prepaid credit card
Prepaid Cards and the Fine Print
Terms and conditions can be rather boring and tedious to go through irrespective of the product or service that they have been written for but it goes without saying, it is quite important to read the fine print before you sign up to any terms and conditions.
As with other products, you do need to sign an agreement electronically and accept terms and conditions as set out by the prepaid card provider when applying for a prepaid card. If you are applying for a prepaid card using a form, then there may be terms and conditions mentioned on that form itself.
Typically, if all else fails, you should be able to find these terms and conditions on the prepaid card provider website. Areas within the terms and conditions that require you to pay special attention include the following.
- Card Cost: Is the card free? If not, what is the cost?
- Validity Period: what is the Validity period of of the card? How long before it is no longer valid?
- Monthly Charges: Is there a monthly service charge, and, if so, what exactly do you get for it? Would it be better to get a pure pay as you go prepaid card instead?
- Usage Fees: what are the fees for using your card? There are cards which have zero POS fees, locally and internationally. They might be a better choice.
- Top Up Fees: What are the fees for loading your card? Some prepaid card loading options are free. Use these options.
- Customer Service Setup: what are the fees for contacting customer services? Some sneaky providers can charge up to £1.00 per call that you make to customer services. Avoid if at all possible.
- Usage Restrictions: Any clauses regarding restrictions on the usage of your card. The majority of prepaid cards cannot be used to hire a car or at certain prepaid parking lots, etc. Know the restrictions before the card fails which may cause you embarrassment.
- Account Closure Fees: Is there a charge for closing your account?Some providers charge £10-£20 for closing an account
- Card Replacement Fee: Will you be charged for replacing the card, in the event that it is lost or stolen?
- Card Renewal Fee: Do you have to pay a fee each time the card is renewed (i.e. upon reaching the expiry date)?
It is quite easy to assume that Terms and conditions would tend to be standard across the prepaid card industry but that is definitely no longer the case as the industry grows and there are over a 100 products to choose from in the UK market alone. That basically means that terms and conditions are still worth reading especially to ensure you are aware of the items above and are able to find the best prepaid card to suit your needs.
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Can a minor apply for a prepaid credit card in the Philippines?
Can a minor apply for a prepaid credit card (specifically a internationally recognized one) in the Philippines? I know prepaid cards exists but are they available in the Philippines as well?
I don’t think so..