Prepaid Cards

What is a Prepaid Card?

Like debit and credit cards, prepaid cards allow you to make purchases without cash or cheques. Unlike credit cards, you cannot take on debt with a prepaid card, and unlike debit cards, prepaid cards are not linked to a bank account. A prepaid card has a zero balance until you add money to it.

How Prepaid Cards Work

When you make a purchase with a prepaid card, the amount is subtracted from the balance of the card. Once the balance reaches zero, the card is empty. It can then be discarded, unless it is a reloadable card, in which case you can add funds and continue using it.

With Prepaid Cards You Can:

Make purchases in person, online, or by phone
Give gifts to friends and family
Withdraw cash from an ATM or bank
Receive wages or funds by direct deposit to the card
Pay bills

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