Universal Prepaid Debit Cards

Universal prepaid debit cards are prepaid cards having universal acceptance. Featuring logos that appear on traditional debit cards, they allow globetrotters to travel around the world knowing that their cards will be accepted by most merchants worldwide. The universal acceptance of these cards make it possible for them to be used by a variety of people, from people on business trips or vacations to college students whose parents load funds onto these cards. Sometimes people who cannot acquire a traditional debit or credit card and are looking for ways to curtail their expenses, opt for a prepaid debit card. While a traditional prepaid debit card can be used to purchase merchandise and services from the issuer or partnering companies only, a universal prepaid card with the logo of a major credit card issuer can be used worldwide.

What Is A Universal Prepaid Debit Card?
A prepaid debit card is a reloadable debit card that allows the card holder to spend the amount that has been pre-deposited in the account. If you have applied for and received your prepaid debit card, then you have several options to the "load" the cash in the account, using services offered by Green Dot and Money Gram. You can also choose to load money online or through direct deposit. Once this is done, it is possible to electronically spend the cash through the debit card. For the customers who would rather not go through the hassles of setting up a separate account, they have the option to link their existing savings account to the card. The card holder now has the freedom to make purchases anywhere, any time, without having to physically carry the cash. While some companies allow the balances to be replenished, others are deactivated as soon as the balance is over. There is no credit extension for a prepaid debit card, as the available balance is equal to the cash loaded.

Where Can I Use A Universal Prepaid Debit Card?
Most of the universal prepaid cards have a Visa insignia on them which allow the card holder to use the debit card in any place that accepts Visa or MasterCard credit cards. A prepaid debit cash card also allows you to withdraw cash from the ATM, apart from purchasing products and services all around the world and even online.

Advantages of Using A Universal Prepaid Debit Card
Universal prepaid debit cards offer the advantages of a credit card and allow the card holder to restrict their cash spending, along with other benefits, like, safety, security and virtual anonymity. A major segment of the target group to which prepaid debit cards are marketed are college students and teenagers (whose parents want to restrict the amount of cash spent). Besides this, universal prepaid debit cards are also used as travel, benefit and gift cards. Many people prefer to give these cards as opposed to gifts or gift certificates which restrict the gift to a specific provider. These cards are also being increasingly used by businesses who have not established credit yet and need to pay their vendors and manufacturers.

The universal prepaid card option is financially affordable, with no interest being charged. The money is taken from the consumers and they can remit it in the form that they want. This card minimizes the risk of not only overspending but all those overdraft fees.

It is advisable that before applying for a universal prepaid debit card, a consumer review the schedule of fees associated with the debit card, like, an association fee or monthly maintenance fees. Compare the fees of the cards on offer and select an issuing company with the best terms and fewer fees.