Prepaid vs Debit

Which one is right for me?

These terms can be confusing; let's clear up the mystery. A "prepaid" card can take many forms - such as a "Gift" card, General Purpose card, or Branded Store card. Let's start with the Gift Card. A Gift Card can be a General Use card which carries one of the major card franchise names like VISA and Mastercard. Gift cards are sold in specific amounts and are not reloadable. Gift cards can also be for a specific retailer, such as Walmart or Target.

For additional information, visit the US Government's Consumer Financial Protection Bureau and navigate to "Consumer Education"

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A card that fits your lifestyle

FEATURES

Which card is right for you? That depends on your personal needs. One thing to be alert for however; most prepaid cards - reoladable or not - usually come with fees. Those fees can include a "purchase fee", monthly "maintenance" fee and various other fees that can add up to hundreds, even thousands of dollars per year.

NO FEES^* No Load Fee, Cash Back or Monthly Fees. None.
Annonymous - No personal information is required to get the card.
Easy to Get - Pick up a card at any one of thousands of locations across the US.
Easy to Use - Load cash at thousands of stores. Get cash at thousands of ATM locations.
Convenient - Shop and Pay Bills anywhere VISA is accepted.
Savings - No more Check Cashing, Money Order, Bill Pay and Postage Fees.

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^* We do ask for a $5 deposit which we hold on your behalf. See details on how and when your deposit is returned or how the fee can be waived.

BENEFITS

Navigating today's increasingly cashless economy with a credit or debit card can be costly and inconvenient. Start with an IBank Prepaid Card then upgrade to a Full-Service IBank Debit Card later.

Safe - Safer than carrying cash; and your money can't be lost or stolen.
Keep more of your money - save for a rainy day or those important purchases you've been putting off.
Do more - rent cars, purchase airline tickets, shop online.
A better way to start practicing Financial Responsibility.
An effective alternative if you've been denied a credit card or bank account.
Protect your personal information from identity theives.

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FEATURES

If you had a bank account that was closed by the bank for banking "abuses" it's nearly impossible to open an account with another bank. If you have never had a bank account because of the high fees or documentation problems, IBank can help.

Zero Fees, No Conditions.
Minimal Documentaion.
No Internet or Smart Mobile Device required to participate.
Send Money Oversease with No Fees and Competitive Exchange Rates.
Control Spending.
Get Offers and Coupons.
Open a Savings Account.
Buy Fractional Shares of Stocks and Precious Metals.

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BENEFITS

An IBank Debit Card can get you back on track to financial independence and give you access to the Global Economy while breaking free from the high costs of alternative banking services.

Safe - Safer than carrying cash; and your money can't be lost or stolen.
Keep more of your money and open an Interest-bearing Savings Account.
Do more - rent cars, purchase airline tickets, shop online.
Track Spending and Set Savings Goals.
Build Credit.^*
Get access to Third-party services at discounted rates.

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^* Your IBank Card is not a Credit Card. But through our Third-party Partners, you can establish and build a credit profile that will help you get other loans like Automobile and Mortgage Loans. And Good Credit means better rates on Insurance - which you can access through IBank's Insurance Providers.

Still not sure?

A few frequently asked questions

Which card is right for you? That depends on your personal needs. One thing to be alert for however; most prepaid cards - reoladable or not - usually come with fees. Those fees can be include a "purchase fee", monthly "maintenance" fees and various other fees that can add up to hundreds of dollars. Here are some basic FAQs about both Cards. For more information visit our FAQ page.

How can I get an IBank Prepaid Card?

You can pick up an IBank Card at any authorized IBank Merchant or in most stores where gift cards are sold. Visit our Store Locator to find a store near you.

How much money can I load on my card?

The Minimum Load Amount is $10 USD and the Maximum is $500 USD.

Is there a fee to purchase the IBank Prepaid Card?

There is no fee to "purchase" the IBank Prepaid Card. However, we do collect a Deposit of $5 USD. When you upgrade your card to an IBank Debit account, we refund the deposit into your IBank Account. If you exhaust the funds and do not upgrade your card, or the card is dormant for more than 120 days, the $5 deposit is forfeit.

Can I give an IBank Prepaid Card as a gift?

Absolutely! However, if the person you have given the card to decides to upgrade to an IBank Debit Account, the $5 Deposit will be refuded to them and not you.

Will I be rquired to give any personal information?

No; the IBank Prepaid Card is completely anonymous. If you decide to upgrade to an IBank Debit Account, we will ask you for basic information to verify your identity.

Are prepaid cards better than a bank Debit Card?

There are a number of advantages to having a debit card that is tied to a bank account. For instance, with your IBank Debit card you will have access to additional features and benefits that are not available with the Prepaid card. However, it is always a matter of personal choice.

Can I get credit with my IBank Prepaid Card?

A Prepaid card is not a credit card. You will only have access to the funds originally deposited when you acquired the card. A prepaid card will not help you establish or build credit.

Are there disadvantages to a Debit card?

There are no "disadvantages" - in fact, there are many advantages to having a prepaid card as opposed to not having any form of electronic payment. But there are some limitations; such as those described above.

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LEARN MORE ABOUT THE IBANK PREPAID CARD LEARN MORE ABOUT THE IBANK DEBIT CARD

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Prepaid vs Debit

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