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Which Prepaid Card do I need
Guide to Prepaid Cards
Prepaid cards come in all colors and flavors so before you choose one you should do a little bit of research on the type of cards there are out there so you don't end up with the wrong card, or even one that isn't as good as what you could have got for less money.
If you are after a store card, chances are you are already clued up to which card you are wanting to buy and why. These cards are alse referred to as merchant gift cards or closed system prepaid cards, a closed system card means that the user will pay a set amount for a card and then this card can only be used to purchase from the one single store.
Many people get a prepaid card because for one reason or another they cannot get a credit card and they cannot get a secured credit card so the only other option would be to get a prepaid card, for instance they might want to buy items on ebay and since most sellers only accept paypal as a form of payment, they must get a card that can be accepted by paypal.
In order to connect paypal to a card you need to be able to check the card's transaction, if you can do that then there's a big chance that the card can be used with paypal.
When adding a card to paypal you have to go through a security procedure where they (paypal) will transfer a small amount of money into your card, they are two small transactions, for example let's say one for $0.12 and another for $0.19 and next to each transaction on transaction reports there will be some digits/numbers, you might be instructed by paypal to go back to the paypal site to validate your card by entering these digits/numbers and then you will be able to use your card with them.
It goes without saying that if you have no way to check your card's transactions then the card is not good to be used with paypal.
Every good prepaid card will have a way to make it profitable for them to give you a card, they might charge you a little every week regardless if you use your card or they might initially charge you for the card itself or maybe they will charge you when you get money into it or a combination of all these things..
so it is always advisable to carefully read the contract before you commit to getting this or that prepaid card, it is a condition of law that each prepaid card firm has to have their consumer contract easily available for perusal, in other words when you are getting a card, on that very form where you input your details in there always has to be a link to a pdf file containing the contract you will be bound to when getting the card.
Simply download the contract and read it. This you must do so that you will know all charges that the card has.. once you know, you can then work out ways to use it so that you get the most out of your card, spending the least money for running it. Also read: Prepaid Cards: What Are They?
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