Sunday, June 28, 2009

The application of pre-paid cash card

Prepaid card, is a payment card, pre-loaded with your own money, which can then be used wherever the payment is accepted, including on the internet and abroad. [1] Prepaid cash card has been used widely. More and more consumers and businesses are using prepaid cash card as its alternative payment method.

To name few, here it is:


Public Bank UTAR Debit Card


Debit Master Card



All of the above are the companies that offering prepaid cash card, with the same concept - paid first and use it later. Let me give you an example on debit card. Debit card consumers can only make thier payment or spend their money when they have deposited money into thier prepaid debit card account.

So why most people prefer prepaid card?

Controlling
The main reason is that prepaid card can control consumer's spending. So it is suitable for everyone including those who has bad credit control. By using this card, consumers can clearly see how much the balance is available in thier account. This can limit thier spending to certain level every month.

No debt risk
If there is no balance in consumers' account, the transaction of purchasing goods or paying bills will be declined. Therefore, consumers do not have the chance to spend over the limit and they are able to control the amount of money that they wish to spend in certain period.

Safe
Carrying prepaid cash card is much safer compared to carrying cash since it is accepted worldwide. As long as those credit cards come with Visa or Master Card logo, it will be accepted anywhere.

Convenient

Prepaid cards will be the best option for going overseas. Firstly, consumers need not to bring huge amount of cash in hand. Secondly, they need not to worry if they lost thier cash when travelling. Unlike cash, prepaid cash card can be replaced if it is stolen or lost. What users need to do is by reporting the loss of card. Besides, prepaid cash card is as easy as ATM card, where you can withdraw and transfer money to friends and family.



How does e-commerce has taken place?

In fact, there are many e-commerce site which introducing, offering, and selling various prepaid cash card. This includes debit card, prepaid visa card and prepaid master card from different banks (CIMB, Maybank, Hong Leong).

Here are the websites:





Sources from:

5 comments:

Anonymous said...

prepaid cash card-very useful(paying fees)...life easy ...but still hav disadvantage-can cost you money through various charges and fees....is it disadvantage...lets think about it...

Emay Tai said...

Thanks Michael,

Well, carrying prepaid cash card is much safer and convenient. So I think it is worth for paying little amount of interest charges because when prepaid cash card is stolen, at least we can call to the bank and cancel it. But, if holding big amount of cash and was robbed or stolen by somebody, means you lost everything. The most you can do is doing police report, and it does not guarantee you that you can get back all those cash.

cathy said...

i hv applied the debit card since the beginning of this sem but haven get it..still waiting. but i think is convenience to use,the main point is not necessary to bring a lot of cash to make a purchase and no interest charged...

Emay Tai said...

Cathy,

You are right, that's the main reason why debit is important.

For us as UTAR students in Sg. Long, we really need a debit card to pay the student fees, otherwise have to go to Balakong and pay for it. LOL

Emay Tai said...

Cathy,

You are right, that's the main reason why debit is important.

For us as UTAR students in Sg. Long, we really need a debit card to pay the student fees, otherwise have to go to Balakong and pay for it. LOL