BANKING AFFAIRS

Detailed explanation-1: -A prepaid card is also called a prepaid debit card, or a stored-value card. You can buy prepaid cards at many stores and online. Many prepaid cards come with the Visa or MasterCard logo.

Detailed explanation-2: -A reloadable, or prepaid, debit card is not the same as a debit card that’s linked to your bank account. Reloadable debit cards allow you to add money to them as needed. Some reloadable debit cards charge a fee for adding more money to your balance. They may have other fees, too.

Detailed explanation-3: -A reloadable prepaid card allows you to add more money. This type of card is sometimes called a General Purpose Reloadable Card, or GPR Card. Some cards start out as non-reloadable, but can be reloaded once you complete a registration process.

Detailed explanation-4: -Definition and Example of a Prepaid Debit Card Some prepaid debit cards come from major companies like Visa or Mastercard and offer rewards like a credit card. Others are for specific purposes, like a college student who has a prepaid card used to access student services and cafeterias.

Detailed explanation-5: -Debit cards are payment cards that are connected to a bank account, from which they withdraw funds as you make purchases. Prepaid cards, on the other hand, are not connected to a bank account. Instead, you load money directly onto the card.