What is a Prepaid Card?

Prepaid debit cards are an ideal solution for anyone who does not want to be tied down to a banking institution, anyone wanting a more secure way to carry their money, or anyone having troubles being approved for a credit card.

Unlike credit cards, you do not incur any debt with prepaid debit cards, you do not need to worry about credit card payments, and you pay no interest charges. Prepaid debit cards do not require credit checks, so almost anyone 18 years or older will be instantly approved.

Funds are loaded into the prepaid debit card account and are then recognized immediately to be used virtually anywhere that accepts credit cards. These types of cards are a great alternative to carrying a checkbook and can help cardholders learn how to budget and manage their money.

What are the benefits of using Aquiline’s "FREEDOM" Card?

* Accessibility - There are no credit checks required for card approval. This means that you can get a card issued in your name without the worry of having a ‘spotty’ credit history. If you want one, you can get one. It’s that easy!

* Safety – Prepaid cards carry the same security features found in regular credit and debit cards. The card is also PIN (Personal Identification Number) protected, meaning that only you have access to the funds held in the card account as only you would know what the PIN you selected is when the card was issued. Additionally, if your card is lost or stolen, the card is deactivated and a new card issued hassle free with the funds held in the account still intact.

* Control - Prepaid cards are an ideal way to control the spending on additional cards issued on the same account. For example, parents may opt to providing cards to their kids who are away at college without the concern of them incurring debt or building bad credit. In fact it is an ideal money management tool for individuals new to the financial system that will someday transition into a more mainstream financial application. Like a regular credit card, you get a full breakdown of your account transaction history, either online or as a paper-based option so that you can see firsthand how the money held in that account is being used.

* No debt risk - With a prepaid card, there is no chance of overspending as you are limited to the amount of money available in the card account.

* Ideal card for travel – The Aquiline “FREEDOM’ Card is an ideal travel companion and represents an expansion of choice in how the card is used by the cardholder. This means that the card provides unlimited access to a world of financial services that can only be enjoyed with a regular credit card. From reservations to shopping, dining, entertainment, etc. the opportunities are endless! Additionally, if your card gets lost or stolen, a new card is sent out to you hassle-free with the funds held in the card account still secure and untouched.

What is a payroll card?

A payroll card such as the "FREEDOM" Card payroll card is a card that allows an employee to access their paycheck via use of the card which is distributed to them by their employer in lieu of issuing payroll checks. Once the card account is funded by the employer on the regular pay cycle, these funds become available immediately to the employee who can then access the funds in a variety of ways. These options include ATM cash withdrawals, bank debit withdrawals, regular retail purchases, card-held reservations etc. As the card gets used by the cardholder the funds are depleted until the total available balance or stored value on the card account reaches zero. Most payroll cards charge a minimal fee if used at an ATM more than once per pay period.

The general payroll account is usually held as a single account in the employer's name at the bank managing the account. That account holds the payroll funds for all employees using the payroll card system with sub accounts representing each employee that the employer has enrolled in the system.

Can I use the card on the internet?

The Aquiline "Freedom" Debit Card may be used for online transactions such as online shopping, reservations, bill payments etc.

What happens to my card if I don't use it?

The card is issued with a monthly maintenance/service fee which will be deducted from your available account balance at a pre-determined each month. Once the card value is depleted and remains at a zero balance for sixty (60) consecutive days, the account will be closed even if such closure precedes the expiration date displayed on the card.

Who can use the card?

Being a personalized card, meaning the "FREEDOM" card carries the name of the rightful user, makes it available for use by that cardholder or by someone authorized by the cardholder. This is the person to whom the card was issued and the person responsible for the management of the card account with whom the contract for the card account was also entered into with.

Where can the Aquiline "FREEDOM" Card be used?

The Aquiline "FREEDOM" Card can be used all over the world, to place mail or telephone orders where these card brands are an acceptable means of payment and to withdraw cash at ATMs. In fact the "FREEDOM" card can be used to pay for goods and services at over 5,000,000 point of sale (POS) devices regionally and worldwide and have a network of over 1,000,000 ATMs available for the withdrawal of secure cash.

How does an ATM work?

The ATM (Automatic Teller Machine) allows you to obtain funds available on your card account of check the available balance of that account. Certain advanced ATMs provide you with the ability to make bill payments via the ATM from your prepaid debit card account or transfer money from one account to another. ATM networks consist of many providers. To determine if your card can be used at a particular ATM, look for the logo on the back of your card and compare it to those posted on the ATM to determine whether that ATM is usable.

Withdrawal limits at ATMs may vary since they are set by the bank issuing the card as well as the company operating the individual ATM device (knows as the ATM acquirer). For example, although the bank may establish your daily withdrawal limit at $400, the ATM you choose may be limited by the ATM acquirer to providing $300 only. Various factors, such as financials, banking or government regulations, result in different requirements in different countries.

Can I use my Card without any money on it?

No, this can cause your card to be taken by the ATM unless that transaction is a simple balance inquiry, so it is advisable that you check the balance on your card account before making a withdrawal. You can use your card only after additional funds have been loaded into the card account.

What is a pre-authorization hold?

A pre-authorization hold happens when a merchant places a hold on a certain amount of funds on your card account to verify that sufficient funds are available to pay for the transaction. As an example, a restaurant bar may pre-authorize a set amount when you open a tab. In the event that your bill is less than the pre-authorized amount, those remaining funds may be held for a period of time prior to being released to your available balance. Similarly, a car rental company or hotel may hold the amount equal to one day’s rental or stay to cover incidentals or damages found after you check out or return the car. These holds are typical in all credit and debit card applications.

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