Prepaid Credit Card South Africa

By: EconomyWatch Content   Date: 29 January 2010

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A prepaid card South Africa functions exactly the way a conventional credit card does, but you cannot get into a credit with it. Once the preloaded amount in your card runs out, you cannot use the card anymore till you add more cash into the card account. It works the same way as a pre-paid SIM.

Prepaid Credit Card South Africa: Pros and Cons

The benefits of a prepaid credit card are:

·        More control over spending.

·        No credit checks are required and minimal FICA requirements.

·        No interest charges.

·        Convenience in making a hotel or vehicle reservations.

·        Revolving personal debt is no longer an issue.

 

The disadvantages of a prepaid credit card are:

·        There is a fee for setting up your account, loading money into your account, etc.

·        Lack of credit to help in emergencies.

·        You cannot improve your credit scores by using a prepaid credit card, as your transactions would not be reported to the credit rating agencies.

·        Not all merchants or stores accept a prepaid credit card

Prepaid Credit Card South Africa: Prepaid ZAR Card

A prepaid ZAR card can not only be used like any traditional credit card in South Africa, but also throughout the SADC region, Africa and at over 22 million MasterCard ATMs or POS locations across the globe. The main benefits of a prepaid ZAR card are following:

  • Card charges are up to 30% lower than cards provided by other South African banks.

  • No need to carry cash around. The card is safe, secure and cost-effective.

  • Salaries, loans, commissions, expenses are directly loaded on to the card.

  • Users can get up to 4 additional cards that are linked to their primary card held in South Africa allowing them to transfer funds and send money home safely, cheaply (and directly from their cell phones.

Prepaid Credit Card South Africa: Virtual Cards

A prepaid virtual credit card works is similar to a conventional prepaid credit card, with the exception of a physical card. The card is simply a set of numbers with an expiration date and CVV code for security purposes. Since it is virtual, only online purchases can be made.

 

 

 

 

 


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