If you want to learn how to get money off a prepaid card, then’ you are at the right place. Read this article that has explained every needed information on how to get money off any prepaid card, as well as the fees attached and how much can be gotten.
How Does A Prepaid Card Work? Before we go into the details of how to get money off a prepaid card, let us understand how the prepaid card work.
A prepaid card is a card that is pre-loaded with funds used for making payments for goods and services. It is similar to your debit card that is issued by a bank. The difference however is that a prepaid card is pre-loaded and is not attached to a bank account.
You can get a prepaid card by signing up for it online through the issuer’s website or by buying it from designated stores at a fee. Some prepaid cards are issued by Netspend, Greendot, American Express, Mastercard, Visa Card, etc.
To use a prepaid card, insert, swipe or tap the card as you would do with your debit or credit card. Click on debit, and enter your card PIN. The amount of purchase that you have made will be taken out of the total amount left on the prepaid card.
When the money left on the card is exhausted, you can choose to either reload it at a reload location or through direct deposits.
Can I Get Money Off A Prepaid Card?
Yes, you can get money off a prepaid card. It is, however, important that you read and get familiar with the terms and conditions of your prepaid card to know the method that is accepted by the card. This is because not all prepaid cards allow cash back.
Nevertheless, you can get money off a prepaid card by using any of the methods that are discussed below.
How To Get Money Off A Prepaid Card
Since we have established that it is possible to get money off a prepaid card, I know you will be eager to know how that can be done. In this section, we have explained how to get money off a prepaid card.
There are several convenient ways to get money off a prepaid card. Continue reading to see each of them and how you can maximize them to your benefit.
Through Cash Back In Stores
One of the best ways to get money off a prepaid card is to ask for a cashback in stores. This is quite simple to do since you would always visit a grocery store, station or others. After purchasing in a store or any other place, you would swipe or insert your card to pay for the goods or services.
At this point, ask or choose the option of a cashback. Enter the amount you would like to get off the prepaid card along with the price of the purchase. The money will be deducted from the card and the cashier will give you cash.
Still, on how to get money off a prepaid card, let us consider the ATM. Just as your regular debit card that is used for withdrawing money from the ATM, most prepaid cards come with a PIN or allow you to create a PIN at the point of activating the card. I believe you already know that after getting your prepaid card, you are required to activate it before use.
So, with that PIN, you can visit the ATM and withdraw money from the balance of the prepaid card as you would do with your debit or credit card. All you need to do after locating the ATM is to insert, enter your PIN, enter the amount you would like to withdraw, and confirm the transaction.
At A Reload Location
Most prepaid cards such as Netspend and Green Dot, have reload locations. Reload locations are designated centers or places where you can load money into your prepaid card when the funds in it are exhausted.
Depending on the prepaid card that you have in your possession. When you visit the reload location, you can ask the cashier to give you the cash and the money debited from your prepaid card. This is a very simple method of getting money off your prepaid card. See the Netspend Reload Locations Here.
At A Participating Financial Institution
Another way to get money off a prepaid card is at the bank teller of a participating financial institution. Any financial institution that accepts Visa Cards will allow you to get a cashback from your prepaid card.
All you have to do is to show the teller some means of identification like a driver’s license and your card. Note that most institutions will charge you a fee which could either be a flat rate or a percentage of the total amount of money withdrawn.
How Much Does It Cost To Get Money Off A Prepaid Card?
The fees for getting money off your prepaid card vary with the card issuer and the method used. Many issuers will charge you a fee for using the ATM and at reload locations. However, you might kit need to pay any fee for getting cash back at stores.
How Much Can I Get Off A Prepaid Card?
The highest amount you can get off a prepaid card is the total balance left on the card. In this vein, most prepaid card issuers limit the amount of money that can be loaded into the card. It is usually not more than $15,000 to $20,000.
In some other cases, the issuer limits the amount of money that you can withdraw at a time or spend. For instance, Netspend set its daily spending limit at $4,999. And it has an ATM withdrawal limit of $940.
Can You Transfer Money From A Prepaid Card To A Bank Account?
Yes, it is possible to transfer money from a prepaid card to a bank account. You can do this by logging in to your prepaid card account on the website or mobile of the prepaid card issuer.
You can also transfer money from a prepaid card to a bank account by using money transfer apps that accept funds from prepaid cards. Venmo is one such app.
This article has explained in clear terms the details of how to get money off a prepaid card. We also saw how a prepaid card is used as well as the fees for getting money off a prepaid card and the limits. If you come across any difficulty in the process of getting yours, contact the customer service department of your card issuer.