Online payments: Internet Card or Credit Card?

Published in Cards

« Should one use a credit card, a prepaid card or a specialized internet card to pay online? »

 Have you ever wanted to buy that perfect gift online but hesitated before reaching for your wallet, scared that by inputting those precious digits, you will be handing over confidential information to person or persons unknown? Fear not! Here we give you the definitive guide to online purchasing.

We will look at the 3 main methods used for internet shopping in Lebanon; credit cards, prepaid cards and specialized internet cards.

 First up is the credit card. A credit card is issued by your bank and is the most common card used to pay for goods and services. It works by crediting the consumer with instant money when a purchase is made. Borrowing limits are set by the bank and the credit card charges interest on the amount borrowed, usually starting a month after the purchase has been made.  

 Using your regular Lebanese bank card is possibly the easiest and the most common method of paying for purchases online. After all, all you have to do is whip out your wallet, type in a few numbers and off you go. However, there are advantages and disadvantages of using your credit card to pay online that you should be aware of.

Advantages Disadvantages
  •  Widely accepted, even overseas
  •  Quick and easy to use
  •  Flexible, short-term credit
  • Reward incentives
  • Debt accumulation
  • Interest charges
  •  Credit card charges
  • Data theft

 

To use a credit card safely online you need to be careful about which websites you use, and keep your card details safe. Never email your information, or make purchases from a public computer as your information can be stored and used fraudulently. And even if you use your own computer, you need to make sure your antivirus protection is up to date and functioning.

 Next up are prepaid cards. These have been gaining popularity in recent years due to their increased security features. A prepaid card is used like a normal credit card but is preloaded with money before the purchase takes place. In this way, it is the opposite of a regular credit card! A prepaid card is a great way to curb your spending, as well as ensuring that your details are kept safe. But again, there are pros and cons to consider before using this type of payment method.

Advantages Disadvantages
  • Convenient to use
  • No risk of debt
  • Can be used online or in person
  • No credit check required
  • Personal details kept secure 
  • Hidden fees and expiry dates
  • Cannot be used as widely as a credit card
  • You need to have enough money loaded onto it to make a purchase

 

You can pick up a prepaid card from most major banks in Lebanon (even if you don’t have an account with them) then, simply load it with as much money as you like and use it for both online and shop purchases in Lebanon. The disadvantages of such a card is that there are often fees and expiry dates involved. You should check the small print carefully before purchasing this kind of card. 

 Finally we come to the specialized internet cards. These are like prepaid cards but can only be used online. You can get one from your bank or from specialist companies in Lebanon. There is also the option of buying a rechargeable or a single use card. Rechargeable cards can be used many times but you may be charged a small fee for reloading them, whereas a single use card can only be used once, and then after a new card needs to be purchased. 

Advantages Disadvantages
  • Convenient to use
  • No risk of debt
  • No credit check required
  • Personal details kept secure online
  • No bank account required 
  • Hidden fees and expiry dates
  • Cannot be used as widely as a credit card
  • You need to have enough money loaded onto it to make a purchase

Check out which card is right for you by comparing cards offered by banks in Lebanon on Bnooki.com. Click here: http://www.bnooki.com/cards/internet-cards/list

18 Nov 2014
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Online payments: Internet Card or Credit Card?

« Should one use a credit card, a prepaid card or a specialized internet card to pay online? »

 Have you ever wanted to buy that perfect gift online but hesitated before reaching for your wallet, scared that by inputting those precious digits, you will be handing over confidential information to person or persons unknown? Fear not! Here we give you the definitive guide to online purchasing.

We will look at the 3 main methods used for internet shopping in Lebanon; credit cards, prepaid cards and specialized internet cards.

 First up is the credit card. A credit card is issued by your bank and is the most common card used to pay for goods and services. It works by crediting the consumer with instant money when a purchase is made. Borrowing limits are set by the bank and the credit card charges interest on the amount borrowed, usually starting a month after the purchase has been made.  

 Using your regular Lebanese bank card is possibly the easiest and the most common method of paying for purchases online. After all, all you have to do is whip out your wallet, type in a few numbers and off you go. However, there are advantages and disadvantages of using your credit card to pay online that you should be aware of.

Advantages Disadvantages
  •  Widely accepted, even overseas
  •  Quick and easy to use
  •  Flexible, short-term credit
  • Reward incentives
  • Debt accumulation
  • Interest charges
  •  Credit card charges
  • Data theft

 

To use a credit card safely online you need to be careful about which websites you use, and keep your card details safe. Never email your information, or make purchases from a public computer as your information can be stored and used fraudulently. And even if you use your own computer, you need to make sure your antivirus protection is up to date and functioning.

 Next up are prepaid cards. These have been gaining popularity in recent years due to their increased security features. A prepaid card is used like a normal credit card but is preloaded with money before the purchase takes place. In this way, it is the opposite of a regular credit card! A prepaid card is a great way to curb your spending, as well as ensuring that your details are kept safe. But again, there are pros and cons to consider before using this type of payment method.

Advantages Disadvantages
  • Convenient to use
  • No risk of debt
  • Can be used online or in person
  • No credit check required
  • Personal details kept secure 
  • Hidden fees and expiry dates
  • Cannot be used as widely as a credit card
  • You need to have enough money loaded onto it to make a purchase

 

You can pick up a prepaid card from most major banks in Lebanon (even if you don’t have an account with them) then, simply load it with as much money as you like and use it for both online and shop purchases in Lebanon. The disadvantages of such a card is that there are often fees and expiry dates involved. You should check the small print carefully before purchasing this kind of card. 

 Finally we come to the specialized internet cards. These are like prepaid cards but can only be used online. You can get one from your bank or from specialist companies in Lebanon. There is also the option of buying a rechargeable or a single use card. Rechargeable cards can be used many times but you may be charged a small fee for reloading them, whereas a single use card can only be used once, and then after a new card needs to be purchased. 

Advantages Disadvantages
  • Convenient to use
  • No risk of debt
  • No credit check required
  • Personal details kept secure online
  • No bank account required 
  • Hidden fees and expiry dates
  • Cannot be used as widely as a credit card
  • You need to have enough money loaded onto it to make a purchase

Check out which card is right for you by comparing cards offered by banks in Lebanon on Bnooki.com. Click here: http://www.bnooki.com/cards/internet-cards/list

Last modified on Tuesday, 17 March 2015 15:34

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