{"id":37863,"date":"2019-04-29T09:07:51","date_gmt":"2019-04-29T01:07:51","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=37863"},"modified":"2019-05-14T14:43:06","modified_gmt":"2019-05-14T06:43:06","slug":"aeon-members-plus-visa-card-challenge","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/aeon-members-plus-visa-card-challenge","title":{"rendered":"AEON Challenges Bank Prepaid Cards; How Does It Stack Up?"},"content":{"rendered":"

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Say \u2018prepaid card\u2019 and everyone immediately thinks of telcos. It\u2019s a fairly reasonable assumption to make, but that\u2019s not what we\u2019re talking about right now. No, this time it\u2019s about actual prepaid cards that store electronic funds.<\/p>\n

In a sense, these work like a cross between your Touch \u2018n Go card and a traditional credit card. They also exist as a sort of precursor to the e-wallet apps that are currently flooding the market. Two prepaid card issuers even allow the two systems to work interchangeably.<\/p>\n

Fun fact: prepaid cards and e-wallets operate on the same e-money license. This is important.
\nCommon features<\/p>\n

This is a vaguely niche section of personal finance, so we should establish a baseline for what prepaid cards are, and what they can do.<\/p>\n

For starters most prepaid cards are backed by either Visa or Mastercard. This allows them to be used for online shopping and overseas. It also means that they can be used with ATMs, in the event that you want to turn some of that digital currency into cold hard cash (some fees may apply).<\/p>\n

For all intents and purposes, prepaid cards are debit cards that allow you to set your own spending limits. In this sense, they are excellent choices for budgeting monthly expenses. After all, you can\u2019t overspend if the money isn\u2019t on the card.<\/p>\n