Reloading Options for Reloadable Prepaid Cards

Nowadays, many people have resorted to using reloadable prepaid cards and with good reason. Compared to other options, reloadable prepaid cards are way easier to get compared to other alternatives like debit or credit cards. You also won’t have to undergo time-consuming and stressful background checks just to get one.

Many people also prefer using reloadable prepaid cards over other plastic card alternatives because it allows them to avail of enticing benefits without the hassle and inconvenience of carrying wads of cash anywhere they go. You are also spared from paying exorbitant charges and fees monthly.

All the Essentials You Need to Know About Your Reloadable Prepaid Cards

If you are like most people, it is likely that you already have a reloadable prepaid card or you are considering getting one. Regardless of where you belong in in the two categories, below are some of the reloadable prepaid cards basics you need to know so you can use the card to your advantage and enjoy all the amazing benefits it has to offer:

Different Types of Reloadable Prepaid Cards

Prepaid cards are either reusable (reloadable) or single-use (non-reloadable). Gift cards, incentive cards, and rebate cards are some of the classic examples of non-reloadable prepaid cards.

With a non-reloadable prepaid card, it is deemed useless (and can’t be used again) once all the balance has been depleted. Non-reloadable prepaid cardholders wont also be able to reload money onto the card once all the balance has been consumed.

Also, in many cases, non-reloadable prepaid cards can only be used at single retail chains or merchants. You can’t also use them to redeem for cash and they are not honored overseas.

On the other hand, reloadable prepaid cards are designed for repeated use. In other words, the cardholder can load money on the card as many times as they prefer. Some of the classic examples of reloadable prepaid cards include payroll cards and single-purpose reloadable cards.

Reloading Options

As the name implies, reloadable prepaid cards cannot be used until money has been loaded successfully onto it. The good thing is as long as money has been successfully loaded onto the card, it can be used right away for ATM withdrawals and purchase transactions.

You also have the option to reload money onto your card as many times as you wish and at any time you deem convenient. Depending on the prepaid card provider, there are several ways you can load money onto your prepaid card. Some of the reloading options you can look into include:

• Reloading money through a secure online portal
• Transferring money from the bank or a financial institution
• Transferring money from your Paypal account
• Having some else deposit the paycheck onto your card

Ideal Reloadable Prepaid Card Users

Prepaid cards are deemed ideal for various consumers. Some of the people who can benefit from using reloadable prepaid cards include:

Those who are unbanked or not qualified to get credit cards.

Reloadable prepaid cards are especially attractive for the unbanked or those who don’t have access to credit cards. Also, those with less than desirable credit histories can easily get their hands on a prepaid card without going through the usual hassles often associated with debit or credit card applications.

People who need help managing their finances better.

Reloadable prepaid cards are also considered a helpful financial tool for those who would like to manage their finances better and curb overspending. Unlike other plastic cards, you will be using your own money when you use prepaid cards so there is no risk of accumulating massive debts.