Cash CardsCash cards, similar to prepaid phone cards contain a set amount of value, which can be read by a special cash card reader. Participating retailers will use the reader to debit the card in increments until the value is gone. The cards are like cash because they have no built-in security; if lost or stolen, they can be used by anyone. Check with the card issuer to see whether you can register the card so you can cancel it in the event it is lost or stolen.
Stored Value Cards
Stored value cards include:
- Telephone cards with prepaid minutes.
- International gift cards that can be used anywhere the VISA or MASTERCARD logo is
displayed.
Some items to keep in mind about stored value cards:
- Reduce or eliminate check-cashing fees.
- Offer 24-hour access to funds; no need to wait in lines.
- Make money transfers more easily available to families.
inactivity fees.
Smart Cards
A smart card resembles a credit card in size and shape, but inside it is completely different. The inside of a smart card usually contains an embedded microprocessor or computer chip. The chip is under a gold contact pad on one side of the card.
The most common smart card applications are:
- Credit cards.
- Electronic cash.
- Wireless communication.
- Loyalty systems (like frequent flyer points).
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