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What
is a prepaid credit card?
A prepaid card is a re-loadable stored value card that can be used to
purchase goods and services at retailers and online merchants
everywhere that MasterCard is accepted. It can also be used to withdraw
cash from ATM machines worldwide. Prepaid cards can be used for
everyday purchases as well as for emergency situations.
Monetary value must be added to a prepaid card account before it can be
used, and it is deducted from the account accordingly through usage.
Value can be loaded on to your prepaid card via online banking, with
cash at specified retailers, or bank transfers. The spending limit on a
card is subject to the amount of funds loaded onto the card. The card
represents a general liability to the card Issuer. The value available
on the card does not constitute a loan to us or a deposit account that
is protected pursuant to the Canada Deposit Insurance Corporation Act.
As such, interest is not paid on any remaining monetary value on the
card. The card allows the cardholder to access the monetary value that
is recorded to the card account associated with the cardholders' card.
The card is not a credit card as credit facilities are not available
and prohibited when using the card.
Generally, prepaid cards can be used in the same way as traditional
credit cards, and are commonly referred to as 'prepaid credit cards'.
The key difference with a prepaid card is that its' usage is completely
determined by the amount of stored monetary value placed on the card.
This means there is no risk of running into debt and therefore, no
interest payments. Credit checks are not required to receive a card.
The Benefits of Prepaid Credit Cards
- Secure payment tool for online purchases
- Safer to carry than cash
- No banking relationship required (no bank
account)
- No security deposit required
- No employment verification
- No credit checks required
- 24 X 7 online account access
- Worldwide Acceptance
- MasterCard is accepted at millions of
locations globally
- Online purchases
- Signature based purchases
- Use at over 600,000 ATM's worldwide
- Safe and secure
- Mint Prepaid Cards are protected by MasterCard's
Zero Liability Policy
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Overview