Online Banking with Prepaid Cards
Do Prepaid Cards offer Online Banking
Prepaid cash card companies that offer the facility of online banking where you can manage, load and check statements with your prepaid card.
Q: Do prepaid cards offer online banking? A: There are many companies offering different types of prepaid cards. Most of the prepaid cards by large banking companies have online banking. For example, the Visa prepaid cards by BB&T, Commerce Bank, Scotiabank, CIBC, and TD Bank offer online banking.
Q: How to apply for a prepaid card? A: Depending on the issuing bank, you can get a prepaid card at the bank branches, through online banking, or through the mobile app. You don't need to be a customer of the bank to apply for a prepaid card. You only need your IDs and make sure you meet the minimum age requirement by the bank.
Q: What fees apply? A: Since prepaid cards are not credit cards, there is no charge or pay out interest. There is also zero fee for loading and reloading the prepaid cards. There is an annual fee on the card, and some banks charge a one-time purchase fee when you buy a prepaid card. ATM withdrawals within the country of the bank are free. ATM withdrawals outside of the country may be charged a fee depending on the bank's policies. Foreign conversion using prepaid cards is usually at a rate that is 2.5% over the rate the bank must pay. An inactive fee will apply after a period time of inactivity on a card or after the card expiry date. If your prepaid card is lost or stolen, there is a fee of card replacement.
Q: Is it safe to use prepaid cards? A: One of the advantages of using prepaid cards are the security features. Prepaid cards verified by Visa are protected by Visa's secure online shopping process. Purchases using Visa prepaid cards are also protected by Visa's Zero Liability Policy. For most prepaid cards, the chip technology is used to protect the cards. For prepaid cards offered by large banking companies, card holders also get the active fraud monitoring service on their cards.
Q: Can I transfer money from my bank account to my prepaid card? A: Yes. You can load from your bank account or credit card, at the bank branches, through online banking or mobile app.
Q: What are the other ways to load or reload my prepaid card? A: You can add funds to your card at bank branches, or make a bill payment at most financial institutes.
Q: What are minimum and maximum load amounts? A: Every bank has different minimum and maximum load amounts, you need to consult your banking company.
Q: How many prepaid cards can I own? A: The policy varies by banks and the type of prepaid card. Some banks allow you to have a maximum of 4 prepaid cards, while for other banks, each person can have only one prepaid card.
Q: Do prepaid cards expire? A: Yes, the expiry date is usually printed on your card. If there is a positive balance on your card within 60 days (varies by bank) before expiry, you will get a new replacement card.
Q: Will I be refunded if I return or exchange a purchase? A: Yes, like credit cards, approved credit for returned or exchanged merchandise will be applied to your card.
Q: Will prepaid cards have an effect on my credit rating? A: No, prepaid cards are not credit cards, and have no effect on your credit rating.
Q: Can I get additional prepaid cards for family and friends? A: No, prepaid cards are only for your own use.
Q: Can I use my prepaid card to make hotel reservations or car rentals? A: In some cases, retailers do not accept prepaid cards. If they do accept the prepaid card, they will process the deposit for your rental or reservation, and the funds will be held on your card.
Q: How to check my prepaid card balance and statement? A: Your account balance and transactions are available online, or by calling the customer centres. Sometimes, a paper statement will also be provided.