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PREPAID CREDIT CARD (or better known as SECURED CREDIT CARD)

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CREDIT VS DEBIT VS PREPAID Cards
Name
PREPAID CREDIT CARD (or better known as SECURED CREDIT CARD)
SAMPLE CARD
BRIEF DESCRIPTION
  • Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.
  • The deposited amount will also serve as guarantee in case cardholder fails to pay the monthly dues and card becomes overdue. This will allow the bank to withdraw any amount due from the collateral deposit account to pay for any amount due.
  • However, approval of application is still not 100% guaranteed and will be under the discretion of the bank.
CARD LIMITAn amount which is usually less than the collateral deposit.
PAYMENTSame as credit card
FEES AND PENALTIESSame as credit cards.
WITHDRAWALS VIA ATMSame as credit cards.
MAINTAINING BALANCERequires a certain amount of deposit which is higher than the credit limit as collateral.
Banks
English
Public
PREPAID CARDS PH
Jul. 23rd 2019 5:06:32 PM
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