Although the Direct Cash logo and name are more likely associated with the ATM at the local garage or pub than with a prepaid MasterCard, the Direct Cash Prepaid MasterCard is available and will appeal to some consumers. The consumers I refer to are those who do not want a credit check completed and who require 100% acceptance.
The DirectCash prepaid MasterCard is treated just like a MasterCard credit card by merchants. It looks and is handled like a credit card at the point of sale, but it is pre-loaded. The positive balance is loaded into an account associated with a card and drawn down through purchase activity. As with many prepaid cards, the single use cards are used until the balance is drawn down to zero dollars and then discarded. This prepaid is different however. The purchaser has the option of making it a single use card or a reloadable. The reloadable accounts offer the cardholder the ability to replenish the value on the card as needs arise. This is ideal for people who want to avoid carrying cash but still enjoy the benefits of a credit card.
A big win with the DirectCash prepaid MasterCard is the acceptance. Issued for use on Mastercard’s Cirrus network, the card can be used for online and international purchases, and at any retailer who displays the MasterCard Logo. It can also be used to withdraw cash from any ATM that displays the Cirrus Logo.
In The Loop
These cards offer two prepaid program options; open-loop or closed-loop. With the open-loop program, cards are accepted and processed at any location that accepts MasterCard and usually carry the MasterCard brand.
The closed-loop program, can be customized to the issuing merchant and acceptance is limited to specific locations. A specific gift card that is issued by merchants for use only in their store, for example. These cards usually do not carry the MasterCard brand.
Another option similar to the closed-loop is the hybrid “semi-closed” program, where a prepaid card may be accepted by several different merchants in a specific location such as within a shopping mall.
Cardholders benefit from a card that can be reloaded anytime, and can be replaced if lost or stolen. Access to detailed web reports is a bonus for people keeping track of their budget, or, if he card is issued to a younger family member, to help them learn budgeting or keep track of where they shop.
The Direct Cash prepaid MasterCard also offers a 24/7 bilingual service centre.