The Application of Prepaid Cash Card for Consumers

Prepaid cash card also called as prepaid debit card. It is a plastic card which provides an alternative payment method to cash when making purchases. The funds are withdrawn directly from either the bank account, or from the remaining balance on the card. Usually, cash cards are used for telephone and Internet purchases. Cash cards can also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a cheque guarantee card. Merchants can also offer "cashback"/"cashout" facilities to customers, where a customer can withdraw cash along with their purchase. Unlike a charge or credit card, a debit card purchase incurs no interest.

For those who cannot get a bank account, or do not wish to use an ATM card that is attached to one, prepaid cards are a way to get the same convenience. One easy way to get a cash card is through an online financial payment service such as PayPal. PayPal cards use a person's PayPal account balance as the principle. However, an account holder must have a PayPal account in good standing for 60 days to obtain one. Another method is to go to a check-cashing store and purchase a card. These cards usually cost about RM10 plus the amount of cash principle. Once purchased, the cards may be refilled at any location offering the particular service. The biggest drawback to this variety of card is the fee structure. It's common for ATM transactions to cost several ringgits in fees and for debit purchases to cost anywhere from 50 cents to RM1. There may also be a percentage charged monthly on any balance carried. The third option is to have a percentage of your paycheck go into a cash card. The payment service will mail you a card and will usually charge a nominal up-front fee. These cards also come with plenty of usage fees.