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How is a VITAband Visa Prepaid Chip and Companion Card different from a credit card or a debit card?

April 26, 2017card chip companion credit card Debit card different prepaid Visa vitaband

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How is a VITAband Visa Prepaid Chip and Companion Card different from a credit card or a debit card?

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The VITAband Visa Prepaid Chip and Companion Card are prepaid reloadable Visa products that can be used anywhere chips with Visa PayWave are accepted (the Companion Card can be used anywhere Visa debit cards are accepted). The card is different from a credit card in that purchases are not made on credit, rather funds are preloaded onto the card and the user’s purchases are debited from those funds. The card is different from a debit card in that the card does not withdraw funds directly from a bank account; rather funds are preloaded onto the card. Additionally, Cardholders can only spend the amount that is loaded onto the card.