If you are looking for a convenient and secure way to manage your money or to get paid, you may want to consider using a Wisely card. But is Wisely a Prepaid card? And yes, Wisely is a prepaid card. But how does it work?
Let’s find out!!
What is the difference between a prepaid card and a debit card?
Here are some key differences to keep in mind:
How Prepaid and Debit Cards work?
A debit card is linked to a checking account, which means that when you use your debit card to make a purchase, the funds are automatically deducted from your account. This is not the case for Wisely Cards.
On the other hand, a prepaid card is not linked to a bank account. Instead, you load money onto the card and then use it to make purchases or withdraw cash. And That is exactly how Wisely works.
Fees
Both prepaid cards and debit cards can come with fees. With a prepaid card, you will pay a fees for things like loading money onto the card, ATM withdrawals, and monthly maintenance fees.
Debit cards may also come with fees, such as overdraft fees and ATM fees. However, many banks offer fee-free checking accounts and debit cards.
Credit checks
When you apply for a prepaid card, you typically won’t need to undergo a credit check.
This can be an advantage if you have a poor credit history or no credit history at all.
However, if you’re looking to build your credit score, a prepaid card won’t help you do that.
With a debit card, you also won’t need to undergo a credit check, but using your debit card responsibly can help you build your credit score over time.
So is Wisely a Prepaid Card?
Yes, Wisely is a type of prepaid card. Wisely cards are an excellent choice for employers as a payroll card for their employees.
These cards work similarly to other prepaid cards. You have to preload it with a specific amount of money, which you can then use for various transactions. For example, you can use it to make purchases online or in-store, pay bills, and withdraw cash from ATMs.
With a Wisely card, you, as an employee, can receive your wages directly onto the card. You can access your funds without the need for a traditional bank account.
You can manage the card through an online account or a mobile app. Making it easy to track your transactions and balances.
Since Wisely cards are prepaid, you can only spend the funds available on the card. It is not a credit card, and you don’t have a credit line associated with it.
Prepaid cards like Wisely are a convenient option if you don’t have a bank account.
Last thoughts
There you have it!! Wisely Card is a prepaid card that can help you receive your paycheck and manage your finances in a secure and convenient way.
