Prepaid students credit cards
Financial companies are looking forward to introduce a new business card or a prepaid student's card in the markets. Prepaid credit cards are common in advanced countries but not popular in India. This is a new twist on the popularity of plastic money.
Prepaid telephone cards are common, and even in the villagers familiar with them in India. This experience has picked up the researchers in the introduction of prepaid credit cards in India. It is to be noted that the card would be most useful for the teen aged students and children community.
What is a prepaid credit card? The name says it all. It's like a prepaid phone card you can use to buy anything at all. They are cards that function just like credit cards in nearly all aspects, but you have to pay the spending limit upfront. This is advisable for people who have poor credit history or impulsive spending habits.
There are many benefits to a prepaid credit card; the most obvious benefit is that one can't go over his limit. When the account is empty, you simply cannot use the card. You have to refill it before any more purchases can be made or you have to purchase another new card from the market. The cards are to be making available in various denominations in prices like prepaid telephone cards even in the local tea stalls, cafeteria, and stationeries.
These cards are also good for teenagers. Their parents can fill the card with an allowance whenever they want to, and junior gets to enjoy the freedom and security of credit card spending. Purchases can also be monitored with this system, which can help a teen increase his financial savvy. .
In specific situations prepaid credit cards are more useful. Most prevalent is the Visa Gift Card, which can be bought in any denomination and given as a gift. Recipients can spend the money anywhere, any way they wish. Another specific application is Visa's Travel Money Card. It can be loaded directly from an ATM with funds from a checking or savings account, and then carried in place of cash or travelers checks.
There is another option also available to a credit card, that it can be used as a gift voucher to your friends and relatives in any special vocation like festivals, weddings, birthdays, annual day celebrations, etc. The recipient can either used to purchase anything he likes or transfer the amount of the prepaid cards in cash to his savings account though an ATM.
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