Pre-Paid Cash Cards
What are cards?
The payment card industry denotes the debit, credit, prepaid, e-purse and other cards under different brands like VISA, MASTERCARD, CIRRUS/MAESTRO, EUROCARD, AMERICAN EXPRESS, DINERS CLUB for example.
Beyond that there are cards and e-wallets issued by businesses which can be used to pay for their services as well physical Gold/Platinum cards.
What are Prepaid cards?
A prepaid card is a payment card that is loaded with money by you or someone else. A prepaid card looks just like any normal credit or debitcard, with a card number, signature strip and company branding. But prepaid cards do not provide you with a line of credit like credit cards. Even though it’s called a debit card, a prepaid debit card is very different from a bank account debit card. A bank account debit card is linked to your current account; a prepaid debit card is not. Instead, you pay in advance to load funds onto a prepaid card, and then use the money you have loaded onto the card. In most cases, you can’t spend more money than you have already loaded onto your prepaid debit card, but with bank account debit cards, if you opt into your bank’s overdraft service, the bank may cover the cost of a purchase that exceeds what you have in your account, and charge you a fee (as well as requiring you to repay the overdraft.) Since it is not linked to the current account, it is very expensive to transfer funds out of card, you have to spend those. Fees are also a bit higher than for standard debit card – there could be % fees for loading card and for payments with card.