Aside from the traditional plastic cards (i.e., credit and debit cards), there is a new type of plastic card that has become massively popular among users nowadays — the reloadable prepaid card. While most plastic cards are known for the unmatched convenience they offer, reloadable prepaid cards are in a league all their own.

Some statistics show that more and more people are using reloadable prepaid cards for their daily financial transactions. Mercater Group conducted a survey that showed a staggering $40.85 billion has been loaded to prepaid cards back in 2010. Undeniably, this shows the massive clout and following of reloadable prepaid cards.

Without doubt, reloadable prepaid cards have been the go-to of those who are looking for an efficient and effective financial tool. Loading money onto a reloadable prepaid card is remarkably straightforward and easy. Some of the available loading options to choose from include secure online portals, direct deposits, and bank transfers.

Aside from learning how to load money onto your reloadable prepaid card, below are some of the important things you need to know about this remarkable and innovative financial tool:

They offer different customer service options.

Reloadable prepaid card providers offer various types of options in terms of customer service. This is great so users can choose which of the options appeal to them best and are most convenient.

Case in point: while some reloadable prepaid card providers give their users an option to call the customer care hotline or send an email, others provide one-on-one appointments to address any concerns, queries, or questions.

They offer consumer protection.

If you are not qualified to get a credit card, you would be happy to know you have another great option in the form of reloadable prepaid cards. While reloadable prepaid cards do not provide much consumer protection, it offers some.

Of course, they don’t offer the same consumer protection offered by debit or credit cards. However, they do offer a few. On top of that, they also offer convenience, minus all the stress and hassles associated with other plastic cards.

They only require basic personal information during application.

When applying for a debit or credit card, you will be required to provide financial and personal information during the application process. It is also likely that you will be asked to submit financial documents to support your application. Fortunately, if you want to obtain prepaid cards, you won’t have to go through all those hassles.

You will only be required to provide the basics like your phone number, name, and address. You also won’t need to submit any financial documents just to obtain a card. If you are very particular about your privacy, getting a reloadable prepaid card is your best option.

They have diverse fees and charges.

When getting a reloadable prepaid card, you need to educate yourself on the corresponding charges and fees of each transaction you will do. From balance inquiry to activation, it is important that you know how much the charge would be so you won’t be surprised if there’s a discrepancy in your balance.

Often, your prepaid card provider has a website so make sure you check out their website so you will know their charges. Thankfully, most providers only charge a very minimal amount for their transactions compared to the charges that conventional cards require.

They provide freebies and special perks.

Most reloadable prepaid card providers offer special perks, discounts, and freebies to entice old and potential customers. Some of the perks and benefits offered are similar to the ones offered by established plastic card providers such as travel security, discounts, and protection in the event of card loss or theft.