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The application of pre-paid cash card for consumers

Posted by PIRATES in UTAR on 10:02 AM in
Prepaid credit/cash card is a payment card pre-loaded with your own money, which you can then use wherever the payment card is acceptable. A prepaid card is not a credit facility, so you do not need to pass a credit check. Even if you have bad credit you are guaranteed to be approved for a prepaid card. Prepaid cars differs from debit card which is linked to your saving accounts and credit card where credits are extended. Its benefits include:

  • Safe alternative to carrying cash – just carry a plastic card
  • Keep track and control spending – Limit depends on the amount reloaded into the card. In other words, no money no talk!
  • Usage – pay bill, purchase via online, withdraw cash from ATM, transfer money and etc
  • Portability – usable as long as Visa/ mastercard is acceptable, depends on the type of prepaid card, Replaces traveler’s cash
  • Fringe benefits – cash back programmes, points earning

Examples of application of pre-paid cash card for consumers in Malaysia are:


Tune Money Prepaid Visa Card

  • First prepaid visa card targeting at students aged 18 and above
  • Launched by Tune Money Sdn Bhd ( Related to AIrAsia
  • Earns Tune points and has cash back program
  • RM 9.99 annual fees + transaction fees per reload charges at selected bank and ATM withdrawals
  • Acceptable anywhere where Visa is acceptable

Red Card

  • Launched by Tune Money Sdn Bhd as a complement to Tune Money Prepaid Visa Card
  • Prepaid visa card in Malaysia targeting for students aged 15-17
  • Works like an electronic wallet which helps parents to keep track on their teenaged kids spending
  • online tracking system with online statements which makes it easy for the parents to keep close track of their children's spending.
  • Only parents can apply for their teenaged kid.
  • Rates are similar with Tune Money Prepaid Visa Card

AmBank NexG Prepaid Mastercard

  • Launched by AmBank
  • The Starter Pack currently retails at RM25 each, each starter pack carries discount and cash vouchers worth RM300 and NexG cardholders will enjoy RM10,000 free PA upon registration
  • Reload Limit of RM10,000

Touch and go

  • Used mainly to pay toll
  • Can be used to pay for parking as it substitutes the ticket
  • Usable for public transportation payment such as Rapid KL, KTM and LRT provided the machine is functional.

Prepaid calling card

  • Used to make both domestic and international phone calls
  • No connection nor hidden charges
  • Distributed by eCallChina

Sources:
http://www.what-prepaid-card.co.uk/features/compare-cards-prepaid.html
http://www.bernama.com/bernama/v5/newsindex.php?id=316556


3 Comments


now i only realize "touch and go" is one type of pre-paid cash card...thx for sharing...


good article...i can learn new stuff from here especially the AmBank NexG Prepaid Mastercard and Red Card...haha


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