What is a Prepaid Card?

Publish Date: in Finance101

What is a Prepaid Card?

If you need a card without opening a bank account, then you need a prepaid card!

It’s the easiest payment card to issue, all you need to do is go to a bank with your ID and they will issue you one. You don’t need a bank account and can simply use it to pay for items and put money in it through the ATM network.

 

What Are the main features/things to know:

 

  1. Issuance fees are minimal and are capped at LE 25
  2. You can use it anywhere there's a POS machine or even online, much like a debit or credit card
  3. There's a maximum daily spending limit that changes per bank, so make sure to check before you apply.

 

The main benefits are :

 

  1. It's very safe: no need to walk around with a lot of cash
  2. You can control your spending by putting an amount of cash in it that you’re allowed to spend
  3. You can get a card as long as you turned 18 and use it online

 

Meeza is the most famous kind of the Prepaid cards in Egypt

 

There are different types of prepaid cards:

 

And you can know the difference between Visa & Mastercard here


Editors' Choice