Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • What is a prepaid credit card?

    Prepaid Credit Cards are issued by banks and financial institutions and can be used for transactions in a very similar way as a credit card. Prepaid credit cards come loaded with funds and works using a very simple process. Unlike normal credit cards, which functions on borrowed credit from the bank, customers can make purchases using the funds available on the prepaid card. Similar to gift cards, purchases can be made until funds are available in the card. The biggest advantage of a prepaid credit card is that customers can make purchase transactions without incurring any debts and paying huge interests. Also there is always the limit that has to be adhered to, as purchases have to be made only up to the amount available in the prepaid card. A nominal issuance fee might be charged by banks when a prepaid card is offered and the credit score of an individual is not a key criteria when approvals are done. On the same lines, prepaid credit cards do not contribute immensely to improve the CIBIL score of an individual.

    Benefits of Prepaid Credit Cards:

    • Prepaid credit cards can be used to pay for any good or service and customers do not have to worry about the hassles of making cash transactions.
    • Open looped prepaid cards can be used to make ATM cash withdrawals by customers.
    • Spends would not go overboard as customers can easily plan their expenses and purchase goods only within the limit of the card.
    • As long as the prepaid credit card is valid, customers can always get extra cash for urgent purchases and transactions.
    • Credit score of an individual is not a major criteria to qualify for a prepaid credit card.
    • Prepaid credit cards are the easiest to procure, if the applicant is not looking for any other type of credit card.
    • Prepaid credit cards can be used for paying outstanding bills through a customer’s mobile phone.
    • For employee not holding a bank account, salaries can be distributed using prepaid credit cards by employers.
    • Prepaid cards can also function as a gift card and can be used as travel cards to load currency when an individual is traveling abroad.

    Types of Prepaid Credit Cards:

    There are different types of prepaid cards available in the market and this varies depending on the issuer.

    • Open looped cards - Open looped cards are branded with the network they are affiliated to and are also called open system cards. Every card will carry the brand logo of the affiliate and will be issued by banks in association with American Express, Visa or MasterCard. All open looped cards are accepted at locations and merchant outlets approved banks.

    • Closed Loop Cards - The acceptance of closed loop cards is restricted to the affiliated merchant outlet for buying services and good at only those outlets. Gift cards mostly are issued as closed loop cards.

    • Semi-Open Looped Cards - As hybrid cards, Semi-Open Looped Cards are accepted by numerous merchant outlets or chains, who are affiliated with the card. Most cards are issued by retail chains or shopping malls and can be used at locations carrying stores with these brands.

    • Reloadable cards - Most prepaid credit cards come as reloadable cards, where the customer can add more funds, once the amount held in the card has been used.

    • Non-Reloadable cards - Again gift cards fall under this category as once the customer uses the money available in the card, reloading cannot be done. Purchases can be done only up to what is available in the card.

    Popular Prepaid Credit Cards in India:

    • Axis Bank Prepaid Cards - Smart Pay Card:
    • As a rupee denominated prepaid card, the Axis Bank Smart Pay Card can be used by employers to disburse employee salaries, reimbursements and cash to their employees. This card ensures that payouts happen immediately and on secure platforms. The Axis Bank Smart Pay Card is a reloadable card and funds can be added by the employer. Customers can pick up an Axis Bank Smart Pay Card at any Axis Bank branch. Issued in collaboration with Visa, this prepaid card can be used at any merchant outlet to ATM to withdraw cash. The Axis Bank Smart Pay Card can also be used for online shopping and other transactions using the Verified by Visa (VbV) platform. Applicants need not hold a bank account or maintain any balance to procure an Axis Bank Smart Pay Card. Customers can loan any amount between Rs. 500 to Rs. 50,000 for one day, with the daily cash withdrawal limit at Axis Bank ATMs being Rs. 20,000 and the daily limit for PoS transactions being Rs. 50,000. The Axis Bank Smart Pay Card comes with zero lost card liability insurance against fraudulent transactions.

    • HDFC Bank Prepaid Cards:
    • HDFC Bank offers multiple types of prepaid credit cards depending on the requirement of the applicant. The various cards offered by HDFC Bank are - Multicurrency Platinum ForexPlus Chip Card, ISIC Student ID ForexPlus Chip Card, ForexPlus Card, ForexPlus Chip Card, ForexPlus Platinum Card, GiftPlus Card, FoodPlus Card, MoneyPlus Card, Hajj Umrah Card and Apollo Medical Benefit Card. As one of the best prepaid card available, the features of the HDFC Bank ForexPlus card have been explained below.

    • HDFC Bank ForexPlus card:
    • The HDFC Bank ForexPlus card can availed as a Visa card or as a MasterCard variant and is best suited for international travellers. This card can be topped up while the card holder travels. Working as a credit card, the money is taken from the balance available in the HDFC Bank ForexPlus card and is accepted at all MasterCard and Visa merchant outlets. The HDFC Bank ForexPlus card can be loaded in various currencies namely Australian Dollar, Japanese Yen, AED (Dirhams), Canadian Dollar, Singapore Dollar, Swiss Franc, Euro, Sterling Pound, US Dollar and Swedish Krona. Customers can use the HDFC Bank ForexPlus card to withdraw cash, make PoS and online transactions on completely secure platforms. Card holders can reload this card at HDFC Bank branches, through NetBanking or Phone Banking, even when they are traveling. Card replacement will be done HDFC Bank in request by the customer. Card holders can also get insurance covers for death or Personal Accident, loss of checked-in baggage, Passport reconstruction and protection against fraudulent transactions done when the card is lost or stolen. NetBanking can be used by card holders to track card balance, spend and other details.

    • State Bank of India:
    • State Bank of India offers multiple types of prepaid credit cards depending on the requirement of the applicant. The various cards offered by State Bank of India are - State Bank Smart Payout Card, State Bank Xpress Money Card and State Bank Achiever Card. Customers taking the SBI prepaid card need not have any bank account and can be used for e-commerce transactions and cash withdrawals. The State Bank Smart Payout Card is offered in collaboration with Visa and can be used for making salary or commission payments. Card holders can use the card to make cash withdrawals, purchase transactions and for online payments. The State Bank Smart Payout Card is issued in Indian Rupees and is valid for a period of 10 years. The minimum amount that can be loaded is Rs. 100 to up to Rs 10,000. The State Bank Xpress Money Card can be used to make inward remittances from countries across the world. This service can be used through Money Transfer Service Scheme (MTSS) of Reserve Bank of India via UAE Exchange and Financial Services Ltd. State Bank Xpress Money Card is a prepaid card using which customers can make cash withdrawals, PoS and e-commerce payments. The State Bank Achiever Card can be used by corporates to make incentive payments to their employees. The card can be loaded multiple number of times up to a limit of Rs. 1 lakh and customers can make PoS and online transactions using the card.

    • YES Bank:
    • YES Bank offers various types of prepaid cards for various purposes ranging from travel, gifting and for corporate employers. The various cards offered by YES Bank are - Multi Currency Travel Card, Gift Card, Jewellery Gift Card, Corporate Gift Card, Payroll Card and Incredible India Domestic Travel Card. The Yes Bank Multi Currency Travel Card can be used in US dollars, Euros, Pound Sterling, SG dollars, Australian dollars, AED, Japanese Yen, Canadian dollars, Hong Kong dollars or CHF and can be reloaded at Yes Bank branches. The Incredible India Prepaid Travel Card can be used to make travel bookings, flight bookings, fuel transactions, utility bill payments, shopping, mobile recharge, etc. Customers can also avail different gift cards from Yes Bank for corporate gifts, buying jewellery and other purposes. Yes Bank gift cards can be loaded for up to Rs. 50,000 and can be used at any MasterCard merchant outlet. Yes Bank also offers Payroll cards for corporate employers which are valid for a period of five years. Companies can disburse cash through the card to their employees instead of cheques or cash. Card holders can make cash withdrawals up to Rs. 10,000 and PoS transactions up to Rs. 20,000.

    • American Express:
    • The American Express Taj Gift Card can be used to make redemptions for hotels, rooms and for food services at any Indian Hotel or Ginger Hotels. Customers will not be able to make cash withdrawals with this card. Every American Express Taj Gift Card carries an expiry date before which the available balance has to be used. The validity of an American Express Taj Gift Card is generally one year.

    • ICICI Bank:
    • ICICI Bank offers different types of prepaid cards for various purposes ranging from travel, gifting and for corporate employers. The various cards offered by ICICI Bank are - PayDirect Card, Pockets - the Digital bank, Gift Card, Meal Card, Indian Rupee Travel Card, Saral Money Prepaid Card and the Reimbursement Card. The PayDirect Card works as a complete payment solution for employers to pay salaries, commissions, reimbursements along with incentives to their employees. Customers can use the PayDirect card at any Visa merchant outlet or ATM and can be customised according to the customer’s requirements. Card holders can load up to Rs, 50,000 and there is no restriction on the number of times the card can be loaded. The PayDirect card is valid for a period of two years. Pockets is a digital wallet which can be funded through a debit card or internet banking account. Pockets can be used for recharging DTH and mobiles, bill payments, for sending gifts and money, booking movie tickets, view statements, etc. Customers can take gift cards from ICICI Bank customised according to their requirements. Employers can use the ICICI Bank Meal Card to provide meal allowance to their employees, which comes with features like zero lost card liability and no restriction on the number of times it can be reloaded. ICICI Bank offers the Indian Rupee Travel Card for travellers in India. Customers can load up to a maximum of Rs. 50,000 and there is no minimum balance requirement to be maintained. The Saral Money Prepaid Card is offered as an all-purpose prepaid card which is reloadable and is linked to the customer’s Aadhaar Number.

    • Bank of Baroda:
    • Bank of Baroda offers two types of prepaid cards namely - Baroda Gift Card and Baroda TravelEasy Card. The Baroda Gift Card can be used at various merchant outlets and comes with a validity of one year. Purchases can be done across India in Rupees and can also be used for online transactions. The Baroda Gift Card uses the Verified by Visa platform for e-commerce transactions. The card cannot be used for making ATM withdrawals. The Baroda TravelEasy Card can be loaded in US Dollars, Pound Sterling and Euros and can be used by frequent travellers. This card is valid for a period of two years and has to carry a minimum amount of US$ 200 or an equivalent amount. The maximum limit on the Baroda TravelEasy Card varies depending on the purpose for which the card is availed. For holidays and personal travel the maximum limit is $ 10,000, for business travel the maximum limit is $25,000 for every trip, for students abroad the maximum limit is $ 100,000 per year and for individuals undergoing medical treatment abroad the limit is $100,000 per year. The documents that are required while availing the Baroda TravelEasy Card are passport and visa copies with the purpose of travel mentioned.

      

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    Prepaid Credit Card Reviews

    • SBI Cards Credit Card
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for State Bank Of India Credit Card directly with the bank ,the credit limit was ok ,I am using it for the past 2 and a half years ,There was cashback offers and reward points .I dont have any extra features on this card so far .The agent gave all the required details of the card .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • RBL Bank Credit Card
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Ratnakar Bank Credit card through online ,the credit limit was 50, 000it was not sufficient .I ahve started using this credit card .I have received the credit card on time .The agent gave all details about the credit card .I have not faced any difficulties on submitting the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • HDFC Bank Credit Card
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have good experience with HDFC BANK . Their branch support services are always nice and ready to help anytime. Overall it was a good banking experience with them. I never had any issues with their services. They always provided me with immediate response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • ICICI Bank Credit Card
      "Average card"
      0.5 3.5/5 "Pretty good"
      I've been using the ICICI BANK Credit card for a while.There is charges while getting the card . I do get more flexibile options. I can easily convert my purchases into EMI, there are some processing charges and they also charges a nominal interest. However the service is very useful I never had any problems with their service.s
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • HDFC Bank Credit Card
      "Good credit card"
      0.5 5.0/5 "Blown Away!"
      I am so happy with a newly purchased HDFC credit card . They just taken ten days for dispatching the credit card to me . I am highly satisfied with the credit limit given by HDFC . Though It is not a life time free card and I am getting more offers from HDFC .
      Was this review helpful? 1
      , secunderabad
      Reviewed on Apr 22, 2019
    • SBI Cards Credit Card
      "Average card"
      0.5 3.5/5 "Pretty good"
      I have been using STATE BANK OF INDIA Credit card . Customer support is also good. I am long time customer of SBI and never had any issues with their services. But now i close this card because i have to use only one card . There is annual fee at the time of getting the card .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • HDFC Bank Credit Card
      "Average card"
      0.5 3.5/5 "Pretty good"
      I hold HDFC BANK credit card , i close this card because it has very low credit limit . This card is very easy to handle . I am not happy with the services and credit limit is very low i was expecting more limit here . Offers are good , i am using this card for more than 1 year .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • Bank Bazaar Credit Card
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through online ,then tried checking credit score ,The credit score was not updated one so far that is the only suggestion .This website is easy to use .There was no issues faced so far on using this portal .This portal is doing a very good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • Bank Bazaar Credit Card
      "Best service"
      0.5 4.5/5 "Excellent!"
      Bank Bazaar a is a great platform to compare and choose various banking products. The whole application process was smooth and hassle free.The service is excellent and very easy there was no so much of documents . The website of bank bazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • American Express Credit Card
      "IN some outlest i cannot swipe "
      0.5 4.5/5 "Excellent!"
      I bought the AMERICAN EXPRESS BANK credit card . I Haven't used much. I got the card with in few days. They are notifying their customer about the due dates and billing cycle. I'll have to wait and see how this card works out for me after usage. I cannot swipe every were .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • Citibank Credit Card
      "Good for fuel filling"
      0.5 4.5/5 "Excellent!"
      I purchased Indian oil credit card from CITI bank its good for the petrol filling and they are providing petrol surcharges and cash back. Its a chargeable card around Rs. 500 but if I make certain transaction of Rs. 30,000 they give waiver option. The due date is also convenient for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • IndusInd Bank Credit Card
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy for getting the INDUSIND BANK credit card and it took 10 days to get the card. The credit limit is lesser than other card, it is a life time free card but i am not getting any offers with this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • RBL Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      RBL bank credit card best thing i found is that they use to give good offers in shopping, discount offers cash back are available whenever i use for shopping. They have been charging me annual fee, but waiver option is available, they use to give good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • SBI Cards Credit Card
      "GOOD"
      0.5 4.0/5 "Great!"
      I am having the credit card with the SBI CARD where the credit limit with this card is good with no issues. The customer service is good and they have given with the payable card but there was option of wavier off available. They are providing with EMI option.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I am using Axis bank credit card, where i am very satisfied with credit limit which they have been giving to me, their customer service is good, they use to response me well, it is life time free credit card have been got from them, their offers are good, so far i did not face any issue.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • HDFC Bank Credit Card
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am holding the credit card with the HDFC BANK where the card has the good credit limit added on that the customer service is good. There is a option available of EMI conversion where the payment can be converted and paid with hassle free. It is a payable but wavier option is there.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • Bank Bazaar Credit Card
      "USERFRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i have a good experience also i have been using through the website as the portal is convenient and user friendly to access. The customer service is good and responsive they explain the details of the card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • Citibank Credit Card
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy to get the card with the CITI BANK. It took may be 1 week to 15 days approx to get the card. The credit limit is good, it is a life time free card. I am using from last one month, i am getting rewards points.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • IndusInd Bank Credit Card
      "Good card"
      0.5 4.5/5 "Excellent!"
      INDUSIND BANK PLATINUM AURA EDGE CREDIT CARD recently i had applied, they have been not charging me annual fee, it is life time free credit limit, the best thing i like in them is that it is easily available in many outlets, and it is life time free credit card, the card came on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
    • Bank Bazaar Credit Card
      "Grateful to Bank bazaar service"
      0.5 4.5/5 "Excellent!"
      I am so thankful to the bank bazaar service . When I am looking for a new credit card , I applied immediately in Bank bazaar . They chosen me the correct credit card and given me a Rs 750 coupon also. This is something new for me . They are doing a great service on behalf of banking sector .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 22, 2019
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