Let’s start with the fundamentals. Prepaid cards are also known as pay-as-you-go or stored-value cards. However, the fundamental premise remains the same. You purchase a prepaid card and then use it to make purchases.
Prepaid cards are typically available at banks or retail establishments like supermarkets and pharmacies. They either have a fixed available balance or the option to add money onto the card. You can then use the card till the balance is gone. You won’t be able to make any additional purchases until you recharge the card. Furthermore, a prepaid card acts similarly to other types of cards. This means you can swipe or enter it into point-of-sale systems to make purchases and, in some situations, withdraw cash from ATMs.
How are Prepaid, Credit and Debit Cards Different?
Prepaid cards are distinguished by the fact that they are not linked to a bank account, as a debit card is, nor are they connected to a line of credit, as a credit card is. When you make use of a prepaid card, you are just using the funds that have been loaded onto it. You are not borrowing money, and the card has no access to any other bank accounts you may have.
If you wish to continue using a blank card, you must reload it with more money.
How to Activate the Visa Prepaid Card?
Look for directions on how to turn on the device. Some of these are placed on the front of the card on a sticker, while others are printed on the back. Next, search your computer for the gift card numbers. In order to activate the card, enter the 16-digit gift card number printed on the front of the card. Make your credit card active.
Where Can You Use the Visa Prepaid Card?
Prepaid cards, in general, feature the logo of one of the leading credit card networks (Visa, MasterCard, American Express, or Discover) and can be used wherever that brand is accepted. This is true at grocery stores, retail stores, gas stations, motels, and online shopping, to name a few examples. In most circumstances, prepaid cards can also make phone purchases.
How to Use a Visa Prepaid Card at the ATM?
Look on the back of your prepaid credit card to see which network it belongs to. You can withdraw money from ATMs that are not part of your credit card network, but you will be charged a fee. Swipe your card and follow the instructions as shown on the screen, once you’ve discovered an ATM inside your network. Enter your PIN as well as the amount you want to withdraw.
How to Use a Visa Prepaid Card at the Bank?
In the provided space, enter the amount you wish to send. Then, from the drop-down menu, choose Debit/Credit Card. When prompted, select ‘Account Deposit’ (or ‘Debit Card Deposit’ if you don’t see a choice for ‘Account Deposit’). This will involve the usage of a debit card linked to the bank account to which the funds are being sent.
Using the Visa Prepaid Card for Online Shopping
Can prepaid cards be used on the internet? Yes. The bulk of these cards bears a payment network’s logo, such as Visa, Mastercard, American Express, or Discover. It is simple to use these cards; they may be used anywhere the brand is accepted, including online stores.
Using the Visa Prepaid Card for Online Transactions
The Visa Prepaid Card is a rechargeable card that can be used for several transactions, including the following: Pay your bills. Increase the monetary value. Payments can be made at any merchant that accepts Visa Debit cards.
Can You Recieve Cash Back from a Visa Prepaid Card?
If you possess a Visa gift card and are curious if you may use it to get cash, the short answer is probably not. Even though the two cards are practically identical, only prepaid cards can be used to withdraw money from an Atm or earn “cash back” from a business. Gift cards, on the other hand, cannot be exchanged.
How to Reload a Visa Prepaid Card?
To load money onto a reloadable prepaid card, you can either take it to a participating store and have money added to the balance immediately or buy a Reloadit card, which involves a two-step process. Depending on your budget, you may obtain a Reloadit pack in a range of $20 to $500, plus a $3.95 purchasing fee.
Conclusion
Prepaid cards have limitations and are not intended to help you build credit. However, they can provide an easy means to make cashless payments and may even be helpful in the right situations.
