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Pre-paid Cards

Explore a convenient way of gifting, rewarding and
motivating with our range of prepaid cards

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Pre-Paid Cards

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.

Pksoftech offers a range of pre-paid cards by which one can gift, reward and motivate either your loved ones or your employees in an easy and convenient way. One can choose between Meal Cards, Gift Cards, Rewards Cards and Smart Pay Card. There are a number of benefits of pre-paid cards which include being able to load any amount between Rs. 500 and 10,000 in the Meal Card, being able to make purchases instantly with Gift Card! The Rewards Card offers flexibility to customize ones programs and the Smart Pay Card offers daily POS transaction limit of Rs. 50,000.

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.