Prepaid cash cards look like credit and debit cards and they offer the same ability to purchase products and services but with a crucial difference whereby the consumers can only use up the balance in the prepaid cash cards. This means there is no risk of running into debt as it has no credit or overdraft facility.
In Malaysia, there are many types of prepaid cash cards exist. For example Public Bank Debit Card, Maybank Visa Debit Card, Touch n Go Card and others.
Other than this, there is another famous prepaid cash card called “Octopus Card” which has been dominating Hon
g Kong’s contactless smart card segment since it launch. Presently, the Octopus Card can be used in virtually all of Hong Kong's transportation systems including the MTR (railway lines), public buses, mini-buses, trams and shuttles. In addition, the Octopus Card can also be used in fast food outlets, bakeries, convenience stores, supermarkets, cinemas, etc., and is widely accepted in over 5,000 vending machines and kiosks and over 160 car parks and 18,000 parking meters within the territory.Prepaid debit cards carry the Visa or MasterCard logo and are accepted worldwide as with normal credit cards. These cards are a good option for those with insufficient credit history or impaired credit because they do not require a credit bureau check to be approved. The traditional un-banked populations in the United States have proven to be a tremendous growth area for these products and should continue to fuel growth over the next decade.
Applications:
• Pay Bills – Consumers can pay the mobile phone bill, electricity & water bill, rent, student bill, insurance, loan and other bills.
• Shopping – Just pay by Visa or Master debit card to bring back your loving goods.
• Transfer or Withdraw Money – Get cash at ATMs, at any place and time.
• Pay for Toll – Using Touch n Go Card for paying highway toll and majority public transportation in Malaysia such as LRT, Putra Line, and Bus
• Booking – Get hotels, air tickets or movie tickets done by prepaid cash cards
Advantages:
• Availability - there are no credit checks, which means you can get a card without worrying about your credit history. All prepaid card providers will carry out an identity check to confirm you are who you say you are.
• Control - prepaid cards are an ideal way to budget for yourself or help to manage your children's spending. Like a credit card you get a full breakdown of spending on the card so you can see what has been purchased, who from and when.
• No debt risk - with a prepaid card there is no chance of spending too much as you are limited to the amount you put on your card.
• The card for travel – prepaid cards are a good option if you are going overseas.
• Convenient - Prepaid credit cards can be used everywhere Visa or MasterCard is accepted
Although the prepaid cash card is quiet convient, especially for those who do have credit card. but it is also quite dangerous once you lost it. People may use up the balance in the cars. Be aware of it.
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Prepaid Credit Cards have been around in the UK since 2000/2001. However, some still view these cards suspiciously mostly due to a lack of consumer awareness and the fact that prepaid card issuance is not just limited to the banks and big brands. I dig deeper into the perception of prepaid cards and how that has changed before and after the onset of the economic downturn. Prepaid Card Center
ReplyDeletePrepaid Credit Cards are likely to be the gift of choice in the lead up to Christmas and New Year's. In addition to the obvious benefits of these cards around safety and security, prepaid cards are also proving to be extremely popular as a budgeting tool for the entire family. Our senior editor looks at how prepaid cards are likely to consign money jars to the attic. Myprepaidcenter.com Activation Required
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