Hearing about Gift Cards Identifiers? Knowing the difference between a prepaid card and a credit card will go a long way to avoid mistakes when purchasing items from stores.
You can identify gift cards by knowing how a prepaid card works and how a credit card works.
Prepaid cards and credit cards are both pieces of plastic that can be used to make purchases either online or offline. The Prepaid card, just like the gift card is used as a presents as well. The best way to give a recipient the funds to buy whatever they like is buying giving them gift cards.
In this article, you will get to know the gift cards identifiers, how to differentiate between a prepaid gift card and a credit card as well as how the prepaid card works and how the credit cards also works.
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What is a prepaid card?
Prepaid Card is just like a debit card in the sense that there is a set limit to how much can be spent on it. The prepaid card is “loaded” with money first as opposed to being linked to a bank account. Prepaid cards can also be bought in set amounts and are commonly referred to as “gift cards
How does Prepaid card works?
The Prepaid card works just like a gift card in the sense that it allows you to spend whatever amount of money is stored on the card. Once the balance is used up, the user can reload the card online or at an ATM, a participating store, or other physical location.
What is a credit card?
Credit card is a physical card used to make purchases, pay bills or depending on the card, withdraw cash
How does Credit card works?
Credit cards are used to make purchases online or in stores and pay bills. When a credit card is used to either buy an item from a store or used to pay bills, the card details are sent to the merchant’s bank. The bank proceeds to get authorization from the credit card network to process the transaction.
The card issuer from there, has to verify the information and either approve or decline the transaction.
When the transaction gets approved, the payment is made to the merchant and the card’s available credit is reduced by the transaction amount made.
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