FAQ For Prepaid Cards
New to prepaid cards?
Don’t worry, we’ve got you covered. Check out our list below for a series of frequently asked questions about prepaid cards. The more you know, the more you can enjoy this fast-growing form of electronic payment.
What is an open-loop prepaid card?
Unlike a closed-loop prepaid card, which acts like a store gift card and can only be used at select locations, an open-loop card can be used anywhere that MasterCard® or Visa® is accepted.
How do I use a prepaid card?
If you’ve ever used a debit or credit card before, you’ll know the drill: give the cashier/merchant your card, or swipe the card yourself through the terminal. You can select either the debit or credit option–either function will work. If you select debit, you will have to enter your 4 digit pin number. If you select credit, you will have to sign for the purchase. Please ensure you have sufficient funds in the account plus any applicable fees related to the transaction.
If you’re using the card for an online purchase, you will have to enter your card information and some personal details, similar to making a credit card transaction. Follow the on-screen instructions.
Where can I use my prepaid card?
Since a prepaid card can be used anywhere that MasterCard or Visa is accepted, there are millions of opportunities to shop all over the world, including retail stores and online; you can also use your prepaid card to pay bills online. Some cards provide you with ATM access as well.
Do I need to activate and/or register my card before using it?
Yes. In order to fully take advantage of your prepaid card, you will have to register your card and provide a few personal details. You can register your card online at www.trucash.com or call TruCash® toll free at 1-800-624-6171 and we’ll activate your prepaid card in a matter of minutes.
Do I need good credit to qualify for a prepaid card?
No. Although a prepaid card has all the advantages of a credit card, you are not actually borrowing money; therefore no credit check is done during the application process! Similar to a debit card, with a prepaid card you are using money you already have.
Do I need to have a bank account to get a prepaid card?
No. Prepaid users do not need to have a traditional banking account in order to apply for or use the card. The TruCash prepaid card is not linked to an individual’s chequing or savings accounts.
What kind of fees do I have to pay for a prepaid card?
Make sure to check the terms and conditions of your card to see what fees may apply. Typically, prepaid card fees are actually lower than the cost of maintaining a traditional chequing account, and prepaid cards do not require you to keep a minimum balance in order to avoid monthly fees.
Are prepaid cards trustworthy?
Open-loop prepaid cards are the fastest growing form of electronic payment. All data is encrypted, so your payments are secure, and TruCash will never give your details to a third-party company.
I can’t find my prepaid card. Have I lost the money on the card?
If you lose your card, don’t worry: you can simply order a new one! Your card balance will stay the same. Your prepaid card also includes zero liability protection, so if card is lost or stolen and unauthorized purchases are made on the card, you will not be held responsible.
If your card is lost/stolen, please contact our 24/7 customer support center immediately, and we will cancel the old card and send you a replacement card.
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