Rewards, CashBack, and Other Prepaid Cards

by John Stevenson on October 27, 2014

There are prepaid cards for online shopping, better sense of control, and financial flexibility.

Types of Prepaid Credit Cards

Clients are offered standard and student prepaid cards, and the latter are designed to control spending. Gift cards are one option to give money to friends, relatives, and family. Youth cards are offered to parents to enable monitored spending, along with other consumer and business cards. In general, a prepaid card is a regulated, safe, and flexible alternative to cash and debit and credit cards. Prepaid cards can be used for foreign visits, travel abroad, entertainment, shopping, hobbies, and other expenses, and clients don’t pay interest.

Prepaid cards offer multiple benefits such as shopping convenience, travel assistance, and more. Prepaid payroll cards, for example, are used to transfer employee compensation, including salary, commissions and bonuses, and wages. Standard or general purpose cards can be used to pay recurring and one-time bills. They are offered by American Express, MasterCard, Discover, and Visa and can be used to book a hotel room or pay for car rentals. Many cards offer cash incentives, savings accounts with an attractive APY, and other features. There are cards that are designed for full-time and business travelers. Issuers feature both rewards and convenience cards to help consumers to keep their personal spending separate. Some cards are disposable and work like gift vouchers while others earn rewards. Users can exchange their points for merchandise, including fashion and clothing, electronics, games, and other items. Prepaid cards offer rewards toward merchandise from top brands. Issuers offer prepaid cards with free rewards, tax refunds, and other benefits. Some cards are designed for dependents, including young adults, teenagers, and students, and the goal is to promote financial responsibility.

Prepaid cards feature quick approval and no income requirements, and borrowers with a history of distrainment of accounts, late payments, and personal bankruptcy meet the criteria. To apply for a prepaid card, customers fill in their country, address, date of birth, and other information . Applicants specify whether their benefits provider or company offers direct deposit. Financial institutions charge fees for express shipping, replacement, and reissuance. The fees for retail transactions vary by issuer. Customers who load over $500 are offered maintenance fee waivers by some banks. Some cards go with high transaction, monthly, and activation fees, one-time purchase, and cash withdrawal fees and should be avoided.

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Consumer Credit Cards

by John Stevenson on October 15, 2014

Customers are offered plenty of choice, from commercial mortgages and business loans to specialized banking, accounts, and credit cards. The bank features different types of cards, including premium, standard, student, and others.

Rewards Points

Specialty cards feature premium flight discounts and points redeemable for merchandise, including wireless speakers, blankets and duvets, headphones, and more. Clients with rewards credit cards choose from merchandise in multiple categories, including kitchen, wellness and health, toys, and others. Some gift cards, for example, require 15,000 rewards points while a sleeping bag requires 30,000 points. The bank offers different business cards, including BMO World Elite, which features flexible travel and non-travel redemption schemes, donations, and high-end merchandise.  As a premier card, customers benefit from a simple booking process, no blackout dates, priority passes, and other benefits. Optional services are also offered, including trip accident assistance, battery boost, accommodation, and more. This card is ideal for frequent travel, whether abroad or at home, and points can be used toward airfare, including fees and charges. The BMO secured credit card is specially designed for customers. There is a selection of business cards with automatic rebates, no foreign exchange fees, and other perks. Customers choose from different MasterCard options with exclusive earn rates, roadside assistance, rebates, and more.

Consumer Credit Cards

Customers can choose from different offers and options, including cards with student, travel, and retail discounts and low-interest choices. There are consumer cards with exclusive discounts on travel, dining, fashion accessories, and more. Prepaid cards are available to customers with tarnished credit and go with low fees. This card can be used as a standard card but payments are not reported. Student credit cards are also available and feature cash back, airmiles, welcome bonuses, and no annual fees. Students benefit from discounts on dining, merchandise, and school-related items. Individual customers can choose from an array of university, professional, and other cards. Affinity cards support causes such as community and education and establishments like the Canadian Scholarship Trust Foundation and the Canadian Art Foundation. BMO MADD Canada is one card with exclusive discounts, pre-authorized debit, and other features. While some cards have minimum income requirements, they support charitable causes such as health and wellness. Another option is the BMO Canadian Red Cross MasterCard which goes with an interest rate of 19.9 percent, vehicle coverage, and free additional cards. BMO offers other options that support foundations, associations, societies, and institutes.

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