Learn something new every day
More Info... by email
A reloadable debit card is a type of debit card in which individuals can put more money onto it much like a retail gift card. A reloadable debit card provides advantages to the owner of the card, such as increased safety, convenience, and the ability to utilize ATMs. At the same time, this type of card could cost the owner money in the form of fees.
The reloadable debit card is offered by many financial institutions across the world. These cards are issued in much the same way as a traditional debit card or credit card. In most cases, the debit card is not going to have the name of the owner on the front.
One of the big advantages of using a reloadable debit card is that it is convenient. An individual can use this type of card anywhere a regular debit or credit card can be used. This is especially convenient when shopping online. An individual can type in the numbers of a reloadable debit card and purchase goods from any website that accepts debit cards. It can also be swiped at retail establishments, gas stations, restaurants, and many other businesses.
Another advantage of this type of card is that it provides increased safety and protection for the owner of the card. If the card is lost or stolen, the owner of the card has a good chance of getting the money that was deposited back. In comparison to cash, if an individual loses the same amount of cash, the odds of getting it back are very slim.
If the card is stolen, the owner of the card can call the company who issued it. By providing some basic information and verifying his or her identity, the owner of the card will be able to get a new card issued with the same balance. He or she will also not be liable for any fraud that has taken place with the card.
This type of card can be used at ATMs across the world as well. If an individual needs to gain access to cash for a purchase, he or she can use the ATM to do so. With this type of transaction, a nominal fee will usually apply.
When using this type of debit card, it is important to be aware of the fee structure. Some debit card issuers will charge a fee for issuing the card and taking deposits. These fees can add up and use some of the money that was designated for the card.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!