Get the most out of your CANVAS Prepaid Card
The up and coming trend is the prepaid credit card. These are also known as ‘Secured credit cards’ and are perfect for people trying to establish or reestablish credit. They are similar to an ATM; however, the pre-paid Canvas cards are widely recognised as credit cards.
Just as prepaid phone cards, gaming cards, cellular prepaid cards, prepaid credit cards are the future, with no excessive fees, or high interest rates.
The concept is simple, you add funds into the card, pay a low minimum credit card application fee, a transaction fee when you put money on your card, and a small annual fee – but the benefits are great. And, there are no credit checks, so they are available to everyone, as long as you have cash with which to open one.
The Canvas prepaid card has replaced, in many places, the traditional gift card and is a great gift when you aren’t certain what gift to purchase for a family member or friend. That way the gift recipients can buy whatever they want, without the hassle of having to return an item they really didn’t want or can’t use.
Most auto rentals, hotels and airlines require credit cards, and the ATM debit card, even if it claims to act as a VISA, does not work when a credit card is required, which makes the prepaid card invaluable.
A good tip is to have your paycheque direct deposited to your prepaid card, saving transaction fees. You can always withdraw cash from your card should you need it.
If and when you get the prepaid card, be certain that if you are trying to re-build or establish credit, that the card you choose reports to credit reporting agencies.
Features of the CANVAS Visa Prepaid Card
- You control how much you spend, and without cash in your account, you cannot spend more than you have.
- You don’t spend over your budget, or means.
- Safer than cash.
- Accepted worldwide making it ideal for travelling.
- Use your CANVAS Card wherever Visa Prepaid is accepted including online and at ATMs.
- No bank account or credit check required.
- Convenient and easy to reload.
- Monthly statements allow you to keep track of your spending, and for tax purposes.
This is the optimum credit card to give to your teen or uni student – it teaches limits and boundaries, and financial management – as well as keeps overspending at bay. Once the card has reached the deposit amount, it is shut off until another deposit, or ‘load’ has been made.
Benefits of a CANVAS card
- It is cheaper than a regular credit card and works better than an ATM for online services, car rentals, hotels and airlines.
- Use it in stores, online and at ATMs, you can get cash withdrawals.
- Take advantage of the Visa network. Use your CANVAS card wherever Visa is accepted.
- Never spend over what you have loaded on the card.
Where do I load money onto my CANVAS card?
- Buy a reload pack from Australia Post. Reloads are available in increments up to one thousand dollars, sometimes more if you have established credit.
- Use your phone or Internet banking service to load using BPAY.
- Load cash at thousands of participating retailers including EPAY outlets, nationwide.
Reload your card at participating retailers
Go to a participating retailer and tell the shop attendant how much you want to load onto your CANVAS card.
- They’ll swipe or scan your card to load the funds and then provide you with a printed receipt with the details of your transaction.
- The fee is minimal and the transaction can be completed in minutes.
There are some drawbacks to these prepaid cards, first and foremost, some places will just not take them. The prepay gas stations require you to go into the store to use the card, as it will not accept them at the pump. Also, they might not work on recurring charges such as Internet subscriptions, or other monthly charges. This is because they realise there might not be funds available when the bill comes due.
But, all around, these prepaid cards are the greatest choice for those of us who overspend on our credit cards, are deep in debt, or need to establish credit.