The application of pre-paid cash card for consumers

Prepaid cash cards

Prepaid cash cards are a plastic card and given a PIN number when you buy the prepaid cash card. It can use to purchase products and services physically, online, telephone purchases or withdraw cash from ATMs. It is designed to be used as an alternative and convenience.

However, card holders can only spend on the money that has been credited. So, the card holders have to reload some money onto a prepaid cash card at banks, post offices or via bank transfer. In this case, card holders will not run into debts and no interests will be charged. This is because you are not borrowing money from banks or other financial instituions. This is the beauty of prepaid cash card.

Application of pre-paid cash card for consumers:-

• Convenient- The users can shop anywhere as long as the card is accepted by the retailers. Besides, users can use to pay fuel at the patrol station, purchase by phone, and shop on the Internet.

• No debt risk – There is a limited amount on our card that the users have no chance or unable to overspend by using prepaid cash card. It is because users are the one who load the particular amount onto the prepaid cash card.

• Controllable – It is an ideal way to control the users on purchasing. It helps the users in managing the money and eliminate the habits of overspending. Thus, users will always create a budget, make a list of items that are necessary to be purchased and able to save up some money for emergency use.

• Withdraw cash at ATMs - The cash can be withdrawn any time. It enables the users to pay by cash when making payment. This is because some places do not accept prepaid cash card to make payment. Examples places that require cash are eating at hawkers' stalls, markets, mart and etc.

• Money transfer – Some prepaid cash card provides money transfer service via bank wire transfers. Its flexibility is users can send or receive money via bank wire transfers between two cards. It is so convenient and meet the users' needs.
  


• Payment – For an example, Touch n Go. It is widely used in Malaysia and can be used at paying toll of all highways in Malaysia, major public transports in Klang Valley such as Rapid KL and LRT, selected parking sites and theme parks.

• Pay bills – Bills such as rent, utilities, insurance, car payment, and cell phone bills can be paid instantly.

Since prepaid cash card is benefiting and convenience, consumers do not have to worry of carrying so much cash in their pockets and fear of paying debts. Consumers can happily use the cards anytime, anywhere.

References:

1. http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp
2. http://usa.visa.com/personal/cards/prepaid/index.html
3. http://www.mastercard.com/us/personal/en/aboutourcards/gift_prepaid/
4. http://www.electronic-payments.co.uk/solutions/Splash_plastic_card
5. http://images.search.yahoo.com/search/images?&p=touch+n+go+card&rs=0&fr=sfp&fr2