What is a prepaid debit or credit card?

[Mykel]

I have heard about preapproved credit cards but had not heard of prepaid credit cards or prepaid debit cards? If anyone can help me it will be very helpful.

 

[Naiwen]

It’s a card on which you prepay money on it and can use only the amount you’ve prepaid for on it. I’ve never had to do this myself as I have very good self-control when it comes to spending and it’s a way to limit your spending if you can’t yourself. I have a few friends offline who use this as a way to control their expenses.

 

[Forlarly]

Prepaid cards look like credit cards and spend like credit cards but there's no credit behind them. They are technically debit cards– when you use them, you're spending your own money, not the bank's. Unlike traditional debit cards, however, you don't need a bank account to use a prepaid card.

 

[James]

It is simple Visa or other brand card which have fix loaded amount on it and it works like credit card but more secure and you don't exchange sensitive information means if someone hacked that card, they can't use it as it is only have limited amount on it.

 

[Claraviolet]

I have heard of prepaid Visa card before but this is new to me.

To be honest, I don't get how the prepaid credit card works. That concept is a little controversial to me. As for prepaid cards, you usually pay the amount first. So, in other words, you will be limiting your expenditure by making use of these cards. I never purchased any prepaid cards, except for my SIM card top-up recharge.

 

[WhiteHouse]

Prepaid visa card already have an amount you put in it and you can't spend beyond that
While a credit card has credit in it already, even if you don't have enough in it you can still use it to purchase stuffs

 

[Niftyyem]

Prepaid cards are more reasonable to me than credit cards since you are simply spending your own money but credit cards give room to spend beyond what you have at hand.

 

[Nurudeen]

I really also what to know more about this. Thanks in advance for more comment

 

[Braga13]

Prepaid cards are very different fromcredit cards. ... When you use a credit card, you are borrowing money. Generally, when you use a prepaid card, you are spending money you have already loaded onto the card in advance.

 

[ivanr01]

Prepaid card is this,where you can store online money.
Prepaid debit card is card,which isnt real. It can be used only online.
Prepaid credit card doesnt exist because credit card is that,which use bank's money , not your own.

 

[MizzLala]

I really like these for when I'm travelling so I don't have to carry my main bank cards in case of fraud. I just load the card up with a limited amount of money I'll need so that if anything shady happens while I'm travelling, it's not affecting my main account. I got into them when my mum and dad had their bank account cleaned out while travelling to Europe during that time when that Icelandic volcano with a very long name I can't even spell exploded, disrupting air travel.

 

[MizzLala]

With debit cards, you spend your own money, plain and simple.
And with credit cards, you borrow from a lender who wants to charge you interest.

I couldn't have put it better myself - very clear and concise explanation Sadly, not everyone is able to manage their credit cards and quickly slip into a vicious cycle of debts.

 

[Lyrrex]

I have heard about preapproved credit cards but had not heard of prepaid credit cards or prepaid debit cards? If anyone can help me it will be very helpful.

I have heard about preapproved credit cards but had not heard of prepaid credit cards or prepaid debit cards? If anyone can help me it will be very helpful.

A prepaid debit or credit card is an electronic card used for withdrawals and also online transactions, after spending limit of the total amount pre deposited in it

 

[Sariana23]

You request prepaid debit cards from the bank. After approved you deposit the amount of money you want and you can use it, it has nothing to do with your bank debit card, now I don't know about prepaid credit cards, I imagine they are handled the same as prepaid debit cards.