Prepaid Debit Cards

The mashed up bank is an interesting post, from a real live UK banker, that asks the question “[is it possible] to do without a bank at all and still have a relatively normal life?” (I found the post thanks to a link from Johnnie Moore).

One of the things the post mentions is something called “prepaid debit cards,” something I’ve never encountered. So I asked for some pointers and received today a helpful pointer to Guide to Prepaid cards.

Do such things exist in Canada?

Comments

Charles's picture
Charles on February 26, 2008 - 18:04

I don’t know about debit cards, but Mastercard has a credit card that works basically the same way. http://www.muchmusic.com/muchm… Works anywhere that accepts Mastercard instead of anywhere that accepts Interac, and apparently doesn’t let you spend more than you have prepaid.

Debit's picture
Debit on April 24, 2008 - 20:58

Debit Cards can be on the internic or cirus internatinoal ATM networks, they are generally distributed by banks, but many sites such as www.capitaldebit.com now offer privately branded cards. Prepaid cards come preloaded with money and can be used for a wide variety of uses such as a travel card or a childs allowance card. Debit cards are different from credit cards because they are not linked to a money lender, but rather they are linked to a bank account that the cardholder has in his/her name. Some new private labled cards allow people to use a prepaid debit card without having a bank account, but in these cases, the money is actually linked to an account owned by the debit card distributor.

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