12-22-2009, 06:54 AM
It sounds like you're looking for a "Prepaid" and "Reloadable" card. Both Visa and Mastercard has them. Make sure it's an actual Visa or Mastercard and not someone elses internal card with a Visa or Mastercard logo.
Couple of things to remember. The limit on the card is absolute so once you hit the limit, there are no overdrafts protections, it will be denied.
There are small fees to get the card or a monthly service fee to keep it going. The fees are very small and often less than what an annual credit card charges.
The reloadable cards comes with a quirk, often times they have to be reloaded from the same vendor purchased. So if you buy it at Long's, you need to reload at Long's. Some let you reload online at their site, but cash reloads are at the vendor.
Since these cards are bank issued, different banks have different maximum limits. One may let you load it up to $750, another to $5,000, so make sure you know the maximum. Otherwise they act just like a debit card so make sure you know about the holds on some purchases. Since there is no overdraft protection (unless tied to another card) holds can max out the card.
These are not gift cards like Amex with a set amount and may not be accepted everywhere. They are debit cards but instead of being tied to your bank account, its tied to the available dollars prepaid on the account. All other debit card requirments apply.
Couple of things to remember. The limit on the card is absolute so once you hit the limit, there are no overdrafts protections, it will be denied.
There are small fees to get the card or a monthly service fee to keep it going. The fees are very small and often less than what an annual credit card charges.
The reloadable cards comes with a quirk, often times they have to be reloaded from the same vendor purchased. So if you buy it at Long's, you need to reload at Long's. Some let you reload online at their site, but cash reloads are at the vendor.
Since these cards are bank issued, different banks have different maximum limits. One may let you load it up to $750, another to $5,000, so make sure you know the maximum. Otherwise they act just like a debit card so make sure you know about the holds on some purchases. Since there is no overdraft protection (unless tied to another card) holds can max out the card.
These are not gift cards like Amex with a set amount and may not be accepted everywhere. They are debit cards but instead of being tied to your bank account, its tied to the available dollars prepaid on the account. All other debit card requirments apply.