Prepaid
Debit Cards
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Two Types Of Prepaid Debit Cards
Generally speaking there are two types of prepaid debit
cards: Online and Offline.
1. Offline prepaid debit cards look like credit cards and are
often used in the same way credit cards are used.
However, when you make a purchase using your Offline
prepaid debit card, the merchant's terminal reads your card,
identifies it as a debit rather than a credit card,
verifies that there are enough funds in your account and
creates a debit against your bank account.
Sometimes,
however, instead of debiting your account immediately,
it stores the debit and processes it a couple of days
later. And instead of using a PIN number, the customer
must sign a receipt as he or she would with a credit
card.
Because the customer verifies or authorizes his
purchase by the physical signing of a receipt, this
signature-based authorization is why it is referred to
as “Offline”.
There are two major known offline prepaid debit cards.
The first one is offered by Visa and is called Visa Check
Card (also known as Visa Electon) and bears the well know Visa logo; the second major name is by MasterCard, and theirs is
called MasterMoney, and it bears the also well known
MasterCard logo.
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Visa Electron is a well known offline
debit card product that you can't go wrong with
because it bears the Visa Logo. This mean it has the
backing of the Visa Company and assures the highest
levels of security and safety. It's an actual
plastic card for use at all Visa merchant terminals
that except Visa Electron. You can also use it to withdraw cash at
all ATMs with the PLUS and/or Visa logo worldwide.
Visa Electron is a PIN based card as explained above
and when you order this
Visa card it takes just 7-10 days to arrive and is
ready to use. |
By the way, if you are
looking specifically for MasterCard prepaid debit cards,
there are some great ones that also double as gift cards.
I discuss more about them here: Prepaid
MasterCard/Gift Card.
2. Online Debit Cards = ATM Cards
Online prepaid debit cards are
ATM cards that work the same
as they would in an ATM transaction. It is an immediate
electronic transfer of money from your bank account to
the merchant's bank account.
With an
Atm card, at the time of making a purchase, the customer must
punch in their personal identification number (PIN) as
they would at an ATM. The system checks his account to
see if it has enough money available to cover the
transaction.
When the costumer verifies or authorizes
his account by entering his PIN, this is what is
referred to as “Online”.
In summary, an online debit
card requires the use of a PIN and the funds are debited
immediately, while an offline debit card does not
require a PIN and funds are NOT debited immediately.
| Looking for an
ATM Card? Try this
ATM Cash Card.
It's re-loadable
for up to $1000. This card is accepted at ATM's
worldwide. You simply load funds then access your
cash through ATM Cash Machines world wide. It's
ideal for traveling or sending funds abroad to
family & friends. This card takes just 7-10 days to
arrive and is ready to use. It's a great card if you
just need a safe way to store and access your cash.
However, with most ATM cards you won't be able to
make purchases with them. |
A number of institutions offer both kinds of prepaid debit cards. Other
institutions place both kinds of debit functions on the same
card.
If both functions are on the same card, then at the
time of making a purchase the customer will be asked if
he or she wants to pay by debit or credit. I
f the
customer prefers a debit, then he will be asked to enter
his PIN number. If on the other hand he prefers credit,
he will be given a sales slip to sign his signature.
I've researched several prepaid
debit cards for you and you can find some here by
following this link: Prepaid
Debit Cards.
Also, at anytime, feel free
to check out any of the relevant Google links that
appear throughout this site that may be suitable to your
interests or needs.
Many
of the cards that I have researched for you at the Prepaid
Debit Card page require you to have a US
address. If you don't have a US address I show you how
you can Get A US
Address no matter where in the world you
live !
What You Must Know About
Prepaid Debit Card Fees
There are a number of fees associated with prepaid debit
cards. And consumers should make sure that they are
aware of all the fees involved with the debit card they
use.
Prepaid debit card fees vary from
institution to institution. Some debit cards come with
monthly fees. Others come with fees for each debit card
transaction. Some levy fees when customers use debit cards outside the country
that the cards are issued in.
These are just some of the
fees that consumers will be charged when they use
their debit cards. Be sure you know what fees are
involved with the debit card you use or the one
you will choose.
Here are some typical fees associated with prepaid debit
cards:
(Note: These are not actual fees. Each card is
different and consumers have to check the fee
schedule for each card.)
Online Customer Service - FREE
Balance Inquiry – FREE
Point Of Sale Withdrawal _ FREE
ATM Withdrawal - $1.50
Replace Card - $ 5.00
Reactivate Card - $3.00
Monthly Maintenance - $2.95
Reload Card - $1.00
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FAQ'S
What is the difference between a credit card and a debit card?
A credit card gives you a spending limit and then you are billed at the end of each month, paying interest on the money you have already spent. With a debit
card or a prepaid debit card as it is sometimes
called, you put money on the card first and then spend it however you wish.
Doesn't the VISA brand
or the MasterCard brand make them credit cards? No. The VISA brand
and the MasterCard brands allows you to make financial transactions wherever merchants accept
VISA and MasterCard. A card with a VISA logo or
a MasterCard logo can be a credit card or a debit card. |
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Recommended Debit Card:
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Prepaid Debit Card Links From Around The Web
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