Prepaid Credit Card

A prepaid credit card refers to a payment card that you can preload with a specific amount. You can perform various financial transactions with this card, like purchases, bill payments, cash withdrawals, etc. It is different from debit and credit cards because instead of borrowing funds or using funds from your bank account, you use the card’s preloaded balance.

Today, major financial institutions offer this card for several purposes. Some examples of prepaid credit cards are reloadable bank credit cards and travel Forex cards, among others.