Money Transactions: Payday Loans Hamilton and Prepaid Cards
Prepaid cards are a popular form of transaction, and it is for a good reason. They are among the safest, convenient, and most effective digital payment methods in the market today. Additionally, with the wave of Covid 19, cashless digital payments became even more popular. Besides getting payday loans Hamilton from digital lenders, here are the types of prepaid cards you may apply for.
Open Loop Pre-paid Card
This is the most popular form of prepaid card as it can be used anywhere, anytime. The open-loop prepaid card is also known as the network branded card as it has card network logos embedded on the bottom part of the card. Their convenience is maximized by the fact that they are reloadable and suitable for offline and online use. However, the stores where you can use the card have to be approved by the card network or bank embedded on the card.
Closed Loop Pre-paid Card
This option is limited to a single store. They are, therefore, popularly used as transit or gift cards, thus do not have any network or bank logo embedded in it. Whether or not they are reloadable will highly depend on the purpose of the card and the issuer.
Reloadable prepaid card
As the name suggests, this card type can be reloaded online, regardless of where the cardholder is. Either the cardholder or the card issuer can top up money in the account. The types of reloadable cards include but are not limited to; student cards, travel cards, and payroll services such as payday loans Hamilton.
Non reloadable Pre-paid Card
In this card option, the money input in the card is fixed. The issuer or the cardholder cannot top-up money for more use. A perfect example of a non-reloadable prepaid card is a gift voucher to eat in a specific restaurant. You will use and discard the card when you exhaust the allocated amount.
Payday loans Hamilton are a popular service from money lenders. However, it is not the only service. You may also get prepaid cards depending on your needs and wants.