Some prepaid cards do not require a bank account. Instead, they link directly to your mobile phone. Mistakenly identified as the prepaid credit card, this type of card will never charge the owner with late fees, credit checks, and all expected risks of credit card ownership. Substitute. Unfortunately, they also can’t improve your credit score
For any owner who is unbanked or underbanked, the prepaid card issues charge card convenience with fewer hassles, and that may explain why some folks identify it as the prepaid credit card. Some of the top-ranked prepaid cards include PayPal Prepaid Mastercard and the Mango Prepaid Mastercard, among others.
What you can do with the card’s mobile app
A prepaid card’s mobile app is a substitute for the card’s online user interface. While every app has distinct features, there are a standard set of functions in most mobile apps, such as money transfers. A user should use the mobile app to transfer, receive or send money to friends or family and set up monthly payments. Furthermore, the cardholder should have the ability to order more or replace the cards and at a fee.
Another feature is receiving alerts. A majority of the apps will let you get alerts after every transaction and even receive alerts on any unusual spending or small balances. Other apps will allow you to link to other accounts. They will show any links between the prepaid card and other accounts the owner may have, such as savings, checking accounts, among others.
The final common feature on mobile apps is determining the card’s balance and any recent transactions.
Not all prepaid cards that have mobile apps
About seven out of eight prepaid cards reviewed have dedicated mobile apps. The mobile portal is an app that reformats the cards’ online user interface for the owner’s mobile device.
With several prepaid cards on the market, it is not surprising that some do not offer mobile capability. This importance may vary from one person to another due to their level of comfort with technology.
You don’t always need a mobile app to manage your card. Instead, you can use the card’s online website to go through your finances.
