Type of fund card
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Fund cards come in different types depending on their usage, features, and whether they are physical or digital. Here’s a detailed classification:
- Prepaid Debit Fund Cards
Description: Can be used anywhere debit/credit cards are accepted.
Features: Reloadable, often linked to a card network (Visa, Mastercard).
Use: Everyday spending, online shopping, bill payments.
- Gift Fund Cards
Description: Usually store-specific or platform-specific.
Features: Fixed value, often non-reloadable, meant as gifts.
Use: Buying products or services at the issuing store or website.
- Virtual Fund Cards
Description: Digital-only cards, no physical form.
Features: Can be created instantly, used for online transactions.
Use: Secure online payments without exposing bank details.
- Travel/International Fund Cards
Description: Designed for international use, sometimes multi-currency.
Features: Can convert currencies, works abroad like a regular card.
Use: Traveling, paying in foreign currencies, avoiding foreign transaction fees.
- Corporate/Business Fund Cards
Description: Issued to employees or departments for business expenses.
Features: Can track spending, limit amounts per employee.
Use: Business travel, office purchases, expense management.
- Government or Welfare Fund Cards
Description: Issued by governments for social benefits.
Features: Often restricted to certain categories like food, healthcare, or utilities.
Use: Distributing subsidies, welfare payments, or aid.
