Prepaid Card Features

Discover our prepaid card benefits

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"

A General Purpose Prepaid card can be both "Reloadable" and "Non-reloadable" and this will be promimently displayed on the packaging. General Purpose cards will carry one of the major franchise logos like VISA or Mastercard, and, as the name implies, can be used for general purposes where those cards are accepted. They can only be used for amounts that have been pre-loaded onto the cards at the time of purchase - or in the case of "reloadable" the amounts which have been added to the card periodically.

Non-reloadable cards are anonymous and do not require any personal information, while most reloadable cards usually, but not always, require you to provide personal information - this is dependent upon the structure of the card, regulatory limitations and the policy of the banks issuing the card.

Branded Store Cards are issued by specific retailers and can only be used in their stores - these cards can be prepaid or credit.

Still wondering which card is right for you?

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 FAQ's about Prepaid Cards. For FAQ's about our Debit Card Program visit our Debit FAQ's page.

How do 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 to another person 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 required to give any personal information in order to get an IBank Prepaid Card?

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 account?

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.

Is a prepaid card Debit or Credit?

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 any disadvantages to a Prepaid 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.

1

Pick Up Your Card

IBank Prepaid

Easy To Get

Getting your IBank SmartCard is easy and the First Step toward opening an IBank Account. Visit any participating IBank Merchant, or most stores where gift cards are sold, and pick up an IBank SmartCard. Unlike most Prepaid Debit Cards, there is No Cost* to get the card and No Fees to use the card.
💡 We do ask for a $5 deposit which will be refunded to your IBank Account when you upgrade. This deposit can be waived - details inside packaging.
2

Load Your Funds

Easy To Use

Take the IBank SmartCard to the cashier; load funds up to the maximum allowed - you can use cash or checks.*
💡 * Checks must clear our bank before your funds are available.
IBank Prepaid
3

Enjoy The Benefits

IBank Prepaid

No Fees

Most prepaid debit cards are packed with fees: A Fee to purchase the card. A monthly fee to keep the card active. A minimum activity requirement. A fee to deposit and withdraw cash. Fees that can total hundreds of dollars annually. The IBank Prepaid Debit Card has ZERO FEES and ZERO Activity Requirements.
4

Ready To Reload?

Upgrade For More Benefits

When you upgrade to a full service IBank Account, you have access to additional Services and Benefits not available on your Prepaid Card.
IBank Prepaid
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Still Have Questions?

Drop us a line or give us a call.

Contact us by email info@ibank4free.com