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What is a Prepaid Card?

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What is a Prepaid Card?

13 Answers

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The prepaid card is far from a new idea. How many of us have used a prepaid gift card or a prepaid mobile phone SIM card? The concept is basically the same. A prepaid card looks like a credit or debit card, and gives users the ability to purchase products and services with a card but with a crucial difference – you can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility.

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The Prepaid Card is a prepaid debit card accepted at millions of locations worldwide, including online. For more information, Click here.

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A prepaid card is not a credit card. It has a pre-determined amount of dollars placed on the card by the card purchaser. The use of a prepaid card is limited to the available balance on the card.

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A prepaid card holds a specific dollar amount that you choose. As you access money from the Card, its balance is reduced until all funds are used. In addition to taking money from the Card, you are also able to add value to it over and over again.

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prepaid card is exactly what the name implies. You pay a fixed amount up front which may be for units, minutes or Dollars. Typically the time based phone cards come in increments of 100, 300, 600, or 1000 minutes. Dollar based phone cards start at $5 and go up to around $300.