reloadable prepaid card providers. On the other hand, if it is calls that you want, there are also those providers that have staff that can answer your concerns, queries, and questions over the phone.

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