Unlike a debit card, a prepaid card is not linked to a bank account. Generally, when you use a prepaid card, you are spending money that you have already loaded onto the card. Prepaid cards vs. debit cards: Instead, you are spending money you placed in the prepaid card account in advance.
What is a prepaid card and how does it work?
Prepaid cards can be used to make purchases, similar to a debit card. But when you get a prepaid card, it comes with a balance that acts as your spending limit. Once youve spent the balance, the card becomes unusable until you add more money to it.
What is the difference between a debit card and a prepaid card?
Debit cards are linked to a checking account, while prepaid cards arent and instead require you to load money onto the card. Neither card helps you build credit, but despite this drawback, both prepaid cards and debit cards can help you manage your money in different ways.
Does a prepaid card have money?
A prepaid card is not linked to a checking account. Instead, it is pre-loaded with a balance of funds. Then each purchase you make is deducted from that balance. In most cases, you cant spend more money than you have already loaded onto your prepaid card.
What is the point of a prepaid card?
A prepaid debit card is an alternative banking product that only lets you spend the money you load onto the card. Like debit cards, prepaid cards work at any merchant that accepts its payment network, such as Visa or Mastercard. Theyre safer and more convenient than using cash.
Is go2 bank a prepaid card?
Through our retail and direct bank, we offer a suite of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements.
Can you withdraw money from a vanilla prepaid card?
MyVanilla Card cardholders can withdraw cash at tens of thousands of MoneyPass surcharge-free ATMs nationwide. A fee of $1.95 will be charged per Domestic ATM Cash Withdrawal at an ATM within the MoneyPass network.
Is GO2bank card for stimulus check?
If you receive your child tax credit or stimulus payment with a check, you can cash your check to your GO2bank account to get your money in minutes, plus a $5 credit!
Why am I getting a GO2bank card?
You were specially selected to receive a GO2bank offer because youre a prior customer OR you opted in to receive marketing from one of our trusted third-party partners. No credit check was performed, no one filled out an application on your behalf and no account was opened in your name.
Can you transfer money to a OneVanilla card?
You cannot transfer money to a OneVanilla card. The card is not reloadable so the initial purchased amount is the highest dollar value your card will ever have. By the same token, you also cannot consolidate funds or remaining balances from multiple OneVanilla cards.