Archive for the ‘Prepaid Credit Card’ Category.

Fantastic plastic: are prepaid cards replacing credit cards?

Fantastic plastic: are prepaid cards replacing credit cards?
The payments industry is shifting these days. A growing number of people are ditching their cash, cheques and credit cards in favour of a new alternative payment tool called “prepaid debit card.” According to industry sources, prepaid cards have become …
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New target for prepaid debit cards
When Steve Streit conceived the prepaid debit card, he had something very specific in mind: a way to let kids spend money online without using a parent’s credit card. He didn’t imagine that 16 years later the cards would be used by tens of millions of …
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Why Cash And Prepaid Cards Are A Security Threat
Therefore, the larger question is, when we have so many payment options available on your regular account, like debit card, credit card, net-banking and IMPS, why this obsession with cash and prepaid wallets? The answer lies in two parts: convenience …
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Prepaid Landscape

The size of the prepaid market is open to debate. The Federal Reserve 2007 Electronic Payments Study estimated that open-loop prepaid transactions totaled $ 13.3 billion in 2006, and prepaid transactions as a whole totaled $ 49.9 billion, compared with $ 1.9 trillion in general purpose credit card payments and $ 986 billion in debit card transactions. The same report pointed out that Aite Group LLC said the market had $ 95.4 billion in transactions for all prepaid cards, open and closed loop, and Mercator4Advisory said $ 197.9 million were loaded onto all prepaid cards, including closed-loop gift cards and open-loop prepaid cards. Network branded cards had a total of $ 26.75 billion loaded on them in 2006,and that number grew to $ 38.66 billion in 2007, according to Mercator. The range of numbers shows that pinning down the size of the prepaid card market is not easy. Companies do not want to reveal what they have accomplished (or not accomplished) in card sales, and some companies count prepaid cards as debit cards. Banks have found a place for prepaid cards in their product lines. Banks have served as issuers that hold the funds, settle transactions, and provide bank identification numbers for transaction routing for prepaid cards. They also have sold cards such as payroll cards, travel cards (to replace traveler’s checks), gift cards, and other types of cards both to consumers and companies. In a survey conducted in the first part of 2007 by the Independent Community Bankers of America, 43% of community banks said they sell network-brande d gift cards. Only 3% said they offered payroll cards. In the first survey in 2005, 2% said they provided payroll cards but nearly “one-fifth of community banks plan to offer payroll cards within two years” the ICBA said in a press release. (The association sent surveys to all but the top 125 banks in the country, and received 1,107 responses in 2007 and 400 in 2005.) Banks are not alone – other companies, including retailers, sell prepaid cards. Wal-Mart Stores Inc. has offered Visa-branded, reloadable prepaid cards since June 2007. The cards are issued byGE Money Bank. The Wall Street Journal reported that Wal-Mar”is on track to register $ 2 billion in deposits on two million cards in 2009.” The American Banker reported that “Wal-Mart, which gained more than 1 million customers with over $ 1 billion worth of transactions from the MoneyCard, is now ‘in the range’ of doubling both figures….” while other reports say Wal-Mart has sold 2 million cards. Since companies like Wal-Mart must work with banks to offer open-loop cards, banks can get into the prepaid card business by acting as issuers that hold funds, authorize payments, and settle payments. Prepaid cards are grouped by where they can be used and whether cardholders can add more money to them. Cards to which consumers can add funds are reloadable cards, as opposed to one time-use, nonreloadable cards. Closed-loop prepaid cards can be used only at one merchant. Most retail gift cards are closed-loop cards. Other examples of closed-loop cards are transit cards and cards sold to players for Internet games. Semi-closed loop cards refer to cards that can be used at a select group of merchants, such as a gift card that could be used at any store in a mall. Open-loop prepaid cards connect to a network and can be used wherever the network is accepted. Branded open-loop cards carry one of the major card brands (American Express, Discover, MasterCard, or Visa). The cards draw on funds held in a pooled account at a bank. Cards that require cardholders to enter a personal identification number (PIN) to make purchases using the NYCE, Pulse, and Star debit networks are also open-loop. Open-loop cards are the ones used most often to provide financial services to people without bank accounts. The ability to use the cards for almost all kinds of payments means that they can substitute for cash, credit cards, and checks. Open-loop prepaid cards can take a wide range of forms. The cards are used as general purpose, reloadable cards where consumers can load money onto the cards and use them for general payments. They can be used as payroll cards, which employers give to employees and load wages onto the cards instead of printing paychecks. Retailers give open-loop cards as incentive cards or rebate cards instead of checks or other merchandise. Parents give reloadable open-loop cards to children and college students as a way of providing them with an allowance and to monitor spending. Consumers use open-loop cards to pay for medical expenses using money from a Health Savings or Flexible Spending Account. Also the federal government uses prepaid cards to distribute social security benefits and state governments use them for unemployment insurance and child support benefits. With the addition of features like bill payment to prepaid cards, consumers may use prepaid cards as substitutes for checking accounts.

 Prepaid card  Prepaid Master Card

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Prepaid Card Offerings by Banks

 

Cash is no longer king. Plastic has become the preferred method of payment across the world. Today, cards are the smart and modern alternative to cash. They are more convenient, safer than carrying a wallet full of cash and they work anywhere, even online. Besides the widespread use of credit and debit cards, another card that is gaining popularity is the prepaid card.

Emerging popularity of prepaid cards

Prepaid cards have become more diverse and are more widely available than ever before. Across the globe, consumers are getting more and more aware of their distinct advantages, and are adopting them to meet their payment needs. Governments in countries with highly-developed payment card markets, as well as those with emerging markets, are issuing social benefits to their citizens via prepaid cards. Many employers have also begun to issue salaries and card-based vouchers to their employees instead of paper cheques.  Other uses of prepaid cards include gifting, transit-ticketing, money transfers, and many other purposes.

The benefits of prepaid cards

Opting for a credit card, debit card or a prepaid card is a matter of choice. Although usability and appearances of all three are similar, the services, advantages and functionality of each are markedly different. A prepaid card has compelling benefits for all, and especially for people who do not have a bank account.

· It is ideal for students. Easy to use and hassle-free, the prepaid card can be topped up by parents at any time, and makes it easy to control pocket money. Signing up for mobile alerts will also keep parents updated on where and how much money their child is spending.

· Stay at home mothers could use it to manage the household budget and keep track of expenditures.

· People without a bank account can use this as plastic money without getting into the charges associated with banking and credit/debit card management. This is especially true if the prepaid card comes loaded with value added features. For instance, with a RAKBANK prepaid card, you automatically become eligible for discounts & offers at select merchants.

· Visitors to the UAE, who do not have a bank account and consequently cannot be issued a credit or debit card, benefit greatly from prepaid cards. If the card is loaded with the local currency (AED), they will not have to pay currency conversion fees. However, for transactions performed in other currencies, a currency conversion fee will be applicable. The other advantage is that they no longer have to carry large amounts of cash.

· Prepaid cards also encourage financial discipline, as you can spend only the amount loaded on the card.

 

Prepaid cards offer cardholders more convenience, flexibility and secure access to funds. They enable their holder to supervise spending, budgeting and bill payments, thereby simplifying money management process. As consumer needs change, prepaid card , too,  will be loaded with additional benefits. According to market experts, the growth in prepaid cards will be driven by low cost and it’s convenience to consumers. 

 

Abdul Shahid is an independent writer who likes sharing his views on the financial/Banking sector in the UAE. His area of expertise is online banking, insurance, travel insurance, credit cards, prepaid cards, master card, Visa card, debit cards, loans, mortgages, life insurances, farm loans, investments, mobile banking UAE and a lot more.

How Does the Solavei Prepaid Visa Card Work? Best Prepaid Debit Card?

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Use Prepaid Credit Cards to Enhance Your Savings

You might think about what’s  the point of getting a charge card if you need to ‘pre’-pay. The fact is,  prepaid bank cards tend to be  becoming quite popular and  are helpful to protect you against the worrying outcomes of soaring inflation.

The entire world economy has been around very chaos because of the economic crisis it’s  already been dealing with for final few years . In many ways, normal life has changed in a quick timeand many people never easily adaptto the almost-daily pros and cons in their nation’s economy.

New research shows that as high as 93 percent of individuals are involved about their particular preserving in britain due to soaring inflation. The question is, where do you remain? Among them or beyond them?

Analysis performed by postoffice revealed the astonishing undeniable fact that less than 20 per cent of individuals can tell exactly what the existing inflation price is within the nation.

Another 20 percent cannot say the way the inflation price would impact their particular cost savings.

Is the interest paid by the lender greater or below the inflation rate? A beneficial 23 percent simply don’t understand this. Lack of knowledge among the list of British  appears to be very large.

Furthermore interesting to  observe that men think they understand  more info on inflation alongside financial matters than . There were 59 per cent  associated with the participants which in which male nevertheless they’d a grasp throughout the problem of inflation and its results. In comparison, the portion of ‘informed’ ladies was just 34.

A lot more shocking is the fact that 4 per cent of  young respondents  between 18 and 24 don’t know any thing concerning the matter. Obtained not found out about inflation. Should they were  area of the 7 % of the ‘not-worried’ participants then your condition is  even grimmer.

The present data  in regards to the nation’s economic climate suggests that 1.3 million more and more people  in the UK have actually  done more serious due to their finances when compared with  nine months ago.

an useful action to simply help strengthen your savings would be to prepaid charge cards thereby applying for credit card which prepaid if you wish to not exceed your investing restriction.

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Best Prepaid Credit Card – What You Should Look For

You may have heard of these and asked, “why are they called credit cards if you receive no credit?”  To answer that question and many others, let’s look at them in detail.

Nearly all of the major issuers offer these.  The concept is very simple.  Once you are approved, and nearly everybody regardless of their history is, you get a card in the mail.  It looks identical to a regular one typically with a Visa or MasterCard logo.  It can be used anywhere that Visa & MasterCard are accepted and nobody will know that it is prepaid.

The first thing you have to do is fund it.  The amount of money you deposit in to your account is the amount of money available to you.  You can’t carry a balance, you can’t pay interest or over the limit fees.  To avoid any kind of fee, set up a direct deposit. Also bank transfers, ATM deposits, and even a mailed check can fund it.

Most valuable perks including free bill pay, free direct deposit, balance alerts sent to your e-mail or cell phone, and if you have damaged credit report, your positive payment activities will be reported to the bureaus.

These companies are making money off of each transaction that you make yet still, some companies try to charge annual or monthly fees.  Make sure to do a lot of comparison shopping and find one that is 100% free to be issued and activated.  Some may require that you set up direct deposit in order for it to be free.

As American’s become more conscious of how they borrow money, this card represents one of the safest ways to build positive marks on your report and without the worry of finding yourself in over your head in debt.

Additionally these are a good alternatives for individuals in chexsystem and don’t have a checking account. This is because to cash a check you have to pay a check cashing fee. To pay a bill you must buy a money order. These expenses add up quick. However a good card will let you use direct deposit for free and may have a program to allow you to pay your bills without having to buy money orders.

We suggest the prepaid Account Now Visa it comes with free direct deposit, free bill pay, free activation, free credit builder and guarantees approval – for a complete review visit us or for more information about the Best Prepaid Credit Cards.

Latest Prepaid Credit Card News

Louisiana stops issuing tax refund cards this week
The state will stop using prepaid debit cards to issue taxpayer refunds starting later this week, the Louisiana Department of Revenue said Tuesday (Sept. 29) in a news release. Residents still have the option to receive refunds through direct deposit …
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Ecobank Unveils Two Visa-Branded Pre-Paid Cards in Kenya
Ecobank Kenya has today announced the roll out of its first ever Prepaid cards; consisting of the Ecobank Salary Pre-Paid Card and Ecobank Travel Pre-Paid Card. The prepaid cards, which are Visa branded, will target both Ecobank customers and …
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Apply For A Reloadable Prepaid credit Card

One of the defect of modern times is that group tend to acquire so dozens belongings they do not really need. Numerous appliance and services produced targeting a vast fair for consumers and the sunrise of various resourcefulness somehow blinded people.

Since finances, especially wealth is one of the biggest concerns lots people, a wide growth of financial direction services and financial selection emerged. One of the bulk visible among the unending sequence of financial direction services there are respect cards.

Although lots group testify for the financial comfort you get when you apply for a recognition card, this does not mean that every subsidizing comfort applies for you or for everybody in this case.

When clan ask for a respect card, there is always a reason. Can be to manage your finances, you poverty extra currency or in arrangement for a big expense. But whatever the reason, tribes ask for a recognition postcard because of the comfort it provides. At present, has had its slice of the thanks postcard pre-approved “offers in your virtual and physical mail. Because tribes are very vulnerable when they apply for a respect card, some confidence postcard distributor lure these clan to terminate April introduction, no annual commission offers among numerous advantages. The process of this so lots option and offers a “value” is to demeanor the homme you are effecting for a respect card.

There are undeniably endless lists of prostitute and cons when you apply for a thanks card, but if you really decided to apply for a thanks postcard are some tips that tins clue you on your recognition postcard purchases.

In fact, there are three steps to profits if you decide to apply for a recognition card. First, surf the mesh and do some research on respect cards. In deed so, you tins become familiar with different terms of importance postcard and rates. Second, you tins compare numerous confidence postcard that best serves their needs and, finally, he tins now arguments the trust postcard of your pick by ending a respect postcard implementation by inspection a mound agent or online .

To discovery the prerogative trust postcard for quick and easy at first, before effecting a recognition card, type sure you learn the terms and stipulation of the importance card. When you apply a importance postcard you lack to know what a “credit card” really is. A makes of debt, including payments, recognition postcard are usually credit-market requirement that affect the overall cost. Therefore, it is best to compare terms and commission before effecting for a thanks postcard and decide to open an account. Some of the bulk important terms are well understood in the annual tempo April

When you implementation a confidence card, you want to know how the APR affects your confidence account. Is a extent of the award of trust expressed as an annual decline, the annual gains before effecting for a respect postcard so you evidence not be required in the description and your explanation declaration later. Outside of April, the tempo of journal available to the cardholder before any request confidence postcard so they tins get a emotion of stability and finance charges for each invoicing period. Other important terms to know before effecting for a importance postcard are free end or “grace period, annual fees, settlement and other fees, other costs and job and statement estimation for the prize job finance as flag daily balance, balance, previous balance, and two balanced cycles.

If you do not have this makes of homme who is patient enough to research all of these conditions, be sure to first apply the confidence postcard issuer to provide an solution of how the rest is calculated and is shown the monthly charging declaration .

 

 

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Why African-Americans and White Men are Increasingly Using Prepaid Debit Cards

Image from web page 1429 of “Gleanings in bee culture” (1874)
prepaid charge card
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Identifier: gleaningsinbeecu40medi
Title: Gleanings in bee culture
12 Months: 1874 (1870s)
Authors:
Subjects: Bees Bee culture
Publisher: [Medina, Ohio, A. I. Root Co.]
Adding Library: UMass Amherst Libraries
Digitizing Sponsor: UMass Amherst Libraries

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Text Appearing Before Image:
ing. Comes ready to perform. Pumps, saws, tlireshes.churns, separates milk, grinds feed, shells corn, runshome electric lighting effects plant. Pricos (stripped). $Z9.60 up.Sent any place on 15 days free trial offer. Dont purchase an engrinetill you investigate money-saving, power-saving DETROIT.Thousands being used. Prices just postal to discover. If you arefirst in your area to write, you get Unique Extra-Low lnlroduc<ory cost. Write (138) Detroit Motor Works, 373 Bellevue Ave., Detroit, Mich. ^iflMPERIAOg In Your OwnHome atOUR RISK The Exclusive Feature i?naO Odor Hood, rock Ovensiaiigc, Bottom, Ash Sitter. Wonderful Gas Economizer-Splendid Baker. NOMIDDLE-,MANS PROFIT. DIRECTFROM FACTORY to HOMEAT FACTORY PRICE. FREIGHT PREPAID . 3 6 5 – D A YGUARANTEE. Credit if de-sired. WRITE THESE DAYS for Money-Saving Catalog of Rangesand Heaters. THE IMPERIAL STEEL NUMBER COMPAN^340 STATE STREET. CLEVELAND. OHIO CREATE YOUR WIFE A PRESENT ol 100 ENGRAVED CARDS—Send S1.25 to GRAY PTG. CO., Fostoria. Ohio.

Text Appearing After-image:
GLEANINGS IN BEE COMMUNITY THE Coward ood^ ense Protect and help developing footstructures with Coward Shoes, andchildren will escape the handicapof poor legs, arch difficulties and flat-foot. Coward Arch Support Shoe and Coward ExtensionHeel made by James S. Coward for more than three decades. FOR THE KIDS. WOMEN AND MEN. Forward for Catalog. Mail Purchases Filled. Soid Nowhere Else. JAMES S. COWARD 264-274 Greenwich St.. near Warren St., Nyc

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Why African-Americans and White Men are Increasingly Utilizing Prepaid Debit Cards
Prepaid debit card usage is greatly rising, especially among African-Americans and – maybe interestingly – older, White men. Here’s a primer in the benefits and drawbacks of employing a prepaid debit card – and a reason for why …
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Fraud aware: We Energies disadvantages target a lot more than 700 Wisconsin residents, expense
MILWAUKEE — The Wisconsin division of Justice revealed a study on Wednesday, September 16th saying more than 700 Wisconsin residents have-been targeted by a prepaid credit card scam, costing all of them $ 18,000. It’s a fraud one western Bend business proprietor fell for …
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The Way The Commercial Prepaid Credit Card Could Rise To The Top
But also for small enterprises, discover flurry of e-payment alternatives for payroll and accounts payable – credit cards, debit cards, line and bank transfers, among others. Some experts are actually beginning to explore how the prepaid credit card – an instrument that helps …
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Pre-paid cards – the student lifesaver
A pre-paid card are laden up with a set sum of money that the student that you know may use for essentials. They’ll have quick access towards resources they need, and unlike with standard charge cards, there’s no chance to rack up debt – they can just …
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