Prepaid Cards in UAE
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Compare Prepaid Cards in UAE
| Card Activation Fee | Load/Reload Fee | Validity of the Card | ATM Withdrawal | Maximum Cash Withdrawal Limit | Maximum Balance on the Card | |
|---|---|---|---|---|---|---|
| Pyypl Prepaid Card | Free | Free | 12 months | Yes | AED 3500 | AED 3500 |
| Najm Mall gift card | AED 7.50 | - | 12 months | No | No | AED 3500 |
| Emirates Islamic Prepaid Card | AED 26.50 | No | NA | Yes | AED 5000 | AED 40,000 |
| CashU Prepaid Majd Card | AED 3 | AED 3 | 6 Months | No | NA | AED 1,469 |
| Travelez Plus Classic Prepaid card | AED 30 | AED 5 | 6 Months | Yes | NA | AED 36,700 |
List of Prepaid Cards in UAE
Features
- The card is easy to issue prepaid card with or without registration or any bank account
- The cards validity is five years from the date of issue
- The starting loading amount is limited to a maximum amount of AED 3,500 and this can be used on Abu Dhabi Pay govt transactions only.
Features
- The card is easy to issue prepaid card with or without registration or any bank account
- The cards validity is five years from the date of issue
- The starting loading amount is limited to a maximum amount of AED 3,500 and this can be used on Abu Dhabi Pay govt transactions only.
- The merchant payments and other reloads will be enabled after the full KYC is done and this will provide a maximum limit of AED 50,000
- The card will offer easy loading of funds and reloading of funds. You can keep track of your spendings.
- The Abu Dhabi Pay Hayyak Card can be loaded or reloaded through the following.
- FAB Cash Deposit Machines (CDMs)
- The FAB Mobile app and Online Banking for retail
- FAB iBanking and Nafura for corporate
- The payit mobile app (available soon)
- Distribution channels and government counters (available soon)
- UAE Funds Transfer System (UAEFTS)
- No card issuance cost, loading or reloading fees
- Hayyak Cards are available at Magnati offices and government counters.
Benefits
- If cardholder full KYC is not done then maximum card balance is AED 3,500
- For all the KYC completed cardholders the maximum card balance is AED 50,000
- The card can be loaded or reloaded and the below are the various options available.
- FAB Cash Deposit Machines (CDMs): Free
- Distribution channels and government counters: Free(available soon)
- The FAB Mobile app and Online Banking: Free
- FAB iBanking and Nafura: Free
- The payit mobile app: Free (available soon)
- UAEFTS: Free
- For all the cardholders without KYC the maximum load amount is AED 3,500 on one time basis
- For KYC completed users the maximum load amount is AED 50,000
- Any kind of reload is not allowed for cardholders who have not completed their KYC
- For KYC completed users the max reload per day and transaction at FABs CDM is AED 50,000 and the maximum reload is unlimited
- The balance amount may be refunded on FAB ATMs if there is cash withdrawal provided to them.
- You can also place a request at Magnati offices to get your refund of balance on your Abu Dhabi Hayyak Card, the incomplete refund requests are not processed.
- For KYC users Withdrawal allowance per transaction is AED 10,000
- For KYC users Withdrawal allowance per day is AED 50,000
- For KYC users Withdrawal allowance per month is unlimited
- The cash withdrawal facility is provided at any FAB and Non FAB ATMs, the withdrawal facility is available only for the KYC completed customers.
- Cash withdrawal at FAB ATMs is free of charge
- AED 2 is charged for cash withdrawals at Non-FAB ATMs
- For all the International withdrawals AED 15 or 2.5 percent is charged whichever is greater
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Features
- The cost of the card is AED 25 which will be deducted from the first load
- The Corporate cards require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account required
- The card has five years validity
Features
- The cost of the card is AED 25 which will be deducted from the first load
- The Corporate cards require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account required
- The card has five years validity
- The Maximum card balance is AED 10,000,000
- The card can be used for government transactions
- The Government Black Corporate Card can be loaded or reloaded through: FAB Cash Deposit Machines (CDMs)
- FAB iBanking corporate
- Distribution channels and MBME Kiosks
- The UAE Funds Transfer System (UAEFTS)
- The loading and reloading fees is as follows:
- FAB Cash Deposit Machines (CDMs): AED 5
- MBME Kiosks: AED 5
- Distribution channels and iBanking: AED 5
- The UAE Funds Transfer System (UAEFTS): AED 5
Benefits
- The maximum card balance is AED 10,000,000
- The maximum load amount is AED 10,000,000
- Maximum reload amount per transaction at FAB CDMs is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- The Maximum reload amount per month at FAB CDMs is unlimited
- The Cards can be purchased and applied for through the following channels
- - Magnati offices
- - FAB’s website (www.bankfab.com)
- - FAB iBanking (will be available soon)
- Cash withdrawals are not permitted for corporate cards.
- This card is available to all UAE-registered companies.
Features
- There are No card issuance costs and no loading or reloading fees
- The card can only be used for Abu Dhabi Government transactions by corporates
- Card is valid for five years from the date of issue
Features
- There are No card issuance costs and no loading or reloading fees
- The card can only be used for Abu Dhabi Government transactions by corporates
- Card is valid for five years from the date of issue
- The Maximum card balance is AED 10,000,000
- Corporate cards require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account is required The card offers easy loading and reloading of funds to help you keep track of your spending.
- The Card can be loaded or reloaded through the following ways
- FAB CDMs
- FAB iBanking and Nafura
- Distribution channels and government counters (available soon)
- UAE Funds Transfer System (UAEFTS)
- The card loading and reloading can be done through the following channels.
- FAB Cash Deposit Machines (CDMs): Free
- Distribution channels and government counters: Free (available soon)
- FAB iBanking and Nafura: Free
- UAE Funds Transfer System (UAEFTS): Free
- Cash withdrawals are not permitted for corporate cards.
Benefits
- The Maximum card balance is AED 10,000,000
- The Maximum load amount is AED 10,000,000
- The Maximum reload amount per transaction at FAB CDM is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- The Maximum reload amount per month at FAB CDMs is AED unlimited
- The card can be purchased/applied for through:
- Magnati offices
- FAB’s website (www.bankfab.com)
- FAB iBanking (available soon)
- There are no card issuance costs if the customer chooses to collect them from Magnati offices. If the customer requests delivery, there will be a charge of AED 25.
- The balance amount on the card may be refunded on FAB ATMs (if cash withdrawal feature is available)
- The card user may place a request at Magnati offices to receive a refund of the balance of your Abu Dhabi prepaid card. The incomplete refund requests cannot be processed.
Features
- The maximum card balance is AED 75,000
- The card cost is AED 25 which will be deducted from the first card load
- The personalized card requires Know your customer registration and no bank account is required
Features
- The maximum card balance is AED 75,000
- The card cost is AED 25 which will be deducted from the first card load
- The personalized card requires Know your customer registration and no bank account is required
- This card is valid for five years from the date of issue.
- The visa platinum deals and offers are applicable
- The card can be used for government transactions and other merchants
- The government advanced individual card can be loaded and or reloaded through the following.
- Distribution channels and MBME Kiosks
- FAB Cash Deposit Machines (CDMs)
- The UAE Funds Transfer System (UAEFTS)
- The FAB Mobile app and Online Banking for retail
- The payit mobile app
- FAB iBanking for corporate
Benefits
- The maximum card balance is AED 75,000
- The maximum load amount is AED 75,000
- The Maximum reload amount per transaction at FAB CDMs is AED 35,000
- The Maximum reload amount per day at FAB CDMs is AED 35,000
- The Maximum reload amount per month at FAB CDMs is AED 1,050,000
- The cash withdrawals are available at FAB and non FAB ATMs The cards can be purchased and applied through the following channels.
- FAB’s website (www.bankfab.com)
- Magnati offices
- The payit mobile app
- FAB’s website The FAB Mobile app and Online Banking
- Free cash withdrawals at FAB ATMs
- AED 2 is charged for non FAB ATMs within the UAE
- For withdrawals outside the UAE country charges of 2.5% or AED 15 whichever is higher is applicable
- The loading/reloading fees can be done through the following
- MBME Kiosks: AED 5
- Distribution channels and iBanking: AED 5
- FAB Cash Deposit Machines (CDMs): AED 5
- The FAB Mobile app, Online Banking: AED 5
- The UAE Funds Transfer System (UAEFTS): AED 5
- The payit mobile app: AED 5
- The redemption fee is AED 25
- The Withdrawal allowance per transaction is AED 10,000
- The Withdrawal allowance per day is AED 75,000
- The withdrawal allowance per month is unlimited
- Eligibility is available to all UAE Nationals and residents
- The Documents required for the Government Advanced Individual Card are as follows:
- Completed application form
- Valid Emirates ID (front and back)
- Completed FATCA Individual Form
- The prepaid card balance refund can be availed at FAB ATMs if cash withdrawal is available.
- You can request for a refund for balance on the government prepaid card at Magnati office, bank account transfer only and no cash refunds. The incomplete refund requests will not be processed.
Features
- The prepaid card can be issued without any registration or any bank account
- Easy issue prepaid card with Initial limit AED 3,500
- The card issuance cost is AED 15 which will be deducted from the first load
Features
- The prepaid card can be issued without any registration or any bank account
- Easy issue prepaid card with Initial limit AED 3,500
- The card issuance cost is AED 15 which will be deducted from the first load
- Limit of AED 50,000 once KYCed completed
- The prepaid card has a validity of five years as per expiry date which is pre-printed on the card
- The initial loading amount is limited to AED 3500 which is maximum for government transactions
- For merchant payments and reloads a KYC (Know your customer) has to be completed with a max limit of AED 50,000
- You can do Government and non-government transactions Enjoy Visa offers will be applicable
- You can get the Visa deals and great offers applicable on card
- This prepaid card offers simple loading and reloading of funds which will help you to track your transactions.
- This is a Five-years validity card
Benefits
- Government Sahala Individual Cards are available at Magnati Offices and the distribution channels.
- The maximum card balance transaction at FAB CDMs reload amount per month which is not registered is AED 3,500
- The maximum card balance transaction at FAB CDMs reload amount per month which is with Full registration or Full KYC is AED 50,000
- The maximum amount of prepaid card reload per day at FAB CDMs for one time transaction is AED 3,500
- The maximum amount of prepaid card reload per day at FAB CDMs for one time transaction with full registration or full KYC is AED 50,000
- There are loading and reloading fees. The following are the fees for loading and reloading.
- - FAB Cash Deposit Machine charges- AED 5
- - MBME Kiosks- AED 5
- - Distribution channels and iBanking- AED 5
- - The payit mobile app- AED 5
- - The FAB Mobile app, Online Banking- AED 5
- - The UAE Funds Transfer System - AED 5
- You can get a balance refund on a prepaid card. The balance amount can be refunded at FAB ATMs provided if cash withdrawal is available.
- The prepaid card user can request for a refund with a government prepaid card at a Magnati office. The requests with incomplete details will not be processed
- The withdrawal allowance per transaction is AED 10,000 and for those with full KYC withdrawal per day is AED 50,000 and withdrawal allowance per month is unlimited.
- The cash withdrawals are available only for KYC completed users and cash withdrawals can be made at FAB and non FAB ATMs.
- The FAB ATMs are free and no charges are applicable for withdrawals
- The non FAB ATMs within the UAE charge AED 2 per withdrawal and non FAB ATMs outside UAE charge 2.5 percent on withdrawals or AED 15 per withdrawal whichever is greater. The redemption fee is AED 25
- The Government Sahala Individual Card can be loaded or reloaded through:
- FAB Cash Deposit Machines (CDMs)
- The FAB Mobile app and Online Banking for retail
- FAB iBanking for corporate
- The payit mobile app (available soon)
- Distribution channels and MBME Kiosks
- The UAE Funds Transfer System (UAEFTS)
Features
- There are no charges for card issuance, loading or reloading fees
- The card can be used for Abu Dhabi government transactions and other merchants by corporates
- The card is valid for Five-years from the date of issue The Maximum card balance is AED 2,500,000
Features
- There are no charges for card issuance, loading or reloading fees
- The card can be used for Abu Dhabi government transactions and other merchants by corporates
- The card is valid for Five-years from the date of issue The Maximum card balance is AED 2,500,000
- Corporate cards require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account required Abu Dhabi Pay Elite Corporate Card can be loaded or reloaded through the following channels
- FAB Cash Deposit Machines (CDMs)
- FAB iBanking and Nafura
- Distribution channels and government counters (available soon)
- UAE Funds Transfer System (UAEFTS)
Benefits
- The maximum card balance is AED 2,500,000
- The maximum card load is AED 2,500,000
- The Maximum reload amount per transaction at FAB CDMs is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- The Maximum reload amount per month at FAB CDMs is unlimited
- The card loading and reloading fees are as follows
- FAB Cash Deposit Machines (CDMs): Free
- Distribution channels and government counters: Free(available soon)
- FAB iBanking and Nafura: Free
- UAE Funds Transfer System Free(UAEFTS)
- Corporate can can be purchased/applied through:
- Magnati offices
- FAB’s website (www.bankfab.com)
- FAB iBanking (available soon)
- There are no issuance costs if the customer chooses to collect them from Magnati offices. If the customer requests card delivery, there will be a charge of AED 25
- Cash withdrawals are not permitted for corporate cards.
- All the UAE registered companies are eligible for getting this card
- The balance amount may be refunded on FAB ATMs (if cash withdrawal feature is available)
- The card user can place a request at Magnati offices to receive a refund of the balance of your Abu Dhabi prepaid card. Please note that incomplete refund requests cannot be processed.
Features
- The cost of the card is AED 30 which will be deducted from the first load
- The Corporate cards will require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account required
- The Maximum card balance of AED 2,500,000
Features
- The cost of the card is AED 30 which will be deducted from the first load
- The Corporate cards will require KYC/KYB (Know Your Customer/Know Your Business) registration, no bank account required
- The Maximum card balance of AED 2,500,000
- The card is valid for a period of five years from the date of issue
- The Al Ruzmah Corporate Card can be loaded or reloaded through:
- FAB Cash Deposit Machines (CDMs)
- FAB iBanking and Nafura (available soon)
- Distribution channels (available soon)
- MBME Kiosks
- The UAE Funds Transfer System (UAEFTS)
- The loading or reloading fees is as follows
- FAB Cash Deposit Machines (CDMs): AED 10
- MBME Kiosks: AED 10
- Distribution channels: AED 10 (available soon)
- FAB iBanking: AED 5 (available soon)
- FAB Branch and Nafura (available soon): AED 25
- UAE Funds Transfer System (UAEFTS) : AED 5
Benefits
- The Maximum card balance is AED 2,500,000
- The Maximum load amount is AED 2,500,000
- The Maximum reload amount per transaction at FAB CDMs is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- The Maximum reload amount per month at FAB CDMs is unlimited
- The prepaid card can be purchased/applied for through the following channels.
- Magnati offices and FAB RAK branches
- FAB’s website (www.bankfab.com)
- FAB iBanking (available soon)
- Cash withdrawals are not permitted for corporate cards.
- All the UAE registered companies are eligible for getting Al Ruzmah Corportate Card
- The balance amount may be refunded at FAB ATMs if the cash withdrawal feature is available.
- You may request a refund at Magnati offices, incomplete refund requests cannot be processed.
Features
- The card issuance cost is AED 30 which will be deducted from the first load
- It is easy issue prepaid card without registration or a bank account
- The card is valid for five years from the date of issuance
Features
- The card issuance cost is AED 30 which will be deducted from the first load
- It is easy issue prepaid card without registration or a bank account
- The card is valid for five years from the date of issuance
- The Initial load amount will be limited to maximum AED 3,500 and this can be used on the RAK Pay government transactions only.
- Reload and cash withdrawal capabilities will be enabled once the full KYC (Know Your Customer) is completed and this is with a maximum limit of AED 10,000
- This card offers easy loading and reloading of funds to help you keep track of your spending.
- The Wafer Individual Card can be loaded or reloaded through the following channels
- FAB Cash Deposit Machines (CDMs)
- The FAB Mobile app and Online Banking for retail
- The payit mobile app (available soon)
- Distribution channels (available soon)
- MBME Kiosks
- The UAE Funds Transfer System (UAEFTS)
- The card loading or reloading fees is as follows
- FAB Cash Deposit Machines (CDMs): AED 10
- MBME Kiosks: AED 10
- Distribution channels: AED 10 (available soon)
- The FAB Mobile app, Online Banking and iBanking: AED 5
- FAB Branch and Nafura: AED 25
- The payit mobile app: AED 5 (available soon)
- The UAE Funds Transfer System (UAEFTS) : AED 5
- The Wafer Individual Card is available at Magnati offices, FAB RAK branches and distribution channels
Benefits
- Card users who are not registered the maximum card balance is AED 3,500
- Card users who completed KYC get maximum card balance and maximum load balance of AED 10,000
- Card users who are not registered the maximum load amount is AED 3,500 one time only
- Maximum reload amount per transaction at FAB CDMs is not allowed for non registered users
- Maximum reload amount per transaction at FAB CDMs for KYC users is AED 10,0000
- Maximum reload amount per day at FAB CDMs for KYC users is AED 10,000
- Maximum reload amount per month at FAB CDMs for non KYC users is not allowed
- Maximum reload amount per month at FAB CDMs for KYC users is unlimited reload
- Withdrawal allowance per transaction for KYC users is AED 10,000
- Withdrawal allowance per day for KYC users is AED 10,000
- Withdrawal allowance per month for KYC users is unlimited The balance amount can be refunded at FAB ATMs (if the cash withdrawal feature is available).
- The card user may request a refund at Magnati offices.
- Incomplete refund requests cannot be processed.
- The cash withdrawals are available at any FAB or non FAB ATM. Note that cash withdrawal is available only for KYC completed customers.
- FAB ATMs: Free
- Non-FAB ATMs )within the UAE): AED 2
- International withdrawals: 2.5% or AED 15 (whichever is higher)
- The redemption fee at FAB branches is AED 25
Features
- There are no charges for card issuance, loading fees or reloading fees
- The card can be used for Abu Dhabi Government transactions and other merchants
- The card is valid for five years from the date of issuance The Maximum card balance is AED 75,000
Features
- There are no charges for card issuance, loading fees or reloading fees
- The card can be used for Abu Dhabi Government transactions and other merchants
- The card is valid for five years from the date of issuance The Maximum card balance is AED 75,000
- Personalized card requires KYC (Know Your Customer)
- registration and no bank account is required
- Abu Dhabi Pay Diamond Individual Card offers easy loading and reloading of funds which will help you keep track of your spendings.
- Abu Dhabi Pay Diamond Individual Card can be loaded or reloaded through the following ways
- FAB Cash Deposit Machines (CDMs)
- The FAB Mobile app and Online Banking for retail
- FAB iBanking and Nafura for corporate
- The payit mobile app (available soon)
- Distribution channels and government counters (available soon)
- UAE Funds Transfer System (UAEFTS)
Benefits
- Abu Dhabi Pay Diamond Individual Card maximum card balance is AED 75,000
- The maximum load balance is AED 75,000
- The Maximum reload amount per transaction at FAB CDMs is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- The Maximum reload amount per month at FAB CDMs is unlimited
- The Cards can be purchased/applied for through the following channels
- Magnati offices
- FAB’s website (www.bankfab.com)
- The FAB Mobile app and Online Banking (available soon)
- The payit mobile app (available soon)
- There are no card issuance costs if the customer chooses to collect them from Magnati offices. If the customer requests delivery, there will be a charge of AED 25*.
- The Cash withdrawals are available at any FAB and Non-FAB ATMs. Below are the charges for the withdrawals.
- FAB ATMs: Free.
- Non-FAB ATMs (within UAE): AED 2
- International withdrawals: 2.5% or AED 15 (whichever is higher)
- The withdrawal allowance per transaction is AED 10,000
- The withdrawal allowance per day is AED 75,000
- The withdrawal allowance per month is unlimited
- The card is available to all UAE Nationals and residents The documents required for getting this card are completed application form, Valid Emirates ID (front and back) and Completed FATCA Individual Form
- The balance amount may be refunded on FAB ATMs if a cash withdrawal feature is available.
- You may place a request at Magnati offices to receive a refund of the balance of your Abu Dhabi prepaid card.
- Incomplete refund requests cannot be processed.
Features
- The Card cost is AED 25 which will be deducted from the first load.
- Corporate cards require KYC/KYB (Know Your Customer/Know Your Business), registration details, no bank account is required
- The corporate card is valid for Five years
Features
- The Card cost is AED 25 which will be deducted from the first load.
- Corporate cards require KYC/KYB (Know Your Customer/Know Your Business), registration details, no bank account is required
- The corporate card is valid for Five years
- The Maximum card balance is AED 2,500,000
- The card can be used for government transactions and other merchants by corporates
- There are Visa deals and offers applicable on the card usage
- The Government Silver Corporate Card can be loaded or reloaded through:
- FAB Cash Deposit Machines (CDMs)
- FAB iBanking for corporate
- Distribution channels and MBME Kiosks
- The UAE Funds Transfer System (UAEFTS)
Benefits
- Cash withdrawals are not permitted for corporate cards Available to all UAE-registered companies.
- The corporate cards can be purchased and applied through the following channels.
- Magnati offices
- FAB’s website (www.bankfab.com)
- FAB iBanking (available soon)
- The Government Silver Corporate Card includes the following features:
- The maximum card balance and maximum load balance is AED 2,500,000
- Maximum reload amount per transaction at FAB CDMs is AED 75,000
- The Maximum reload amount per day at FAB CDMs is AED 75,000
- Maximum reload amount per month at FAB CDMs is unlimited
- The Loading/Reloading Fees are as follows.
- FAB Cash Deposit Machines (CDMs): AED 5
- MBME Kiosks: AED 5
- Distribution channels and iBanking: AED 5
- The UAE Funds Transfer System (UAEFTS) : AED 5
Prepaid cards are slowing making their way into people’s lives across the world. These look like regular debit or credit cards but are functionally different from either of them.
Features of Prepaid Cards in UAE
As the name suggests, a prepaid card is a card issued by a bank or a financial institution which is preloaded with funds. This is a payment card and can be used like any debit or credit card. However, unlike a credit card, it doesn’t offer you credit and it is not directly linked to your banking accounts either [which is the case with debit cards]. Prepaid cards can be loaded with money by you or a third party and can be used up to the amount available. In short, when you use a prepaid card, there is no loan involved. You are spending the money that is already deposited with the bank or financial institution that has issued the card to you.
Let’s look at some of the basic features of a prepaid card:
- No credit approval required to avail prepaid card.
- Almost immediate issuance of the card.
- It can be used everywhere a credit or debit card is being used.
- A cashless and debt-free option to transact.
- Funds can be reloaded online, through direct deposits and ATMs.
- ATM withdrawal option available.
- Some banks might charge a small fee to provide the service.
- Usually, there is a limit on the amount that can be loaded and withdrawn in a specific period.
- These cards have an expiry date too.
- Some banks offer loyalty points or rewards for transaction done using a prepaid card.
- They can be used as gift cards
- Can be used as travel cards when you travel abroad.
Eligibility Criteria of Prepaid Card in UAE
The only criteria to avail a prepaid card in UAE is that the applicant must be over 21 years of age. You don’t need any documents or even an account with the bank issuing the prepaid card. However, this must be checked with the individual bank or financial institution before approaching them for a card.
Pros and Cons of Prepaid Card in UAE
Here is a quick look at the pros and cons of a prepaid card:
Pros of Prepaid Cards:
- Global acceptance being powered by VISA or MasterCard
- No credit scrutiny
- It’s not a loan hence no debt-worries
- Immediate issuance
- Possibility of earning reward points or a cash back
Cons of Prepaid Cards:
- Not linked to your account so purchase can be made only to the extent of the amount loaded
- Fees can be charged by the issuing institution for various services
- No interest on the money lying in the card’s account
- Transaction will be outright rejected if the it exceeds the amount available on the card
Difference between Prepaid Cards and Credit Cards
To bring things into perspective let’s draw a comparison between prepaid and credit cards:
| Prepaid Card | Credit Card | |
|---|---|---|
| Funds used | Own Funds | Borrowed funds |
| Interest to be paid | No | Yes |
| Documents needed | Basic | Detailed |
| Credit history scrutiny | No | Yes |
| Usage | Usually ATM, POS and online | ATM, POS and online |
Frequently Asked Questions
⭐ Can I avail of a prepaid card if I am unemployed?
A. Prepaid cards are offered to people with basic documentation. You should not face any problem applying for a prepaid card. Do check with the concerned bank before applying.
⭐ What is the validity period of a prepaid card?
A.It is usually 6 months - 5 years from the date of issuance. While some cards have no validity. However, you can check with the issuing bank before availing the facility as this varies from card to card.
⭐ Is it mandatory to maintain a minimum balance on the card?
A.On most of the prepaid cards a minimum balance is required. If there no minimum balance on the card, it will be considered inactive and a monthly inactivity fee will be charged.
⭐ Can we withdraw cash using prepaid cards?
A.Yes. Prepaid cards can be used to withdraw cash at ATMs and other selected merchants/ kiosks. But a cash withdrawal fee will be charged.
⭐ What will be the cash withdrawal fee charged?
A. Cash withdrawal fee varies with the card provider. If the cash is withdrawn at the same bank ATM, then there won't be any cash withdrawal fee charged.
⭐ What can we do if the card gets expired?
A.If your prepaid gets expired, you can get a new card or get the existing one renewed if the bank permits.
⭐ Can I transfer my balance from one prepaid card to another?
A.Yes. You can transfer the balance from one prepaid card to another. A balance transfer fee will be charged.
⭐ Are all the prepaid cards reloadable?
A.Most of the prepaid cards are reloadable unless it is a gift card. You can check with the card provider before getting one.
⭐ Can I get my existing prepaid card replaced?
A.Yes. You can get your existing prepaid card replaced on paying a card replacement fee.
⭐ What happens if my card is inactive for so long?
A. If your prepaid card is inactive(no minimum balance) for more than a limited period, your card will be closed.
⭐ How do I check the transactions performed on the card?
A.You can get the details of your card which includes transactions history, balance on the card, and much more through phone banking, online banking, etc.
⭐ Are there any fees charged while adding money to the card?
A.There can be load/reload fee added which depends upon the provider.
⭐ What is balance unload fee?
A.Balance unload fee is a fee charged on withdrawing the remaining balance on the card after closing the card.
⭐ Are prepaid cards accepted worldwide?
A. Yes. Most prepaid cards are accepted worldwide. However, it is recommended to verify the same with the card provider before getting one.
⭐ Can I load the card whenever I want to?
A.Yes. If your card did not exceed the maximum limit, you can load the card.
⭐ Are there any charges levied on the closure of the card?
A. No. The prepaid cards expire once the validity is over. However, there will be a balance unload fee charged on withdrawing the remaining balance available on the card.
⭐ Are there any charges levied on the non-usage of the card?
A.Yes. If the prepaid card is inactive for a long time there will be an inactivity fee charged by some providers.
MyMoneySouq's Robo Advisor 