Prepaid Visa and MasterCards
A prepaid card is a debit/credit card that you purchase
and load money onto just like a prepaid cell phone. Prepaid
or stored-value cards works just like debit cards. The difference
is, instead of being linked to a checking account, they come
with a prepaid balance usable anywhere you can use debit cards.
Some can be "reloaded" when the balance is spent;
others you discard after depleting the prepaid balance.
Gift and General Purpose Prepaid cards are available for
purchase at financial institutions and participating retailers.
You load money on to a card that can then be used at retailers
and online merchants. You can also withdraw cash with the
prepaid Visa or MasterCard at an ATM.
Since prepaid Visa or MasterCard cards are completely powered
by the money you have in your prepaid account, there is no
risk of running into debt. There are no credit checks and
no interest to pay.