Pre Paid

Prepaid Cards

Prepaid cards are basically used for individuals to make their purchases and pay at the amount of the service given in the panel. Most individuals pay using their cards instead of cash. Prepaid cards look similar to debit cards and credit cards. It even comes with a signature strip, the name of the company that issued the card, and a card number.

However, prepaid cards are very different from a debit card as they are not linked to any bank account, therefore, you will not be able to avail of the overdraft facilities. Prepaid cards are different from credit cards because money must be pre-loaded in prepaid cards and only available money can be spent. Similar to debit cards and credit cards, prepaid cards come with the same convenience of usage. Prepaid cards are accepted at all locations where debit cards and credit cards are accepted.

Features of Prepaid Cards

  • You can purchase goods and services without the need for cash transactions.
  • You can control your expenses by loading a minimum amount.
  • Any person with a poor credit score can also opt for the prepaid card.
  • Applying for a prepaid card is very easy. Individuals can visit the website of the concerned bank and apply for the card. Maintenance of the card is also very simple as no repayment will have to be made.
  • A gift card can be given to individuals. Individuals can use a pre-loaded amount to purchase anything they like.
  • Most prepaid cards can be used to withdraw money at ATMs.
  • If employees do not have a bank account, employers can directly transfer their salary to a prepaid card.
  • If you are traveling abroad, you can take a prepaid traveler's card instead of carrying cash.

Prepaid cards are very safe. They are similar to cash but come with an extra layer of protection. If there are any fraudulent allegations, it can be reported, and the money will be returned to the account.

To give a broader idea of ​​where the prepaid card market is in the Indian economy, here is a description of prepaid cash cards offered by the top 5 banks in our country.