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Difference Between Prepaid Cards and Debit Cards

 

Though prepaid and debit cards perform in similar ways, there are differences between the 2 and consumers ought to clearly understand the similarities and distinction before selecting one over the other.

 

 

Before we get to the variations, let's look at the similarities. Both cards can be utilized anywhere the issuer is accepted - whether or not Visa, American Categorical, Discover or MasterCard. Reload-able prepaids can also be used at ATMs to withdraw money just like debit cards. Additionally, prepaid cards can be used to shop online and pay payments (as long as they're registered), much like debit cards. Nevertheless, there are differences:

 

 

The first main difference between a prepaid and a debit card is that debit cards are linked to a bank account and draw cash from that bank account to cover any cost made utilizing the card. Prepaid cards have a pre-loaded quantity and the person is able to make use of only the amount of cash loaded on the card. Some prepaids are reload-able, which signifies that the consumer can add more cash to the card after the initial amount is depleted, while others are for one time use only, that means that once the value on the card is exhausted, the card is useless.

 

 

Another 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 cash to a checking or financial savings account if the card was used fraudulently. While some prepaids provide this protection, it varies by issuer and principally applies to reloadable prepaid cards.

 

 

The opposite distinction between a debit and prepaid card is the possibility of overdraft. While nearly all prepaid cards are limited to the amount of money loaded on them, and hence virtually eliminates the risk of overdraft, debit cards could be overdrawn, leading to charges that can add up quickly. In some cases, banks will cost a number of overdraft charges on overdrawn transactions occurring the same day. You subsequently need to keep an eye in your account to keep away from getting caught up in this situation.

 

 

Finally, there may be almost a 100% guaranteed approval for prepaid cards. Even with reloadable prepaids that require personal data like social security number and address, buyers are not often denied as long as they provide the information requested. Nonetheless, not all applicants are approved for bank accounts, and therefore 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 that are unable to qualify for bank accounts.

 

 

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