Before now, I also thought prepaid cards were nothing but a big flex, much fuss, little value. But, when that card saves you from ugly situations several times, you’ll sing its praises like I do now.
What is a Prepaid Card?
A prepaid card is a payment card with money stored on the card itself, not in an external account maintained by a bank. It is very convenient to load funds to use anywhere just like a debit card as no network access is required by the pay point, money can be withdrawn and deposited straight from the card. Prepaid cards are a safer and more secure way to access your money than traditional payment methods such as cash or cheques that is why more people are opting to use them. If you still need convincing, here are a few more reasons to hop on this bandwagon.
Prepaid cards are widely accepted as they are easy and convenient to use. They aren’t limited to a particular platform or payment merchant so their usability isn’t restricted. Your prepaid card can be used to pay bills, shop online and withdraw cash from ATMs as well as make payments or withdraw cash with POS.
No matter where you are or how good the network is, a prepaid card will work at a PayPoint. Since your money is domiciled on the card and not to a linked account, you always have access to the money on it.
Reliable Travel Companion
With a prepaid card you are guaranteed to have no payment disappointments when travelling. Rest assured that a pre-funded and re-loadable card, which is internationally accepted at all Visa acceptance points (ATM, POS & web) in over 200 countries will not fail you. The best prepaid card in Nigeria is offered by UBA with Naira and USD options, click here to see how you can get one.
It is Flexible
There are times when you are unable to run important errands yourself and you have no choice but to send your domestic staff or wards. Now, this is where the prepaid card comes into play. The prepaid card can be used as a utility card that allows you to pay for goods and services, while you manage the funding as well as monitor where the card is being used for transactions.
It can be Used as a Gift Card
Gift cards are mainly used for a particular retailer and can only be used until the amount on them is exhausted. Unlike the gift cards, with the prepaid card, the recipient can reload the card with funds after the amount on the card has been exhausted.
Better Money Management
Prepaid cards are an excellent option to help you limit spending and cut down on extra costs. If you load a certain amount on your card, it stands to reason that you can only spend that amount and this is why more and more people are adopting it as a budgeting tool.
New technologies are making the world a generally safer place today, but with that also comes more opportunities for fraudsters to take advantage of the novelty of these technologies and defraud unsuspecting victims. We’ve all heard of instances where people have had their entire bank accounts wiped clean because their debit cards and personal details fell into the wrong hands. Using a prepaid card can help prevent this from happening to you. Since your prepaid card isn’t linked to an account, your information is at zero risks with less personal data available. In the event of theft, you won’t lose more than you have on your prepaid card. Of course, nobody likes to lose money and you don’t have to worry about losing yours either. With UBA’s Zero Lost Cost Liability protection, if your prepaid card gets lost or stolen, you are protected against fraud from the moment you report the loss.
Read Also: Choosing the Right Debit Card for You