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Credit card vs. debit card


❶General purpose prepaid cards are rapidly gaining favor with consumers as an alternative to checking accounts with monthly fees and overdraft charges. For information on card balance or to obtain the Cardholder Agreement, visit www.

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For instance, with a credit card you have a credit line, which can be increased or decreased depending on your account status from the time when you applied for the card. With a debit card the limit of your spending depends on how much money is in your account. Being responsible with your credit card usage can be helpful for your credit rating, but it is also very easy to run a large balance by spending too much, and when you add the interest fees, and late payment fees if applicable, the debt becomes so large it will be hard to keep up with your payments and it is very possible that you will go into higher debt.

Similarly with debit cards, not keeping up with all the debit transactions can lead to more fees, but unlike credit cards most debit cards after the first sign of overdraft your card becomes unusable and when swiped it will be denied.

According to the Nilson Report, Americans made However, the total debit and prepaid card transactions in U. In my opinion debit cards are the best choice to pay small amounts that you can easily pay in full, and the credit card should only be used as an absolute last resort.

People everywhere are drowning in unsecured debt, because it is easier to overspend with a credit card. Some of the payroll card programs for employers are only a couple hundred dollars to get your logo on the cards. Profitability on prepaid card programs varies depending on the type of program and how it is used.

For the initial investment, you get a program branded with your likeness and the opportunity to make income on fees and interchange basically, a percentage of aggregate spending on the card. Interchange revenue on prepaid debit cards is 1. If you have your own custom prepaid program, you can a percentage of the interchange fees paid to the issuing bank in revenue sharing depending on volumes. The more your cardholders make purchases for goods and services, the more money you will make.

The more cardholders you have, the more money you will make. The revenue and profits are largely based on your ability to bring distribution and reach to the unbanked and underbanked demographic.

As part of our scope of services, we can help you estimate the number of cardholders with conversation rate assumptions, average spending per cardholder, and all the inputs to develop the business case. If you do this right, this can be a good business that makes good money. Payroll cards are different; they are regulated and the fees that can be charged are regulated.

We can help you compare to what competitors charge and provide guidance on buy rates so you know how to best set your fees.

We can help you get pricing below the big players in the prepaid industry so you can match fees and still make good money. You make a percentage of cardholder spending paid in interchange. We can help you understand how much different program managers are paying these days. Programs available for independent sales organizations interested in reseller agent and payment facilitator programs. Basically, we help you evaluate different programs and find the best program for you and your needs.

There is no cost for this service; Prineta is paid a small commission from the program managers similar to how the insurance industry works.

And you will get the same deal through our referrals than you would if you tried to contact the program managers directly. We just make the process easier for you. Complete the contact form and we'll follow up right away. The service includes two card types: Pin Debit Card, which is used by customers as one would a traditional debit card and a Master debit card, which operates like a traditional Master card. Both are attractive features but there lies a flooded market with lots of competition.

This service allows electronic check processing. This feature has been offered by Tele-Check for many years. The advantage to this feature is the e-commerce site that offers additional features such as private labeling on Master card and instant money transfers.

Those are two attractive features. Now prepaid wireless is a service offered, which allows the retailer does not have to pay for a product until after the sale is made. This is a very attractive feature for retailers. The goal of feasibility is to is to assess the economic viability of the proposed business.

The feasibility study needs to answer the question: The outcome of the feasibility study will indicate whether or not to proceed with the proposed venture. If the results of the feasibility study are positive, then the cooperative can proceed to develop a business plan.

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