Chase Bank Kenya prepaid cards

The bank is known for its relationship banking. it has scooped many banking industry in Kenya awards in past years. Chase Bank has fifteen branches in Kenya.

Chase bank launched it suite of prepaid cards on the 24th of October 2011. The bank had full page advertisements for these products in both the Nation newspaper and the standard newspaper.

Chase Bank Kenya prepaid cards that were launched are:

Zawadi Chase Bank Kenya prepaid cards

Zawadi meaning gift, is an apt description of how the cards will be sold. These cards can be given to people as gifts. They offer good gifts as the person receiving the gift of the card can purchase what they want.

 Incentive Chase Bank Kenya prepaid cards

These cards may be given as incentives to staff who have performed well in their jobs. these cards could replace the cash bonus that are given to staff at the end of each month.

Traveller Chase Bank Kenya prepaid cards

These category of prepaid cards is targeted for people who travel alot. The account holders can purchase the card either in Kenya shillings or dollar denominated cards. the cards can be used over the Internet.

Chase bank Kenya prepaid cards are MasterCard branded. chase bank is the first bank to offer the MasterCard Chase prepaid cards in Kenya. other banks that offer prepaid cards are Visa branded. These banks are Kenya commercial bank, I and M bank and Bank of Africa.

Advantages of Chase Bank Kenya prepaid cards

• one does not have to be an account holder to purchase a chase prepaid card
• the cards can be purchases on Kenya shillings or dollars
• the cards are MasterCard branded cards so have a wide acceptability
• the cash or funds are held in the card not a bank account, so the risk affects funds only held in the card not a bank account
• they can be used in many outlets both in Kenya and the rest of the world, that accept MasterCard cards

Chase Bank has joined the world in availing customers with prepaid cards. Prepaid cards have become popular especially after the economic crisis in the western world from the year 2008. Credit rating for many people especially in America was affected and so they cannot qualify for credit cards, and prepaid cards is the solution.

Chase Bank Kenya prepaid cards have been introduced into the market at the right time when the growth is expected to double in the next two years.

prepaid cards for kids in Kenya

Prepaid cards for kids in kenya

The cards are purchased by the parents for the children who are eighteen years and less. These children do not have contractual rights. The children get the cards and they do not have to keep asking their parents for pocket money. The parent’s credit money into these cards and when the money is used up, the cards cannot be used until they are reloaded.

The children are able to learn how to control finances. The parents could reload the cards on a monthly basis which may be seen as a salary for the children. The children then have to budget and prioritize their spending since they know that the cards will not be reloaded until the month is over.

The children may also learn how to save and maintain children bank accounts from the money they save on their cards on a monthly basis. The money can either be left in the card account as savings or that may be transferred to savings accounts.

Advantages of prepaid cards for Kids in kenya

• One of the major advantages of prepaid cards for kids is that the kids become somewhat independent and they make their own financial decisions. The children feel that they are being treated with respect and like grown-ups. The children especially teenagers value the feeling of freedom.
• The parents are able to keep tract of the spending of their children. The prepaid cards for kids have statements which are either paper based or accessed on the internet. Parents are able to council their children especially if they are deviant on the use of their cards.
• The kids do not have to ask for pocket money on a daily basis or even weekly, because the cards are loaded with funds for a month or more.

The disadvantages of prepaid cards for kids in kenya

• The children may refuse or reduce the use of their prepaid cards because they feel that the parents are spying on them and their friends
• The children may get used to use of cards and become hooked and later on in life they may have challenges with their finances. The children have to be trained on the proper use of cards and the cash in the cards.
• Kids may become targeted by bullies and fraudsters because they have the prepaid cards for kids who have funds loaded on the cards. Theft and robbery in schools may increase especially where the cards do not have the kids’ names on the cards.
• There are charges that are loaded to the prepaid cards for kids. These charges are debited to the cards, reducing the amounts available to the kids. The kids may prefer to get cash instead.

All in all, prepaid cards for kids in Kenya is the way to go. The advantages outweigh the disadvantages. The kids can be trained on how to handle the prepaid cards for kids in kenya that they carry to minimize fraud and losses.