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What are reloadable prepaid cards?

[Saturday, December 18th, 2010]

A reloadable prepaid card means you can replenish the card whenever it runs out of money to use it over and over again. Like any prepaid cards you can spend what’s on your reloadable prepaid card only. Once you’ve reloaded your reloadable prepaid card with money, you can use it to pay your bills online and in a usual way, make purchases online and at lots of locations, and draw money from ATMs. These cards are also branded Visa or MasterCard.
The cards are very popular with teenagers, travelers and people with bad credit. Such cards can teach you how to have more control over your personal finances. Usually reloadable prepaid cards come with no overdraft which means you can’t overspend. There are no interest rates associated with these cards but some fees.

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