2/23/2023 0 Comments Prepaid visa card![]() ![]() ![]() Any transaction that goes over your account limit will be declined unless you have signed up for the optional overdraft protection. These cards don’t charge overdraft fees because you cannot overdraft your account. You can spend up to the amount of money you have deposited into your card account. As with a traditional debit card, the money you spend is automatically deducted from your account. Once you have money in your account, you can use your prepaid Visa card at the register, over the phone, or online to make purchases or pay bills. Your card may charge a monthly fee or a per-transaction fee to pay for your account maintenance, though some card issuers will reduce or waive this fee if you meet specific guidelines outlined in your cardholder agreement. Another benefit is that your deposits may hit your account up to two days sooner than they would through a traditional bank account. You can also receive money through regular direct deposits of your paychecks or benefits checks. This may include visiting a partnered convenience store or grocery store where you can hand money to the cashier and have it instantly added to your card account. And since these cards do not tie to a credit account, you won’t have to worry about a credit check that uses your credit history or credit score against you.Įvery prepaid card issuer has different partnerships that make it easy to add money to your card account. In many ways, a Visa prepaid card allows you to maintain a bank account without dealing with a bank. Some cards offer rewards for your everyday purchases. You can also take advantage of a free ATM withdrawal network and receive a personalized card with your name on it. But instead of depositing your money with a single financial institution, you’re placing it with the bank that issues your card.Īnd just like a bank-issued debit card, you can use your prepaid Visa card at the register or online to make purchases or pay bills. These cards work like a Visa debit card that you’d receive from a bank or credit union. It is not connected to a revolving line of credit, and you cannot spend more than the amount of money you have loaded into your card account. On the other hand, a prepaid gift card is typically a one-use product that expires once you’ve spent the money loaded into the card account.īut a prepaid card is not a credit card. ![]() These cards will also allow you to accept direct deposits of your paychecks or government benefits checks. Unlike a gift card, your prepaid Visa card will link to an online account that allows you to continually add money that you can spend using your card. A prepaid Visa card is different from a Visa gift card or a secured credit card in many ways. ![]()
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