What is a prepaid debit card?A prepaid debit card is a popular alternative to regular debit and credit cards. As the name implies, you have to preload the card, before you can use it. It lets you spend only the amount that is loaded on to it. Show
Just like a regular debit card, you can use it to pay for your purchases at POS outlets and online purchases. Prepaid debit cards are safer and more convenient than using cash. Depending on the type of prepaid card, you may or may not be able to reload money on to the card and use it at ATMs. How does it work?Buying the cardYou can apply for the card at your preferred bank by applying online or contacting the bank representatives. To avail a prepaid ATM card, it’s not necessary for you to have an account with the bank. You will be required to provide basic details like – your name, ID proof and address proof to activate the card. Using the cardOnce you receive the card, you then log into the online portal to setup 3D security and PIN. You can then swipe the card to make purchases at POS outlets, online purchases and ATMs. However, few prepaid bank cards like gift cards cannot be used to withdraw cash at ATMs. Loading funds on to the cardGenerally, you add funds to the card at the time of activating the account. Most cards have minimum limit for the initial load. Once you use the funds on the card, you can reload it using any one of the following methods:
Common types of prepaid cards:
Who should get a prepaid card?A visa prepaid debit card is an excellent option for you if you are having a difficult time limiting your expenses. Since this card allows you to spend only what you load on it; there's no chance of overspending on credit. Prepaid cards also work great for gifting and for monitoring the spending of teenagers and kids while teaching them financial responsibility. Additionally, prepaid cards are an excellent choice for corporate, as it helps employers provide employees with funds for business meals, travel and other miscellaneous expenses, as and when required. Get in touch with ICICI’s debit card team, to find the right prepaid solution that works for you. DISCLAIMER The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited. Can you transfer money from a prepaid card to another card?Firstly, you can withdraw the amount as cash from an ATM, usually as a minimum of $20, and deposit it into your bank. Alternatively, you can transfer money from a prepaid card to another prepaid card in an instant. Find out how to set up a prepaid card transfer with our guide.
How do I transfer money from a prepaid Visa to a bank account?How to transfer a Visa gift card to a bank account?. Add the card to your PayPal or Venmo account and transfer the balance of the gift card to your own bank account.. Get money for a voucher issued by a Gift Card Exchange Kiosk and then deposit it into your account.. How do you withdraw money from a prepaid card online?How Can I Get Cash From a Prepaid Card Online? As mentioned earlier, some prepaid cards allow you to transfer funds from your prepaid card to your bank account. Simply visit the prepaid card issuer's website or mobile app to get started. Online bank account transfers may take one to three business days to complete.
How do I transfer money from a prepaid card to cash App?Adding money from a gift card to your Cash App balance is easy and involves the following steps:. Tap the “Banking” tab on your Cash App home screen.. Tap “Add Cash”. Pick an amount.. Tap “Add”. Lastly, use Touch ID or enter your PIN to confirm.. |