Sorry guys, I need to apologise you for not explaining the exact term for Prepaid Cards and Debit cards. Since all this while, I thought both are the same thing. Unfortunately, it’s not. I have been telling you that Tune Card from Tune Money is a debit visa card, right? Actually it is a Visa Prepaid Card. So what is a debit card then? I need to clarify the misconception about Tune Card is either a debit card or credit card.
A debit card ?
A debit card is issued by a bank to allow an individual access to his or her funds without having to physically go to the bank. A debit card can be used to withdraw cash from an automated teller machine (ATM) or to make purchases at merchant locations.
You need to have a saving account to link directly to your debit card.The concept is quite similar like writing a cheque as the fund are withdrawn from the cardholder’s bank account.Get it ? 🙂
A Prepaid card ?
A card that will work exactly like a credit card, except that money must be deposited in it first for it to have any credit in the account.
One of Tune Money.com staff told me that Bank Negara Malaysia is quite fussy about the term used .Even Tengku zafrul, the CEO for Tune Money mentioned in his blog that, the misconception has create a bad impression about their new product Red Card, a new Visa Prepaid for teenagers age 15-17 years old.
What is a Red Card ?
Sent off during a game, NO NO. 🙂
Tune Money Sdn Bhd’s just launched Red Card is a prepaid payment card which will come as a big relief for parents as the card is like an “electronic wallet” with which they can keep a tab on the spending of their teenaged kids.
“You can only spend the value contained in the card, hence there is no risk of overspending,” said Tengku Zafrul Aziz.
A good news for parent ?
“Parents would have peace of mind as it gives them a quick and easy way to transfer money to their kids in case of emergency,” Zafrul said in an interview with Bernama. He was clarifying misconceptions that the Red Card was a debit or credit card.
Only parents is allowed to apply for the card for their children, since they are going to top up it :).
My previous post about Red Card has already mentioned about the advantages about this new Visa Prepaid Card only they target teenagers from 15 to 17 years only.Maybe Form 1 and 2 students are still young to use a plastic money.More news