- published: 12 Apr 2016
- views: 2734
A stored-value card is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. Stored-value cards differ from debit cards, where money is on deposit with the issuer, and credit cards which are subject to credit limits set by the issuer. Another difference between stored-value cards and debit and credit cards is that debit and credit cards are usually issued in the name of individual account holders, while stored-value cards may be anonymous, as in the case of gift cards. Stored-value cards are prepaid money cards and may be disposed when the value is used, or the card value may be topped up, as in the case of telephone calling cards or when used as a fare card.
The term stored-value card means the funds and or data are metaphorically 'physically' stored on the card, in the form of binary-coded data. With prepaid cards the data is maintained on the card issuer's computers. The value associated with the card can be accessed using a magnetic stripe embedded in the card, on which the card number is encoded; using radio-frequency identification (RFID); or by entering a code number, printed on the card, into a telephone or other numeric keypad.
Consumer Reports is an American magazine published monthly by Consumer Reports (a spin-off company created in 2012) since 1936. It publishes reviews and comparisons of consumer products and services based on reporting and results from its in-house testing laboratory and survey research center. The magazine accepts no advertising, pays for all the products it tests, and, as a not-for-profit organization, has no shareholders. It also publishes cleaning and general buying guides. It has approximately 7.3 million subscribers and an annual testing budget of approximately US$21 million.
Consumer Reports is well known for its policies on editorial independence, which it says are to "maintain our independence and impartiality... [so that] CU has no agenda other than the interests of consumers."CR has unusually strict requirements and sometimes has taken extraordinary steps; for example it declined to renew a car dealership's bulk subscription because of "the appearance of an impropriety".
A debit card (also known as a bank card or check card) is a plastic payment card that provides the cardholder electronic access to their bank account(s) at a financial institution. Some cards may bear a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. The card, where accepted, can be used instead of cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card.
In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.
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https://foxcu.org/ Chances are, you have the choice of at least a couple different types of payment cards in your wallet. Do you know the differences between them? This video will help point out the pros and cons of credit cards, debit cards, and prepaid debit cards.
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More and more people who don't have bank accounts are using prepaid debit cards. Consumer Reports checked out 26 cards and finds some winners and some losers. Get more free financial advice: http://bit.ly/14j4RzY
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This video shows what happens when someone gets a prepaid card without checking out the fees first. Comment Moderation Policy: We welcome your comments and thoughts about the information on this page. If you do have something to say, please be courteous and respectful to other commenters. We won't routinely review or edit any comments before they are posted, but we will delete any comments that: 1) contain spam or are off-topic 2) use vulgar language or offensive terms that target specific groups or contain personal attacks 3) are sales pitches, promotions, urls or links to commercial sites 4) spread clearly misleading or false information or 5) include personal information, like home addresses
9 On Your Side consumer reporter John Matarese breaks down which prepaid credit cars are worth your money, and which ones you should avoid. ◂ Don't Waste Your Money with John Matarese. John Matarese shows why you could be wasting a lot of money. Don't Waste Your Money News, DWYM, Recalls, Deals, Coupons, Tips, Consumer News, Business News