Prepaid debit cards are a superb way of having just the right amount of money on you for a shopping trip, holiday or day out with the family. The card allows you to pre-load money onto the card by visiting a payment point. You then use the card in the same ways as you would use a regular credit or debit card, though in this case you are only able to spend the exact amount which you have on the card.
Many people use such cards when visiting a foreign country, choosing to load money onto the card rather than carrying a large amount of currency with them. Pay points for these debit cards are readily available, your bank will happily carry out the transfer or a post office or a currency exchange, though a small fee may be charged. Issuers of prepaid cards are keen to express that everyone is entitled to a card and previous credit ratings are not considered.
In terms of making deposits to the card, this is usually done in the form of cash, though pay checks and wages can be paid in once the contact details have been set up with the bank. When it comes to getting a loan paid in to one of these debit cards, in principle this shouldn’t be an issue though a problem which may arise is that you often require a bank history and a decent credit rating to be given a loan, if you are using one of these cards due to a poor credit rating it might mean you are not considered for a loan.
If you have been granted a loan however, the provider of the prepaid card should be able to transfer this money for you. If you have a current account it may be a better option to get the loan paid into your checking account and then make a cash payment onto the prepaid debit card.
Many people use such cards when visiting a foreign country, choosing to load money onto the card rather than carrying a large amount of currency with them. Pay points for these debit cards are readily available, your bank will happily carry out the transfer or a post office or a currency exchange, though a small fee may be charged. Issuers of prepaid cards are keen to express that everyone is entitled to a card and previous credit ratings are not considered.
In terms of making deposits to the card, this is usually done in the form of cash, though pay checks and wages can be paid in once the contact details have been set up with the bank. When it comes to getting a loan paid in to one of these debit cards, in principle this shouldn’t be an issue though a problem which may arise is that you often require a bank history and a decent credit rating to be given a loan, if you are using one of these cards due to a poor credit rating it might mean you are not considered for a loan.
If you have been granted a loan however, the provider of the prepaid card should be able to transfer this money for you. If you have a current account it may be a better option to get the loan paid into your checking account and then make a cash payment onto the prepaid debit card.
