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Prepaid Card

Prepaid Cards are not linked to your bank account. On these cards, you load money before you can use it for transacting. These cards can be used for corporate, travel, shopping etc and are offered by many banks.

Prepaid cards are a better medium for carrying money in your wallets and purses as they are small to carry with a huge amount in it that can be used for corporate, shopping, food and travel purpose. These cards are provided by various banks all across the world, and therefore it is your decision to choose the most appropriate one for yourself.

Under Kotak Mahindra Bank, there are four types of prepaid cards available, and they are:

  • Itz Cash Prepaid Card
  • Multi-Currency Travel Card
  • Net card
  • Best Compliment Card

The benefit of Prepaid Card

The prepaid cards include your cash which is safer to carry all around the world due to their functionality as they can be either Visa Cards or Master cards which can be accepted anywhere you go without making you pay the hefty credit card bills or debts. These cards are acceptable to anyone above 18 years of the age.

Kotak Prepaid cards include the following benefits:

  1. Multi-Currency Travel Card

The card is provided with a chip for the security purpose where multiple currencies can be loaded in a single card that can be accepted at all the merchant outlets and ATM’s across the world. The card also provides you with the service of Web Login so as to manage your credit card account from anywhere in the world.

  1. Net Card

Net Cards give you a method of unique payment service so that you can do shopping online from the various online stores either in India or abroad as the card can be used in both the cases. Make sure to use this card wisely as if the transaction is done once from it; then you can use it next only after 24 to 48 hours. But the best thing about this card is that there are no fees for the creation as well as with the usage of the card.

  1. Best Compliment card

The card is loaded with the best-packaged deals along with various gifts that can be used by the customers with no prior bank relationships required. These cards are available across all the Kotak branches with a validity of three years from the date of issue.

  1. Itz Cash Prepaid Card

This card stores your money safely by giving you access of the funds in a convenient manner making sure that you carry your money in one card which can be used anywhere and can also be reloaded an ample number of times.

Operate your prepaid card

Steps to operate your prepaid card are as follow:

  1. After buying yourself with the prepaid card online, the first thing you need to do is activate the card which can be done from the card providers website or by calling the helpline number of the card provider.
  2. This step involves the loading of money on to the card to enjoy various services provided to you on it.
  3. Set up direct deposits in order to receive the paychecks or visit participating retail location. You can also choose any other medium of loading the money onto your card which is provided on the envelope of the card.
  4. Once the money is loaded onto your card, you can enjoy various services from this card and can reload it again in case you are running low on balance.

 

Things to Consider with Prepaid Cards:

  • A prepaid card acts like Debit card rather than Credit card, wherein you are spending your own money rather than bank’s money where the money can be loaded easily in case the balance on the card runs low.
  • These cards are an alternative to the banks where you can avail various services for yourself in a hassle-free situation as there is no dealing with the bank.
  • No credit is required in the prepaid cards as there is no credit check on it by the bank.
  • Be careful with the balance of your card, as no kind of warning is provided to you if your running low on money in the card, hence keep a check on the cash being withdrawn by you and refill the card timely to avoid any kind of commotion.

Prepaid cards are much convenient to use as they make you avail different kinds of services without any kind of bank interruptions. You can use prepaid cards anywhere in the world as they generally come in two services either the master card or visa card.

 

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