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Distinction Between Prepaid Cards and Debit Cards
Though prepaid and debit cards perform in similar ways, there are differences between the 2 and consumers should clearly understand the similarities and difference earlier than selecting one over the other.
Earlier than we get to the differences, let's look at the similarities. Each cards can be utilized wherever the issuer is accepted - whether Visa, American Categorical, Discover or MasterCard. Reload-able prepaids will also be used at ATMs to withdraw money just like debit cards. Additionally, prepaid cards can be utilized to shop online and pay payments (so long as they're registered), much like debit cards. However, there are differences:
The first main distinction between a prepaid and a debit card is that debit cards are linked to a bank account and draw money from that bank account to cover any charge made utilizing the card. Prepaid cards have a pre-loaded amount and the consumer is able to use only the amount of cash loaded on the card. Some prepaids are reload-able, which means that the person can add more cash to the card after the initial amount is depleted, while others are for one time use only, that means that after the worth on the card is exhausted, the card is useless.
One other distinction between the 2 is the difficulty of protection. Debit card; because they are linked to bank accounts do have some protection in opposition to fraudulent purchases. Most banks will refund money to a checking or financial savings account if the card was used fraudulently. While some prepaids provide this protection, it varies by issuer and mostly applies to reloadable prepaid cards.
The other difference between a debit and prepaid card is the possibility of overdraft. While nearly all prepaid cards are limited to the sum of money loaded on them, and therefore virtually eliminates the risk of overdraft, debit cards will be overdrawn, leading to charges that can add up quickly. In some cases, banks will charge multiple overdraft charges on overdrawn transactions occurring the same day. You subsequently must keep an eye in your account to keep away from getting caught up in this situation.
Finally, there's nearly a one hundred% assured approval for prepaid cards. Even with reloadable prepaids that require personal information like social security number and address, consumers are not often denied as long as they provide the knowledge requested. Nevertheless, not all applicants are approved for bank accounts, and hence not all candidates that apply for debit cards are able to get them. That makes the reloadable prepaid cards more attractive to the unbanked or those who are unable to qualify for bank accounts.
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