Card Types – Card Programs

Debit cards – Credit Cards – Prepaid cards

Choosing a financial card that will be used for transactions is an important decision for any consumer or business. Which card is the best option? Debit cards, credit cards or prepaid cards? In order to determine which card option is most ideal for your financial needs, it is important to understand the basics about each card program.

Payroll Card

A payroll card is a type of bank debit card. Payroll cards draw on the user’s wages or salary instead of a deposit account. Users access their money from an ATM or cash-back purchase in the same manner as with a traditional debit card. Payroll cards are offered by banks and employers as a service for low-income employees who do not have bank accounts. They also provide a way to escape bank service charges. The amount that can be spent is limited to the employee’s income.

Credit Cards

Credit cards are also used as a mode of completing payments and purchases. Both credit cards and debit cards are used for the same purpose essentially but the mechanism is different for each. While debit cards draw the existing funds, credit cards use a credit line that is provided by the card issuing authority. The funds that are used are a debt that the card holder must pay with added interest to the issuing authority. Credit Cards

A debit card can be used in addition to the credit card if it is a secondary card. It provides an added advantage especially in case of an emergency.

Prepaid Cards

Prepaid cards are used for making transactions as well but the money is deposited beforehand by the card holder. This enables the user to maintain his budget, as he is not allowed to go beyond a certain limit unless he deposits more funds. These cards are especially effective for impulsive buyers who have difficulty practicing self-restraint when it comes to shopping. Prepaid Cards

At Prepaid 3 Cobranded Prepaid, the prepaid cards are co-branded with Visa and MasterCard for the convenience of the customers. These co-branded card programs can be customized in order to meet the specific needs of a business or an individual customer.

Prepaid 3

Trafalgar St 165 (corner Trafalgar and Bridge Sts)
New Zealand
Tel: +64 3 288 9017


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