How do rewards work?
Pre paid debit cards offer many rewards packages. They get added up in the form of points system when the customer uses the card with the money loaded on to it.
For every fixed amount of money spent, there are awards associated which are redeemable for various things such as ring tones, music, calling cards etc. Also when one refers the card to a person and he applies for it by quoting the reference, he gets a referral award.
These are a good option for people with bad credit even though the rewards awarded are not as lucrative.
The advantages of carrying plastic
There are a number of advantages of carrying plastic. One, it gives one spending power as he is not limited to the amount of cash he is carrying at that point of time. Secondly, carrying a plastic card is much more convenient that carrying wads of notes and coins. Thirdly, it is a much safer option considering the high crime rates these days. Also issuers offer many perks. For example, in the case of cards with rewards, one gets points with every purchase amount depending upon the amount spent. These points can later be redeemed for free air tickets, free hotel stays, gasoline etc.
Learn about hijacking
When a person's card is being used by an unauthorized person to buy goods and services, it is termed as hijacking. Since the owner doesn't usually find out this illegitimate use immediately, one faces trouble reasserting control over the card.
One must therefore always keep a track of purchases and their billing accounts so that one can find out about any fraudulent transactions. There are mainly two main forms of card hijacking- one being of the type when the perpetrator assumes the identity of the card holder and he hacks an existing account and instead creates new accounts in his name.
What are open system prepaids?
Open system prepaid cards are also known as pre paid debit cards. There is no value that is physically stored.
Rather, there is a central database where the balance is recorded. The number is a unique identifier for each record in the database. They do not require a checking account.
They are also being referred to as teen cards which parents view as a safe and responsible means for parents to give to their children as spending power. They are also marketed in some countries as a budgeting aid and a convenience tool.
How many should you carry?
People often ask how many should one carry.
The answer to that would be that there should be at least two, one for moderation and one for emergency purposes. This helps one to avoid high interest expenses on purchases made with those cards. The cards with the most favorable interest rates should be selected and should be kept in handy.
It is seen that having too many cards leads to a tendency to overspend. Having many cards is okay for someone who has a good self control. Store specific credit cards often offer discounts and gifts to frequent customers.
Credit cards are serious business. Make sure to get the best deals. Visit Macquarie and NAB Visa Mini Credit Card on CreditCardOffers.com.au
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