Visa Reloadable Prepaid Card Canada: What You Need to Know?

Visa Reloadable Prepaid Card Canada

Today, smart shopping can be done through Visa reloadable prepaid card Canada. The risks of carrying cash while shopping are high and without boundaries. For this reason several individuals rely on credit cards even if it costs more. But, what if there is a way for you to shop and pay through cards without incurring any credits? Visa reloadable prepaid cards or simply Visa debit cards entitle you of this special privilege that even banks can’t provide. With that being said, here are interesting facts about debit or reloadable prepaid cards.

What is Canada’s Visa reloadable prepaid card?

Prepaid card as you know is a term used for cards that have consumable money deposits. This term is commonly used in the telecommunications industry. But, today, it is also associated with banking and purchasing. To expound further, in order to use this type of card for purchasing, one must first deposit cash in it like a bank account. The term “debit cards” is what banks used to denote this definition. As you know, debit cards are widely used today. However, unlike Visa reloadable prepaid card Canada, debit cards issued by banks have its limits which would be discussed in the later part of this article.

Going back to Visa reloadable prepaid cards; it is used in the same manner as credit cards with added perks. You can use it as a payment method anywhere in the world such as retail stores, dinners, and even online transactions where Visa is accepted. You can also pay your utility bills through this method. But, unlike typical credit cards, you are not charged with interests and other kinds of surcharges. Except for international transactions where foreign exchange rate is involved.

Benefits of reloadable prepaid card

Basing from the description above, one can conclude that the main benefits of using Visa debit cards are practicality and convenience of use. But, as mentioned earlier, there are more to this card than meets the eye.

Since one must first deposit funds, almost all Visa debit cards work like savings accounts. This simply means that when you’ve deposited a certain amount, you are entitled to receive monthly interest just like a regular savings account. If you need on-hand cash, you can also use this card to withdraw at ATM machines. So, why not opt for a regular savings account offered by banks instead? Debit cards issued by banks have its limitations in terms of use. One may not be able to purchase online using an ATM card. Furthermore, some restaurants and retails stores do not accept ATM as a payment method. Thus, it is not very efficient and convenient as reloadable prepaid cards.

Canada Post Visa Prepaid Card

One popular Visa prepaid card is offered by the Canada Post. One can apply for this type of card without any bank accounts and credit check involved. You can purchase it at any outlets of Canada Post and bring an ID that is government issued. For a load of $500 you can already use the temporary card for purchasing. For your permanent card, it would be delivered to you through mail. For other kinds of Visa reloadable prepaid card Canada, you can inquire at any banks and credit card companies in your area.