Prepaid Credit Card
Frequently Asked Questions on Pre-paid Credit Cards
a prepaid credit card?
A prepaid card looks like a credit card, but works differently. You
can use it everywhere MasterCard is accepted, but you can only spend
up to the available balance on your card. With a prepaid card, you load
funds onto your Card and use that money to make purchases and get cash
- you are not borrowing money from a bank or other financial institution.
a prepaid card work?
Your prepaid credit card can be used anywhere MasterCard is accepted,
including ATM's. The cardholder signs for purchases and gets a receipt.
Unlike a credit card, though, each purchase is deducted from the pre-paid
balance on the card.
can I use my prepaid credit card?
You may use your prepaid card to make purchases at over 21 million locations
worldwide, get cash back at over 600,000 ATMs nationwide, make online
purchases, buy airline tickets, make hotel or rental car reservations,
pay for gasoline at the pump and more!
a prepaid credit card different from a credit card?
The prepaid credit card looks like a credit card - it has the Visa
or MasterCard logo and hologram -and allows the convenience of cashless
purchases like a signature-based credit card, with no PIN input required
at the point-of-sale. However, your card accesses pre-loaded money from
an account you fund with your funding source(s).
As a prepaid card, there is no "line of credit" extended.
This means that your spending limit is determined by the amount of money
that you have loaded to the card. Best of all, because it's not a credit
card, there are no finance charges, no late fees, and no accumulation
the advantages of the prepaid card over cash?
The safety of carrying a piece of plastic with access to your cash,
versus carrying a fold of bills in your pocket, is pretty straightforward.
If you lose the cash or leave it somewhere where it is stolen, it is
gone forever. If you lose your card or leave it somewhere, unless you
put your PIN code on your Card (which you should NEVER do), your money
is still safe.
if the card is lost or stolen?
You should call the customer service to report it missing immediately
and you won't be responsible for any unauthorized transactions. Remember
to keep your card in a safe place and never lend it to anyone.
a prepaid credit card different from a debit card?
It is actually a pre-paid, reloadable card and completely separate
from the checking or savings account, or credit or debit funding source
account(s) that you use to load money to the card. Spending ability
is limited to the amount of money that you separately load onto the
card and store in the card account. When you purchase an item with your
card, the purchase amount is withdrawn from your card spending balance,
and never directly drawn from a funding source account that you use
to load money onto the card.
With a debit card, overdraft protection may mask the actual account
balance, resulting in over-spending. You won't be able to use a debit
card for making a reservation on hotels and rental cars.
prepaid credit card be used at ATMs?
Yes, your card will work at ATMs. You can receive cash with your
card and a PIN (Personal Identification Number). There is usually some
withdrawal fee at most ATMs.
I load money to the Citi Cash Card account?
Depending on which prepaid card you have, there are several ways
to add value to your card using the followings:
- Check, Cashier's Check or Money Order
- Wire Transfer
- Regular Credit Card
- Online Card Load
- Western Union and other fund transfer services
The beauty of the pre-paid credit card is that you set your own
limits. Your spending power is limited only by how much money is loaded
onto the card, up to the card issuer assigned value. When the money
is gone, you ust need to load more money to it.
Is a security
deposit required to open a prepaid card?
prepaid credit card have interest or finance charges?
Because you are not borrowing money, you will not be required to pay
interest or finance charges on your Card.
use my prepaid card, is the money taken from my card right away?
if I return something I purchased with a prepaid card for a store refund?
Just like a regular credit card, the amount refunded will appear as
a credit on your card account.
there isn't enough money on my card to cover a purchase?
The transaction will be declined if you do not have enough money loaded
on your card.