What is prepaid money?


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Scarlett Mckeown Profile

Prepaid money is money that has been preloaded onto a debit card instead of the user paying by cash.

Benefits of using a prepaid debit card

Carrying around lots of cash when you need to pay for something can be both inconvenient and unsafe. You could lose/misplace the cash, or get really unlucky and have it taken from you.

If you load cash onto a prepay card, you're able to know that the money is safe, plus only you have the PIN to access it! Even better, if you lose the card, you can block it straightaway, with the added benefit that it's not linked to your bank account!

Shopping online

Buying almost anything online requires some form of credit or debit card. If you want to buy something without breaking out the credit card, prepaid cards allow you to do that. You know exactly how much you have spent and there's no added interest on top!

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