How Prepaid Works

How does it work?

How do I use a Prepaid Visa® or MasterCard®?

The prepaid debit MasterCard and Visa cards we are reviewing on Bank Freedom are prepaid debit cards that we consider the best of the best. They all are accepted at millions of locations worldwide everywhere Visa and MasterCard debit is accepted. What does that mean to you? Take your Card with you whenever you make purchases at retail locations, online, via telephone, catalog subscriptions, at gas stations, car & hotel reservations, booking airfare, and also to withdraw cash at millions of ATMs worldwide.

Retail Purchases – When making purchases at a retail store, simply hand the merchant your card, swipe it, sign for it and then you’re done. Using your Card is safer than cash. With your prepaid MasterCard and or a Visa Card you have protection subject to your card issuers terms and conditions.
Cash Back Purchases- If you select Debit at a terminal, you will be asked to enter your PIN. If the store allows cash back, it will give you the option to select cash back. There usually is no fee for selecting Cash Back and it is recommended for small Cash Withdrawals.

Online Purchases

You may use your prepaid debit card when making purchases over the Internet. For security, you should be asked to enter the CVC2Number (3 Digit Number on back side of card beneath the Magnetic Stripe) when making purchases online and whenever your card is not present.

Making Reservations

You may use a prepaid card to make reservations at hotels, car rentals, booking airfare and everywhere Debit MasterCard is accepted. Some merchants accepting reservations may require additional funds on your Prepaid Card as a deposit in case of additional spending. This is common for hotel and car rental reservations to cover any additional charges you may incur in addition to the fixed rental price. Bank Freedom reserves the right to place up to a 20% or more hold for Car Rentals, Hotels/Lodging, Restaurants, and Cruise Rentals. Your Card will be debited for the final purchase amount. When the merchant finalizes your purchase, you will be debited the final purchase amount and credited for the authorization and for the 20% or more transaction hold.