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🕔08.Apr 2014

Prepaid cards, Debit cards or Credit cards?

One of the most important decisions, one that carries significant weight, is the deciding the best card to use for financial transactions. It’s critical for customers to consider the most suitable option available whether it’s a prepaid card, debit or credit card. But before a decision can be made the customer should have a clear comprehension as to the different card types in order to ensure that you’re making the best decision possible.

Prepaid Card

The way a prepaid card works bears significant similarity to that of a credit card, but the main difference relates to the fact that with a prepaid card the funds have already been added to the card, and so there are no consequences in relation to bad credit rating. It’s simply impossible for a person to spend more than what they have when using a prepaid card. After a certain amount of money is deposited, the cardholder is then able to use the prepaid card to make purchases whether at a retail store or online, but they are never able to spend more than what’s available on the card or the spending limit that has been imposed.

Debit Card

One of the main differences between a debit card and a prepaid card, or even a credit card, for that matter lies in the fact that with a debit card funds are drawn from an account held by the cardholder.  Once a transaction is conducted using the debit card, funds are removed from the account, money that has already been added through deposits. Using a debit card is considered to be more like a cash payment than a credit card, as the funds are automatically removed from the account as soon as the transaction has been made.

Credit Card

Credit cards are only slightly similar to debit cards because they’re linked to a financial institution and are used to make payments either at retail stores or online. The main difference is that the funds which are used to pay for the purchases are not taken out of the clients’ accounts, but instead are taken from a credit line and is a debt that the cardholder is expected to pay. Following the transaction, the cardholder, by signing with the merchant, agrees to pay back the money that has been spent along with a designated interest rate that is expected to be paid within a certain amount of time.

The prepaid cards, debit cards and credit cards we offer are able to be used when either making payments or withdrawing cash at ATM’s throughout the world. You are also able to use the co-branded cards when making purchases online or in the event that you want to connect to an online account such as PayPal or Money bookers. You can also use our co-branded cards for online services, with sites such as EBay, Walmart.com and most other online merchants who are known to accept Visa and MasterCard

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