The application of pre-paid cash card for consumers.

The application of pre-paid cash card for consumers




What is prepaid cash card??

Prepaid cash cards are plastic cards, which fall under the pay first category of plastic payments.A prepaid cash 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 which means a person 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 Prepaid cash cards can be used to make payment for goods and services and even to withdraw money. Before use, the user needs to load the card with a sum of money. Prepaid cash cards are designed to be used as a safer alternative as compare to cash.

Basically hows this card works??

First of all,load the amount of money you want onto the prepaid cash card. That will be your spending limit.

Once you purchased, the sum will be subtracted from the card balance. You can always pump in more money when the balance runs low by transferring money from your regular checking or savings account.

Application of Prepaid Cash Cards

There are few application such as:

1. Paying bill – Rent, utilities, insurance, car payment, and cell phone bills can be paid instantly.

2.Transfer money – Transferring money to friends and family

3. Shop anywhere as long as the card using is accepted at different retailers

4. Withdrawing cash from an ATM

5. Topping up your mobile phone

6. Buying groceries and petrol

7. Internet shopping including eBay

8. Pay for toll – Use Touch n Go card as an example

The benefit of using prepaid cash card

1. Free balance alerts –Some card providers will inform users on how much cash they have.

2. Remain in control of user money, keep track all of activity online or by phone.

3. Avoid over spending; always know exactly how much money you have to spend. The prepaid card can help protect you from over spending.