- Prepaid cards are not linked to any bank account.
- Instead, it has an electronic wallet that needs to be reloaded
once the balance is used up so that you may use it again for your
next purchase or withdrawal.
- Funds from a prepaid card does not earn interest.
- EFFECTIVE FOR THOSE WHO NEED TO CONTROL THEIR SPENDING.
|CARD LIMIT||Reloadable funds. Usual prepaid card limit in the Philippines is
|PAYMENT||Deducts corresponding amount of prepaid credits from your prepaid
|FEES AND PENALTIES|
- Most prepaid cards have card fees, some have annual fees.
- No interest fees
- Sometimes a dormancy fee is charged for cards with no
customer-initiated transactions for a certain period of time.
- Most prepaid cards have an ATM withdrawal fee.
|WITHDRAWALS VIA ATM||Some prepaid cards cannot be used in an ATM|
|MAINTAINING BALANCE||No maintaining balance|