When using a credit card, what most people do not realize is that the money they just spent does not get deducted from their account at the very same moment they swipe their card. The credit card company and the merchant have a mutual â€batching’ period when the card machine analyzes all the transactions in a day and then submits them to the banks’ server so that the money can be transferred. This is the reason why people often do not see the record of a credit card transaction immediately on their online account. However, online debit cards are slightly different. They are cards that immediately pass the transaction info to the bank’s server and the entire money exchange process happens in real time. Let us take a look at some of the unique qualities of such prepaid debit cards:- A.No Credit Checks †One of the complaints about credit cards is that only those with good credit can afford them. Well, with prepaid debit cards, one does not need to go through the hassle of credit checks because no card member in this case is a risk to the company. Since no one is borrowing any money and is only spending the amount they have recharged their card with, there is no risk of any outstanding debt. B.Bank Accounts not required †To use a prepaid debit card, one does not need to have an existing bank account. One can simply pay a flat activation fee, which is very nominal and then go about recharging his card for any amount he wants. The recharge process can be done online or directly at the card issuer’s physical branch. C.Instant and Secure Transactions †When using prepaid debit card, the customer uses a highly secure PIN to make the transaction possible. This is more secure than just swiping a card and signing a slip because the PIN is only known to the card member. Moreover, as the PIN validates the transaction by the prepaid debit card immediately, the transaction is instantaneous. It is highly recommended that people fully understand the benefits of prepaid debit cards so that they can escape the trap of unlimited usage laid out by credit cards and spend well within their budget. This prevents bad credit, ensures security and does not end up making you spend over the limit. Bank Accounts not required †To use a prepaid debit card, one does not need to have an existing bank account. One can simply pay a flat activation fee, which is very nominal and then go about recharging his card for any amount he wants. The recharge process can be done online or directly at the card issuer’s physical branch. Instant and Secure Transactions †When using prepaid debit card, the customer uses a highly secure PIN to make the transaction possible. This is more secure than just swiping a card and signing a slip because the PIN is only known to the card member. Moreover, as the PIN validates the transaction by the prepaid debit card immediately, the transaction is instantaneous. It is highly recommended that people fully understand the benefits of prepaid debit cards so that they can escape the trap of unlimited usage laid out by credit cards and spend well within their budget. This prevents bad credit, ensures security and does not end up making you spend over the limit.
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