It is normal for new technology to cause a stir among the general public, causing excitement, bewilderment, and curiosity about how to utilise it, as well as reservations about whether it is truly valuable. In the middle of this, if any incorrect information takes centre stage, we risk losing a great deal in terms of quality of life and problem-solving skills. It’s much more difficult to avoid scam tags and too good to be true philosophy, as these make clients even more suspicious.
Cashless transactions and plastic currencies have been around for decades, yet many people have yet to adjust to these changes. Cyberbullies’ phishing assaults have made it difficult for consumers to commit their hard-earned money and resources to a plastic card that works with a swipe. When you add in a flurry of offers and individuals with poor credit ratings, it becomes even more difficult to trust the relevant authorities and procedures.
We’ll try to dispel some of the biggest fallacies regarding plastic money that have made people wary of utilising it in this article:
- MYTH 1: Prepaid cards aren’t as safe and secure as credit cards, and they’re more vulnerable to security breaches.
Reality: A standard prepaid card, like VISA and Mastercard prepaid cards, is equipped with two-factor authentication, which includes a 3D SecureCode. Prepaid cards are significantly safer than loose cash payments since they can be promptly banned if they are stolen and can help you trace your full transaction history, which is nearly impossible with cash. As a result, improved financial management is possible.
- MYTH 2: If you have terrible credit, you won’t be able to get a prepaid card.
Reality: With a prepaid card, you may load the required amount on it whenever and anywhere you choose and replenish the money as needed. There is no demand for a credit score since there is no provision for borrowing money on credit, as there is with credit cards. You only spend what you put into it. As a result, you will have easy access to prepaid cards and will be able to use them whenever and wherever you choose. This also eliminates any formal, time-consuming procedures that you would normally have to go through to get a debit or credit card linked to a bank account.
- MYTH 3: Prepaid cards cannot be used by those who do not have a bank account.
Reality: Prepaid cards’ user base is quite diverse since they cater to the demands of everyone from business professionals to accountants, parents and students, travellers, and any other type of specialised. A prepaid card is really a whole new way of having an extra bank account since you have to put money into it. You may put your spare savings or bonus money into it and use it to make purchases. Unlike banks, it is not obligated to follow any official regulations, which makes it all the more appealing to consumers.
- MYTH 4: Prepaid cards work in the same way as gift cards.
- MYTH 5: A prepaid card, like a credit card, allows you to overdraw.
Reality: Because prepaid cards aren’t tied to bank accounts, you won’t be able to withdraw more money than what’s currently on your card. This is especially useful for managing budgets, whether for company owners or parents who want to keep track of their children’s costs.
- MYTH 6: Prepaid cards aren’t as readily recognised as regular credit cards.
Reality: With the immense improvements and breakthroughs that technology has made in every sphere, the plastic currency has not been left behind. Prepaid cards are now widely recognised by many retailers and may be used for transactions when shopping, both offline and online, with the exception of a few places such as rental services or gas stations.
- MYTH 7: Online shopping is not possible with prepaid cards.
Reality: Online shopping is one of the most popular and popular activities among prepaid card users. It’s just as simple and convenient as any other kind of plastic money, such as credit or debit cards, but without the danger of tying your bank account to online transactions (which many shoppers are apprehensive of).
We hope that our insights and logical reasons we’re able to assist you in resolving some of your worries. In the long term, I hope you have a nice and hassle-free experience with prepaid cards 🙂