Reloadable Cards Criteria and Approval

by admin on October 1, 2014

Prepaid cards are offered to customers with fair and poor credit and serve as a convenient non-credit payment solution. Some cards are designed for travel and help keep holiday and everyday expenses separate. Youth cards are offered to parents to enable monitored spending, along with other consumer and business cards. Prepaid products are offered to start-ups and entrepreneurs, customers with tarnished credit, students, and frequent travelers. There are different types of cards for customers who are new to credit, including cards for commercial transactions and purchases. Customers use their cards at malls, fast food restaurants, stores, and other locations. Issuers offer both standard and specialty cards that can be funded automatically. Issuers offer prepaid cards with online bill pay, high cash deposit limits, and bonus points. Some cards feature rewards such as bonus fuel discounts, shopping discounts, free groceries, and other perks. Customers can choose from temporary and personalized cards with bonus points earned on brand merchandise and other purchases. There are different options to look into, for instance, cards for customers and employees.

Some cards are disposable and work like gift vouchers while others earn rewards. Users can exchange their points for merchandise, including fashion and clothing, electronics, games, and other items. Prepaid cards offer rewards toward merchandise from top brands. Bank clients enjoy many perks such as special and seasonal offers, vouchers, promos, freebies, and travel rewards. Some cards are designed for dependents, including young adults, teenagers, and students, and the goal is to promote financial responsibility.

Reloadable credit card features quick approval and no income requirements, and borrowers with a history of late payments, and personal bankruptcy meet the criteria. Issuers require information such as tax ID or SIN, personal information, and more . The information offered is used to identify customers. Financial institutions charge fees for express shipping, replacement, and reissuance. Some issuers also charge higher international ATM withdrawal fees. Customers who load over $500 are offered maintenance fee waivers by some banks. Some cards go with high transaction, monthly, and activation fees, one-time purchase, and cash withdrawal fees and should be avoided.

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