Prepaid Visa Card in Cameroon
Today, we will be looking at the utilization of prepaid visa cards in Cameroon. In contrast to a traditional credit card that has a monthly credit limit, a prepaid visa card rather has a total cash limit. In place of a limit that resets itself at the beginning of each month, a specific amount of money is already on a prepaid credit. The limit imposed on a prepaid card is typically dependent on the specific policies of the company issuing it: this generally fluctuates between 1 – 2 million FCFA.
Prepaid visa cards are usually obtained through the same banking institutions which deal with normal credit and debit cards, such as Visa or MasterCard or Visa. During promotions, however, these cards can be purchased via partner companies and retailers.
Difference between prepaid visa card and other bank cards
Similar to a credit or debit card, a prepaid card is a channel for the payment of goods and services. Commonly called prepaid debit cards, prepaid cards are also known as “stored value cards” since they act as a wallet for money reception and storage for later use.
Upon comparing prepaid visa cards to other cards, a major difference stands out: unlike credit and debit cards, prepaid cards are independent of savings, current and checking accounts of financial institutions. Each prepaid card is usually linked to a specific branded card network like Visa or MasterCard. The cards can be used at the international level, online, in-store, and in-app.
How is a prepaid credit card used?
Those who desire to own a prepaid card can purchase one via a chosen credit card company of their choice. This purchase can be done at a bank, over the phone, or on the internet. As opposed to regular credit cards, prepaid ones usually do not require a credit check or application. Users of a prepaid card only need to be at least 18 years old or obtain parental authorization for the purchase.
The prepaid card functions like a gift card that can be purchased from any company, but besides they can be used in multiple locations. A small fee is usually required after which the user can recharge the card to whatever amount decided. If you charge your card with 50,000 FCFA for example then spend 20, 000 FCFA on a purchase, your card will have 30, 000 FCFA left on it until your next recharge. Same as you could do with a regular credit card, you can do payments using an electronic terminal at restaurants, retailing shops, fuel stations, or wherever prepaid cards are accepted.
Which banks offer prepaid visa cards in Cameroon?
The banking system in Cameroon is a competitive one where each institution develops new products and upgrades existing ones to satisfy customer needs. Below are the banks with which you can obtain a prepaid visa card in Cameroon.
- Afriland First bank: their prepaid visa card is valid for 2 years with an annual subscription fee of 10,000 FCFA. It gives you have access to;
- A weekly withdrawal of up to 1,000,000 FCFA
- Card to card transfer
- Online transactions
- Refill of the card at the First Bank teller
- Société Générale Cameroun: they equality offer prepaid cards with a 2 year validity period and enable you to;
- A weekly withdrawal of up to 1,500,000 FCFA
- Carry out payments of up to 2,000,000 FCFA per week in all affiliate visa shops in Cameroon, on the internet, and over the phone.
- UBA: similar to the first two banks, the prepaid card has a validity of 2 years and allows you to:
- Perform banking transactions in real-time
- Perform card to card transfer
Banking cards are an essential part of baking operations for every person who has access to a bank account. Knowing what each card offers is important in making the right choice when demanding a card. Credit and debit cards are regular cards while Prepaid Visa cards have more features that extend online and over national boundaries.