Prepaid card is card that you use to access money you have loaded onto the card in advance.

Prepaid cards look like the debit card or credit card. They are plastic cards with a magnetic stripe or they may have a chip. The only difference is that you can’t spend more money than you have already loaded onto it.

There are different ways how to put money to your prepaid card (it depends on the country and bank or card’s network):

• set up direct deposit to the card
• bring cash to a retail store that can add funds to your card
• transfer money from your bank account to your prepaid card
• etc.

There are different types of prepaid cards, such as:

• linked to the special bank account, not your checking account (current account, savings account)
• doesn’t linked to any bank account – that card can be deposited or not (rarely used, like gift card).

Prepaid debit card lets you pay for things as you would with a debit card. You can generally use one wherever its payment network, such as Visa or MasterCard, is accepted. It’s safer and more convenient than using cash.

Mostly, you can also withdraw money from your prepaid card, but in some rarely cases in doesn’t allow or it can be expensive – banks can charge fees for any withdrawal form prepaid cards.

Attention!

• Prepaid cards may have fewer consumer protections than debit cards, such as those that apply if the card is lost, stolen, or other unauthorized charges appear.