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Retail Banking >> Cards >> Visa Prepaid Cards
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FAQ
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Frequently Asked Questions:
Prepaid Cards |
- What is a prepaid card?
A prepaid card looks like any other Visa card, but works
differently. You can use it wherever Visa cards are accepted,
but you can only spend up to the available balance on your card.
With a prepaid card, you load funds onto your card and use that
money to make purchases and withdraw cash. You are not borrowing
money from a bank or other financial institution.
- How does a prepaid card work?
The prepaid card can be used wherever Visa Cards are accepted,
including at ATM’s. The cardholder signs for purchases and gets
a receipt. However, unlike a credit card, each purchase is
deducted from the prepaid balance on the card.
- Where can I use my prepaid card?
You may use your prepaid card to make purchases at over 21
million locations and get cash advances at over 800,000 ATMs
worldwide. You can make online purchases, buy airline tickets,
pay hotel and car rental bills as well as pay for petrol or
groceries and much more!
- How is a prepaid card different from a credit card?
The prepaid card looks like a credit card. It has the Visa logo
and allows the convenience of cashless purchases like a
signature-based credit card. Your card is pre-loaded with an
amount that you determine and which is taken from your own
account.
For a prepaid card, there is no “line of credit” extended. This
means that your spending limit is determined by the amount of
money that you have loaded to your card. Best of all, because
it’s not a credit card, there are no finance charges, no late
fees, and no accumulation of debt.
- What are the advantages of the prepaid card over cash?
The main advantage is the safety of carrying a piece of plastic
with access to your cash, versus carrying a fold of bills in
your pocket. Cash may be lost or stolen and may be gone forever.
With the prepaid card your money is safe even if you leave it
somewhere so long as you take the precaution of keeping your PIN
number away from the card.
- What happens if the prepaid card is lost or stolen?
You should call the Customer Service Center to report the loss
or theft of a prepaid card. After you have reported the loss of
a card, you are not responsible for any unauthorized
transactions that may have occurred on the card.
- How is a prepaid card different from a debit card?
A prepaid card is a re-loadable card limited to the amount of
money that you have loaded on to the card. When you purchase an
item with your prepaid card, the purchase amount is withdrawn
from the spending balance on your card and never directly from
the saving or checking account that you use to load money on to
the card. A debit card on the other hand directly accesses your
funds in the checking or savings account.
- Can the prepaid card be used at ATMs?
Yes, the prepaid card will work at ATMs. You can withdraw cash
with your card using the PIN up to the amount available on the
card. The ATM withdrawal fee applies.
- Are there spending limits?
The beauty of the prepaid card is that you set your own limits.
Your spending power is limited only by how much money is loaded
onto the card. When the money is finished, you just need to load
more money on to the card.
- Is a security deposit required to open a prepaid card?
No security deposit is required to open a prepaid card.
- Will my prepaid card have interest or finance charges?
With a prepaid card you are not borrowing money and you will not
be required to pay interest or finance charges on the card.
- When I use my prepaid card, is the money taken from my
card right away?
Yes.
- What happens if I return something I purchased with a
prepaid card for a store refund?
Just like a regular credit card, the amount refunded will appear
as a credit on your card account.
- What if there isn’t enough money on my card to cover a
purchase?
The transaction will be declined if you do not have enough money
loaded on your card.
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| Note: "Dear Customer please notice the maximum limit of withdrawal from any ATM machine is RO 500 only or For your information the daily limit for withdrawal on our Prepaid card is RO 500". Call 24730000 or Visit any of our branches to apply for Credit Cards. |
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