What is the difference between a Debit Card and a Prepay Card (like Revolut)?
In: Economics
I wonder if this concept is different between countries.
For the US the difference is the source of money.
A debit card is tied to a normal bank or credit union account. This is harder to get if you have a poor financial history (like you abandoned accounts with other banks and owe money to a bunch of people).
A prepaid debit is tied to an account that has more fees or restrictions. Usually more transaction fees and maintenance fees. Its nealy impossible to not be able to create one of these accounts and usually people with bad financial history have these.
A prepaid credit card is a gift card that isn’t tied to a store and can be used anywhere credit cards are accepted. Like most gift cards once its out of money its garbage.
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