Hey lovelies ❤️
It's your favorite girl @debbie-ese 😍
Welcome to my blog 🤗
On my way to work this morning, I overheard a discussion of a man, who I assume was speaking to his bank account manager, in the cab. He was lamenting bitterly about how a huge some of money which amounts to about #130,000 ($316.26) was debited from his bank account.
He observed the debit alert when he woke up this morning and the description states that it was sent to a betting account. I guess the account manager asked him if he uses that particular betting site and his answer was yes. To cut the long story short, the betting site was hacked and his debit card details were compromised.
The use of prepaid card is low in Nigeria compared to debit and credit cards even though it can be issued by most financial institutions. In actual fact, there are some people who do not know that there is a card called prepaid card and this could be blamed on the epileptic dissemination of banks and other financial institutions to their customers.
A prepaid card can be linked to any bank account unlike credit card and debit card that is linked to only one particular bank account. A prepaid card is synonymous to carrying money but just that it is in form of a plastic.
Creditcard.com describes a prepaid card as a form of secured card that is tied to a previously deposited cash balance. Purchases made with prepaid cards are checked for approval against existing funds. Essentially a stored-value card, they usually carry major association logos and can be spent in the same way.
The gentleman that I met in the cab on my way to work this morning could have saved himself of all these stress that he is going through at the moment if he had a prepaid debit card. I hope he is able to retrieve his money back because he looks so dejected.
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Some benefits of prepaid debit card include:
- The trend of losing your funds due to using your debit or credit card to purchase goods online or to stake on a betting site can be averted with the use of a prepaid card. Scammers have applications that they install in Point of Sale (POS) or on websites that make it easy for cardholder's details to be compromised.
Till date, I don't try to use my debit cards at any POS, I'd rather pay with cash or make a transfer, or better still, use my prepaid card. The usefulness of prepaid cards is that you can only send the exact amount you need for your transaction at a particular time. On the other hand, if the scammers are successful in their fraudulent activity, it will be the only amount you have in the prepaid card at that time. The card can later be destroyed in such case.
Prepaid debit card is also a good tool to control spending money on what you do not need, the only money you will have access to spend is the one you've loaded on it. Wise spending is good in order to reduce debts and to have money to fall back on during difficult times.
Prepaid cards can also be used to monitor your child's spending habit. You can load his allowance or monthly stipend on the card, not only that you have access to the card in case of emergency to top up the account
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You can opt for a prepaid card from your bank if you use your cards online for transactions to prevent a compromise on your debit or credit card.
Thank you for your time lovelies.
The post is originally written by me 💕@debbie-ese💕
