While debit and credit cards are well-established, prepaid payment options are still a relatively new Fintech innovation. As with all new technologies, there are myths and doubts about how effective they are. Many people don't know much about prepaid or how it works. We want to make sure that they are able to trust prepaid cards and be able to see the benefits.
MYTH 1 - You won't get a prepaid credit card with poor credit.
What is the truth?
Prepaid cards like onevanilla balance are more popular than credit cards. Why? Why? The money you have loaded on your card is all that can be used to pay for the transaction. ImageNPay makes it easy to sign up for your prepaid cards quickly and easily. There won't be any paperwork required, and you won't have to provide proof of income or your job title.
MYTH 2 - Prepaid is not secure
The truth is out there. Prepaid cards are a great way to boost your self-esteem. Jokes aside, Prepaid cards aren’t susceptible to security breaches since Mastercard prepaid card are protected with the same two-factor authentication system as other debit cards.
MYTH 3 - Prepaid cannot be used to shop online
What is the truth?
This myth is not true, as we have already proven in our previous myth-buster. It is common to use a prepaid credit card online to shop . You can also use it to order Christmas gifts early or for online gaming .
MYTH 4 - Only a handful of places accept prepaid payment
What is the truth?
Every Mastercard-integrated payment card is accepted at more than 40,000,000 locations worldwide. This means you can carry your ImageNPay digital wallet wherever you go. Apple Pay is accepted in almost every place since the pandemic. You can be sure that your virtual card will work wherever you go.
MYTH 5 - You don't know how much money is on your prepaid card
What is the truth?
Many prepaid card companies now offer an internet banking or mobile app that allows you to check your balance from anywhere. ImageNPay is your prepaid card that acts as your smartphone. It's all packed in the app with the option of using Apple Pay. Virtual prepaid cards certainly have their perks. You can instantly check your balance, add funds to your account in seconds, change the card's image with a click of a button, and you can even modify the card's image. Spending is fun and budgeting made simple We hope you've found this information helpful and that it has helped to dispel any misinformation about prepaid.
What can they be used to budget?
Prepaid cards are great tools for budgeting and financial independence. A prepaid card can be used for yourself or your children to help you manage your spending and keep within your budget. You can make sure you stay within your budget by loading a fixed amount each week or monthly. This will help you avoid falling into debt.
What can they do to save you money?
A prepaid card is a way to make your money work. This means that you don't have to borrow money or pay high interest rates. You can save money by spending your own money and not having to borrow or pay overdraft fees. You can find more information in our separate post Why Prepaid Cards Can Save You Money.