With the world shifting to cashless transactions, dropping the traditional way of paying by cash, among credit cards and debit cards, prepaid cards seem to be catching on the turf. Prepaid cards, also known as prepaid debit cards, are branded with either of the EMV logos of credit card companies, and can be used both as a credit and debit card as needed be.
Unicvv will offer prepaid cards to the users. There is a need to know about the services to have the best results. The credit card companies are offering the services as per the budget of the people. Instead of the debit cards, it is beneficial to use the credit cards.
What Is a Prepaid Card, and How Does It Work?
Although it might look like it, but a prepaid card is different from a credit card. Nor is it the same as a regular debit card. No doubt it will carry the same brand logo as a credit card (Visa/MasterCard), and can be used at any cash register that accepts debit can credit cards, but it won’t really serve you as a credit card nonetheless. A credit card will offer you a line of credit that you can draw on. It’s like you borrow money from the creditor every time you use your credit card. But in this case, you will be drawing on money that you already have. Unless the card that you are about to use has been topped with cash up front, you will be restricted from the privilege of using the card are merchant outlets.
Acts Like a Checking or Savings Account
Prepaid cards are also sometimes used as alternatives to bank accounts. This is possible because these cards often work like a credit card or a debit card, and hence can be used as a method of payment at any counter that accepts cards, as well as for pay bills and withdrawing cash. You can add money to the card, including having it automatically deposited from your paycheck.
How to Put Money on a Prepaid Debit Card
Well, the ways in which you can deposit money on your prepaid card are many.
One of the options is to purchase the prepaid card at a retail store; you can get it by using cash, credit or debit. This card can be bought preloaded with a specific amount, or you can even ask the casher to top it with a certain amount at the time of registering for it.
Another option will be to buy the prepaid card online. You can use your credit or debit card here, or you can pay by net banking. The card will be shipped to you within 7 working days.
Yet another option will be to ask your employer to deposit your salary directly onto your card account. However, you will need to have a card with you for this. The prepaid card that was just topped up with your salary can be used in a way similar to a bank account.
Now that the money is loaded onto your card, it is ready for all sorts of purchase just like the way you would use your credit card. Moreover, you can even use your prepaid card for paying bills online or withdraw cash from the ATM just the way it is done with a credit or debit card.