Tag: prepaid digital solutions

What are the Differences Between Prepaid Cards & Uses

Most people know that prepaid cards are incredibly popular for various types of reward programs and more. However, you may not be aware of all the different prepaid card types and uses. Most cards either fall into Open Loop Cards or Closed Loop Cards. Open Loop Cards can be used nearly anywhere. Closed Loop Cards have restrictions on their uses. Here are some of the most popular prepaid cards. General Purpose Reloadable, or GPR, prepaid cards are the most flexible prepaid card types. It is common to be able to load funds from multiple sources. The cardholder owns the funds and can use them with very few restrictions on how the money can be spent. These cards can also be either digital or physical. General purpose reloadable cards are ideal gifts because they offer recipients the freedom to purchase what they want and reload the card, if necessary. Prepaid gift cards are the prepaid card types that you see on the hooks at various convenience stores. These cards are not reloadable and typically do not have access to cash. They may also have inactivity fees, which help close out the cards as the funds do not expire. These cards rarely […]

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