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Mobile banking and using a prepaid debit card

Published on 18 January 2017 in Multi - News by Raffick Marday

Bank Account with Debit Card

Prepaid debit cards companies that offer the facility of SMS banking where you can manage your prepaid card using your mobile phone

Find Out The Top Benefits Of A Debit Card

Mobile banking with Debit cards are highly recommended by the financial institutions because of convenience and safety.

In today’s times when even going out is so unsafe, do you fear in taking huge amounts of money along with you? If you nod on this question then read on and find a quick fix solution to this serious problem.

Mobile banking and using a prepaid debit card

In general, there are two groups of customers that use the retail banking services. The two groups are personal customers and small and medium sized enterprises (SMEs or small businesses). Both groups tend to use the branch network so the bulk of branch and staff costs are shared between SME and personal customers.

Over the years banks have grown in size, scope and the products and services they offer which include current accounts (both for personal customers and for SMEs), savings accounts, credit cards, loans, mortgages, insurance services, and foreign exchange.

Not all areas the retail banking services they provide offer competitive rates such as foreign exchange. To get the best foreign exchange rate you should see a foreign exchange broker. Compare money transfer the foreign exchange comparison site can assist you on this service.

Banks provide bank account services through a range of channels. Staff working in branches providing face-to-face assistance to customers and generate new business across a range of their other products. Other forms are the bank’s website, call centre’s, TV radio and comparison websites.

When a bank takes on a new bank account customer it has a strong incentive and is the ideal opportunity to sell a range of retail banking products to him or her.

This enables the bank to benefit from what is known as the ‘economy of scope products through one channel. The banks can then spread the large fixed costs of providing banking services across several products.

Most banks now provide a full range of financial products to their customers, and referred to this as providing ‘total customer value’.

Using prepaid debit cards
Some consumers are starting to see how prepaid debit cards can provide you with so much convenience. Although credit cards are also useful, there are a few benefits a prepaid debit card have that credit cards don't. You can use Visa prepaid debit card in all of the places you can use a credit card too. Wherever Visa is honoured whether it is online or in the real world you can make purchases. There are literally thousands of Visa vendors all over the world you can buy from. It's safe to online or in person. Since you control how much money is in your account, you can keep a minimum to lessen your risk of exposure to thievery without fear of penalty. The road to recovery is in your hands and using Visa debit cards is smart.

benefits of using Contactless debit cards

  1. Set your own spending limit. Because prepaid cardholders are not given credit lines, they cannot be used for advanced purchases. That limitation can actually be an advantage. Decide how much you plan to spend with your debit card each month. Once you made the deposit, do your best to follow the plan. Don't be tempted to make a new deposit when the cash in your debit account has been used up. Stick to your budget.

  2. Safer for travels and shopping around. Having a prepaid card instead of bringing large cash in your wallet is safer. You can use it to buy souvenirs, pay at diners or car rental services. You can even use it to buy your plane ticket. However, just like a credit card, a debit account can be frozen in case the card is misplaced or lost. All you need to do is call issuer immediately.

  3. Avoid bad debt. It's not a credit card so you can only use it for shopping if you have existing funds in your account. Purchasing items using a debit card means you won't need to go through repayment. The purchase will be automatically paid using the money in your account.

  4. No credit check. People with no credit history or has bad credit history can still enjoy having prepaid cards. Your credit report will not be checked upon application. There is no risk of rejection.

  5. No monthly bills. As the name suggests, the card is prepaid, so you won't have to worry about monthly bills sent to your mail or debt collection in any way.

  6. Have cash withdrawals from any ATM at any time. If you need cash, you can simply go to the nearest ATM in your area and withdraw from your debit account. Parents can use prepaid debit cards for sending cash allowance to their kids.

  7. Can be used locally and internationally. Prepaid cards with MasterCard or Visa logos are accepted in all States of the US, UK, and many other countries worldwide. Leading merchants and even small business establishments today accept this method of payment both offline and online. Prepaid cards have great benefits.
    Being in control of your own finances will keep you from falling further into the perils of bad credit and with Visa prepaid debit cards you can even start to repair your credit. Since you can't overspend, you won't be subject to any more hits to your credit score, especially if you use your Visa prepaid debit card for all your purchases. Showing fiscal responsibility and the desire to get back on track will go far in repairing your credit

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