Why Pre Paid Credit Cards May Delay Your Use of Cash on Hold
prepaid credit hold?
The Visa Reloadable Prepaid card is a smart and cost-effective alternative to carrying cash and paying check cashing fees. Because it is a pre-funded card, you only spend what money you load on it and you can typically get it without a credit check or bank account. Simply purchase the Visa Reloadable Prepaid card, load it with the cash amount you choose and enjoy the purchasing power of Visa. You can use it to make purchases and pay bills anywhere Visa debit cards are accepted, including in stores, online or over the phone.
Because it is a prepaid card, spending is limited to the amount of money you load on the card. Plus, because it carries the Visa logo, you can use it anywhere Visa debit cards are accepted €" in stores, online or over the phone. Each time you use your card, the purchase amount is automatically deducted from your card balance.
The good news is that prepaid credit cards can be used to buy gas. Before you pay at the pump, however, there's something you should know. Paying for gas at the pump can put a hold of up to $50 or more on the money on your card. While you won't pay more than you actually spend, you may lose access to some of your money for a few days. Fortunately, as Visa debit has noted, there's a way to avoid all of this when you fill up.
When you use a card at the pump, the gas station doesn't know how much you'll spend when they approve your card. So what stations do is authorize your card (whether its a credit card or a prepaid card) for a set amount of money. While the exact amount varies, most stations approve the card for $50 to $100. When you finish pumping the gas, you will have spent less than the authorized amount. The problem is that the prepaid credit card company won't know exactly how much you spent until the gas station processes its receipts and submits the purchase to the card company for payment. And this process can take a couple of days, particularly if you filled up over the weekend.
Some merchants may place a hold on your funds in an amount higher then the actual service. A good example of this is when you purchase $10 at a restaurant but they withhold $13 to cover a possible tip. This does not mean they are charging you more. These holds will be removed from the account automatically in approximately 5 business days from the date of service, or as soon as the merchant releases the pending hold provided the actual amount does not exceed the amount withheld (i.e. if you tip $4 then your total would be $14 and the merchant would end up taking an extra $1).
The Visa Reloadable Prepaid card is a smart and cost-effective alternative to carrying cash and paying check cashing fees. Because it is a pre-funded card, you only spend what money you load on it and you can typically get it without a credit check or bank account. Simply purchase the Visa Reloadable Prepaid card, load it with the cash amount you choose and enjoy the purchasing power of Visa. You can use it to make purchases and pay bills anywhere Visa debit cards are accepted, including in stores, online or over the phone.
Because it is a prepaid card, spending is limited to the amount of money you load on the card. Plus, because it carries the Visa logo, you can use it anywhere Visa debit cards are accepted €" in stores, online or over the phone. Each time you use your card, the purchase amount is automatically deducted from your card balance.
The good news is that prepaid credit cards can be used to buy gas. Before you pay at the pump, however, there's something you should know. Paying for gas at the pump can put a hold of up to $50 or more on the money on your card. While you won't pay more than you actually spend, you may lose access to some of your money for a few days. Fortunately, as Visa debit has noted, there's a way to avoid all of this when you fill up.
When you use a card at the pump, the gas station doesn't know how much you'll spend when they approve your card. So what stations do is authorize your card (whether its a credit card or a prepaid card) for a set amount of money. While the exact amount varies, most stations approve the card for $50 to $100. When you finish pumping the gas, you will have spent less than the authorized amount. The problem is that the prepaid credit card company won't know exactly how much you spent until the gas station processes its receipts and submits the purchase to the card company for payment. And this process can take a couple of days, particularly if you filled up over the weekend.
Some merchants may place a hold on your funds in an amount higher then the actual service. A good example of this is when you purchase $10 at a restaurant but they withhold $13 to cover a possible tip. This does not mean they are charging you more. These holds will be removed from the account automatically in approximately 5 business days from the date of service, or as soon as the merchant releases the pending hold provided the actual amount does not exceed the amount withheld (i.e. if you tip $4 then your total would be $14 and the merchant would end up taking an extra $1).
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