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Old 25th March 2023, 13:22   #1
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The Prepaid Debit Card Thread

Need to give someone a debit card for expenses, which I will top up on a monthly basis.

1. Any recommendations for prepaid debit cards?

2. Is there something that can be quickly applied for, online itself? Instead of filling paper forms & physical visits.

3. Would love email alerts for expenses.

4. No annual fees. Why would I pay someone to hold my money, and when they are making money off my transactions (aka merchant fees)?

5. Ability to set transaction limits (and thus reduce damage from fraud).

Thanks!

Last edited by GTO : 25th March 2023 at 13:23.
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Old 25th March 2023, 13:47   #2
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Re: The Prepaid Debit Card Thread

Wouldn't a new bank account with a debit card serve the purpose? You can get account statements for transactions, maintain balance as per needs and also set limits on the card. Banks are doing KYC at doorstep. Only challenge would be the account has to be in someone's name with their PAN and Aadhar details.
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Old 25th March 2023, 14:21   #3
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Re: The Prepaid Debit Card Thread

How about add-on credit card? You can set all limits using your internet banking as well as track all transactions as well as get alerts.

And add-on cards are free

Last edited by ToThePoint : 25th March 2023 at 14:22. Reason: Added a note
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Old 25th March 2023, 14:24   #4
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post
Need to give someone a debit card for expenses, which I will top up on a monthly basis.
Can you share the ball-park monthly amount that we are looking at here?

Last edited by Chetan_Rao : 25th March 2023 at 16:10. Reason: A word
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Old 25th March 2023, 14:40   #5
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Re: The Prepaid Debit Card Thread

I don't think prepaid cards are very popular in India. Here, some people refer to them as gift cards. A few months ago, I gifted my sister a gift card from Kotak Bank worth 10k using my Kotak credit card. There were no issuance charges except for the 10k value of the card, and the issuance charge is waived off if the gift card value is more than 3k. The only downside is that you cannot refill the card; it is a one-time use card that you have to throw away.

You can use it by gifting it to yourself every month and using a new card with a limited balance every month. You will receive SMS and email notifications for all transactions, and there are no annual fees. However, this is a complete hassle to do every month. This card will be valid for 3 years.

If you ask me, I would suggest applying for five gift cards worth 10k each and paying off the credit card bill all at once. You can give these prepaid cards every month one by one as per their usage. Although this may not be what you were expecting, it is the easiest option.

Alternatively, you can use a new debit card from a simple vendor like Paytm Bank, and transfer the money to your Paytm Bank account using the mobile app. This way, you can use it as a prepaid card and only transfer money from your primary account when it is needed.
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Old 25th March 2023, 16:46   #6
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Re: The Prepaid Debit Card Thread

Depends on whether you want the prepaid debit card for your family or your employee.
If it's for family, any private bank will have a family banking facility where you can add accounts in a family id. The new account can have a debit card and will have a limit of how much you maintain in the "child" bank account.

If it's for your employee, it is better to start a bank account (and debit card) independantly. That way, you will be protected from any liabilities arising out of the new account.

I see many private banks offer account opening services online, hence no need to visit branch.

But if you are really particular about prepaid debit cards, below link has some details:

https://www.fincash.com/l/pf/prepaid-debit-card

Last edited by jinojohnt : 25th March 2023 at 16:47.
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Old 26th March 2023, 11:20   #7
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Re: The Prepaid Debit Card Thread

Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.

Quote:
Originally Posted by warrioraks View Post
Can you share the ball-park monthly amount that we are looking at here?
Anywhere between 20,000 - 40,000 each month.
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Old 26th March 2023, 12:25   #8
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by ToThePoint View Post
How about add-on credit card? You can set all limits using your internet banking as well as track all transactions as well as get alerts.

And add-on cards are free
Quote:
Originally Posted by GTO View Post
Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.



Anywhere between 20,000 - 40,000 each month.
The suggestion made by ToThePoint seems like a good one if this is for a family member.
20-40k per month translates to roughly 3 lakh anual spend through add-on card. This can translate to a lot of cool benefits for the primary card holder.
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Old 26th March 2023, 17:32   #9
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post
Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.



Anywhere between 20,000 - 40,000 each month.
If this is on company or employee purpose, ICICI has prepaid card available for corporates. It is a multi wallet card. You can load in 6 different buckets meal, fuel, etc each month and it can be spent only in that category. But it is chargeable to corporates not to employees.

If you are looking for personal use, ICICI Pockets is a wallet and it comes with a virtual prepaid debit card as free. If you need a physical card, you can get it at 199 Rupees. The debit card is linked to wallet and you just have to load the wallet whenever you need. And it has its own UPI ID. So all spending type like online, store, UPI is covered. Please explore this option.

The above recommendation is based on my experience and I am not associated with ICICI in anyway.
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Old 27th March 2023, 09:41   #10
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post
Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.
Try the Paytm Payments Bank, everything happens from the app if you already have Paytm with KYC done. It gives you UPI as well as a virtual debit card with the option to order a physical one as well. It's a zero balance account essentially with a lot of options which I haven't explored. Since its in the Paytm network it removes one failure point from UPI transactions.

Kotak 801 also promises something similar but I haven't explored it.
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Old 27th March 2023, 09:45   #11
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Re: The Prepaid Debit Card Thread

GTO you can also try the Mumbai 1 card from SBI, it works as a debit card at Merchants and also works at the Metros in Mumbai.


Quote:
Originally Posted by GTO View Post
Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.

Anywhere between 20,000 - 40,000 each month.
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Old 27th March 2023, 11:16   #12
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Re: The Prepaid Debit Card Thread

I have given my Tripmoney card from MMT to my daughter for her use. It's a prepaid forex VISA card for international usage but can also be used for domestic purpose.

You can set limits for all types of transactions. So it is convenient.
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Old 27th March 2023, 11:32   #13
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post
Need to give someone a debit card for expenses, which I will top up on a monthly basis.

1. Any recommendations for prepaid debit cards?

2. Is there something that can be quickly applied for, online itself? Instead of filling paper forms & physical visits.

3. Would love email alerts for expenses.

4. No annual fees. Why would I pay someone to hold my money, and when they are making money off my transactions (aka merchant fees)?

5. Ability to set transaction limits (and thus reduce damage from fraud).

Thanks!
Try opening account in one of the new neobanks (Fi Money, Jupiter, etc). Their UI is slick and backend is handled by traditional bank (e.g Federal bank, etc. You will get zero balance account with free debit card. Account can be opened in 5 min with video kyc and you will get debit card in few days delivered to home.
For basic transactions these are useful - have UPI, IMPS and debit card options in app. In app you will get some vanity features like spends by categories,etc. Netbanking is handled by Federal bank directly.
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Old 27th March 2023, 11:41   #14
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post

1. Any recommendations for prepaid debit cards?
2. Is there something that can be quickly applied for, online itself? Instead of filling paper forms & physical visits.

3. Would love email alerts for expenses.

4. No annual fees. Why would I pay someone to hold my money, and when they are making money off my transactions (aka merchant fees)?

5. Ability to set transaction limits (and thus reduce damage from fraud).
GTO: Please check out KODO dot IN and ENKASH. You do not need to open any bank account and you can opt for multiple cards. These are companies offer free cards that solves all your questions above. You can do everything through their website or app. Additionally, they will give you 1% cashback on all your spends through their cards. I've been dealing with both of these companies since last 2 years and if you need any help, you may reach me out.

Last edited by kashesh : 27th March 2023 at 11:43.
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Old 27th March 2023, 11:53   #15
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Re: The Prepaid Debit Card Thread

Quote:
Originally Posted by GTO View Post
Thanks guys! Will open a separate bank a/c, unless someone comes up with a solid prepaid debit card suggestion.



Anywhere between 20,000 - 40,000 each month.
A Kotak 911 account which is free should work
They give you a virtual debit card.
A physical debit card is chargeable (200rs)

https://www.kotak.com/en/personal-ba...d-charges.html
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