Prepaid credit cards are cards that look like credit cards and can be used in most places where credit cards are accepted. To use prepaid credit cards you need to deposit money onto the card. As you make purchases, your available balance is reduced.
Once you’ve used your entire balance, you have to reload more money before you can use it again.
What benefits are offered by prepaid credit cards?
You can get this type of card even if you have bad credit. Your creditworthiness isn’t considered when you are applying for this type of card, because you aren’t really borrowing money from anyone.
You have the option of choosing the card that charges you the least amount of fees.
Getting prepaid credit cards can help to manage your budget. You’ll know exactly how much you can spend, since the amount will be loaded onto your account.
Applying for prepaid credit cards won’t influence your credit score.
Unlike with traditional credit cards, there is no need to worry about interest or any late payments. You simply spend what you have available on the card.
Types of Prepaid Credit Cards
Standard Bank Prepaid Credit Cards can be used at retailers where MasterCard/Visa cards are accepted.
Visa South Africa offers Prepaid Credit Cards that look just like normal credit cards. The cards are widely accepted, safe and convenient. The cards are perfectly suitable for shopping online or for travelling. The cards may be reloadable or non-reloadable.
With MasterCard there is no need to open a savings account or pass a credit check. Prepaid Credit cards offered by MasterCard are secure and can be reloaded in-branch and online of the cardholder is a bank customer. To apply, proof of ID and proof of address will be required.
