Prepaid cards are similar to standard credit and debit cards. The plastic cards contain a magnetic strip (and may also contain a smart chip) and use the MasterCard or Visa payment network, which means they are very similar to the typical credit card. To buy something, you can use it as a credit card or debit card: Pull the card if you are in a retail store or enter your card number if you shop online.
Where do the money come from? To spend money on a prepaid card, you must first "charge" the card in cash - just as you need to charge a battery before you can pull the power out of it. The card issuer is usually a bank and opens an account where your money is deposited.
You can add money to your card when you buy it (some cards are designed for individual use, for $ 100, for example) or you can add money later. With some pre-paid cards, you can reload multiple times using one of the following methods:
You can access funds from your savings account or from your account anywhere in the world
It has been accepted in more than 24 million stores around the world
Can be used locally and internationally to pay for goods and services at merchants who accept Visa cards.
Can be used for online shopping
Access your account from more than 730,000 ATMs around the world
Immediate access to funds to pay for emergency costs
No interest or monthly payment
Dedicated 24/7 help line
Full access to your account and full control over your expenses worldwide
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