Prepaid credit cards appeared in Australia about three years ago. Prepaid credit cards are now gaining popularity - users require no credit history and there are no monthly repayments. You deposit your own money and use the credit card to withdraw it.
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What is prepaid credit card or prepaid visa card?
Prepaid credit cards are convenient alternatives to cash and checks and benefit cardholders in a number of ways:
Cardholders can use Visa prepaid cards to pay for shopping, fuel and even utility or household bills. Prepaid credit cards can also be used for making payments on the phone or online and, in some cases, withdrawing cash at ATMs.
Cardholders can make purchases and withdraw cash when they need it. Access to funds on a Visa prepaid card is the same as with any other credit card. Use your pin or sign the receipt.
A Visa prepaid card can be replaced if lost or stolen and carries the same liability protections against unauthorized purchases as other credit cards.
4: Financial management
Itemized card statements and online reporting make tracking expenses and monitoring spending activity easy. Manage your spending by loading a limited amount of money on the card. You can only spend what is available on the card.
Prepaid Credit Cards in Australia
Back in 2006, Visa’s executive vice-president for Australia and New Zealand, Bruce Mansfield, said that he expects a strong take-up of prepaid cards in general. “Australians are pretty savvy money managers and a prepaid card is a perfect money management tool,” he says. “Australians have lapped up prepaid and disposable mobile phone cards and I expect similar long-term results in Visa prepaid.” (Money Magazine’s June 2006 issue). Ever since, the popularity is growing with major banks offering prepaid card in store or on the internet. There are many bank and non-bank organisations offering prepaid visa and mastercard credit cards.
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The review "Prepaid Credit Cards" was last updated on 15/04/2015.