Prepaid Cards: The new age gift idea?
Though a significant occasion like a friend’s birthday or anniversary excites one, sometimes shopping for a gift can be the most arduous task. It’s more about picking the right present but constantly hindered because they have got everything! While many are getting stuck in this spindle, a prepaid credit card seems like an overwhelming gift idea. In this case, all one will have to do is, load the desired amount of money onto the card and solely gift it. The recipient can use the card to get them anything they’d love anytime!
A prepaid credit card is not a credit card like many think. But they work in quite a similar way. That is, prepaid cards issued by the banks do not allow expenditure by borrowing funds from the bank and instead work on the funds available on the card. Like credit cards, they also have an expiry period printed indicating the date limit, usually until seven years of purchase. The best thing about prepaid credit cards is that one can use them at an ATM even without possessing an actual bank account! Prepaid cards are not just for personal gifting but are now popularly used by businesses as gift cards for employee incentives and other giveaways!
Are prepaid credit cards worth buying?
Be it for gifting someone or for one’s use, prepaid cards offer a variety of benefits and, the most important one is limiting the risk of falling into a debt triangle. Here are some other pros of getting a prepaid card today!
1. Buy a prepaid card in no time!
In a hectic lifestyle today, shopping for a gift and delivering it to someone living far away may seem troublesome. But once, when someone has decided it to be a prepaid card, the process happens in no time! Prepaid cards are ultimately the most straightforward digital cards to get and hold. Procuring a prepaid card online is also possible now!
2. Say no to rushing
Gifting a prepaid card is now as easy as procuring it online and sending it via email to anyone anywhere in the world. Moreover, there is no compulsion for the giftee to shop using the card immediately but only pertain to the card’s expiry.
3. Options with reloading
For anyone who would like to go cashless yet does not want to credit cash, reloadable prepaid cards are available. With this card, the holder can always add funds after the whole amount gets drained. And so, they can use the same card for a lifetime! On the flip side, for gift cards, going with non-reloadable cards will be a better choice!
4. A business’s need
Businesses like a supermarket or even a restaurant at the mall can issue these prepaid cards with their logos printed as customer rewards. In this case, closed-looped cards are widely in use, which can restrain the acceptance of the card to the issuing outlet only! Prepaid gift cards are ultimately an enjoyable business strategy attracting customers to shop more!
5.Use wherever, whenever
One prudent perk of using a prepaid credit card is that they are widely under acceptance by most shopping outlets, merchants, and food centres. Like other digital payment options, these cards also can be swiped on the go! Eventually, it is of great use for anyone on travel and feels going cashless is a safe and better option!
Additionally, losing this type of card is no headache as there is no chance of a scam or theft possible. Calling the banks to freeze the account is now not required! So, what’s better than a safe cashless benefit?