Prepaid cards from Lebanese banks – naughty or nice gift?

Published in Cards

It’s nearly Christmas and shopping time is nearly over! But what about that elusive gift for the person who has everything? How about a prepaid card?

 

The basic principle of a prepaid card is that you preload a card with money which can then be spent. There are different kinds of prepaid card; some work like a debit card that you can add money to once the funds have been used up, and some work more like a gift card – they can only be used for a certain amount of money. In either case, any purchases made come directly out of the card so there is no chance of running into debt or going overdrawn.

 

This Christmas, banks in Lebanon have been putting forward the idea of giving prepaid cards as gifts. This is a similar idea to giving someone a store gift card, but the funds can be used anywhere the logo of the major credit card companies (Visa, American Express, MasterCard, etc….) is displayed. Because of this, the receivers are not restricted in their purchases and are really able to buy themselves what they need.

 

If you’re thinking of giving a prepaid card as a gift, you need to know exactly how it works, as well as its pros and cons.

 

As already mentioned above, a prepaid card from a Lebanese bank comes with a zero balance. You then choose how much money you want to charge the card with. Then, when the receiver buys themselves a gift, the amount is deducted from the card’s balance. Simple!

 

There are many advantages of using a prepaid card, including the fact that there are no overdraft or late payment fees to worry about. There are however, a few disadvantages that also need to be looked at, the main one of being fees, of which there are many.

 

Advantages

Disadvantages


  • Convenience, simplicity and financial peace of mind – no worrying about late payments and overdraft fees. What you have is what you spend.

  • Appropriate for young people – as well as being an ideal gift, they can also be used to teach teenagers to manage their money.


  • Fees. Depending on the card there could be fees for:

  • Setting up the card.

  • Loading money onto the card Making purchases on the card

  • Taking cash out at a cash point.

  • Inactivity.

  • Redeeming funds.

 

It’s important to suss out all the fees involved before giving a prepaid card as a gift, otherwise you could end up giving less than you wanted!


For more information on prepaid cards from banks in Lebanon, visit Bnooki.com to choose the right prepaid card for all your needs.

 

 

24 Dec 2014
(1 Vote)
Read 1871 times
 
Prepaid cards from Lebanese banks – naughty or nice gift?

It’s nearly Christmas and shopping time is nearly over! But what about that elusive gift for the person who has everything? How about a prepaid card?

 

The basic principle of a prepaid card is that you preload a card with money which can then be spent. There are different kinds of prepaid card; some work like a debit card that you can add money to once the funds have been used up, and some work more like a gift card – they can only be used for a certain amount of money. In either case, any purchases made come directly out of the card so there is no chance of running into debt or going overdrawn.

 

This Christmas, banks in Lebanon have been putting forward the idea of giving prepaid cards as gifts. This is a similar idea to giving someone a store gift card, but the funds can be used anywhere the logo of the major credit card companies (Visa, American Express, MasterCard, etc….) is displayed. Because of this, the receivers are not restricted in their purchases and are really able to buy themselves what they need.

 

If you’re thinking of giving a prepaid card as a gift, you need to know exactly how it works, as well as its pros and cons.

 

As already mentioned above, a prepaid card from a Lebanese bank comes with a zero balance. You then choose how much money you want to charge the card with. Then, when the receiver buys themselves a gift, the amount is deducted from the card’s balance. Simple!

 

There are many advantages of using a prepaid card, including the fact that there are no overdraft or late payment fees to worry about. There are however, a few disadvantages that also need to be looked at, the main one of being fees, of which there are many.

 

Advantages

Disadvantages


  • Convenience, simplicity and financial peace of mind – no worrying about late payments and overdraft fees. What you have is what you spend.

  • Appropriate for young people – as well as being an ideal gift, they can also be used to teach teenagers to manage their money.


  • Fees. Depending on the card there could be fees for:

  • Setting up the card.

  • Loading money onto the card Making purchases on the card

  • Taking cash out at a cash point.

  • Inactivity.

  • Redeeming funds.

 

It’s important to suss out all the fees involved before giving a prepaid card as a gift, otherwise you could end up giving less than you wanted!


For more information on prepaid cards from banks in Lebanon, visit Bnooki.com to choose the right prepaid card for all your needs.

 

 

Last modified on Thursday, 15 January 2015 08:32

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