If not having a debit or credit card had kept you from making online purchases, here's some good news. Itz Cash Card in association with DCB and Visa has launched a ‘Freedom Prepaid Card'.

This can be used to make purchases in stores, pay bills and book tickets online, as well as withdraw cash at any ATM that accepts Visa cards. Here's a look at some of its features.

What's new

While the card can be used for making online as well as at Point of Sale (PoS) transactions like a debit or credit card, it isn't the same. For starters, you don't even need to have a bank account or a good credit history to avail this card, as the money is front-loaded.

And if are looking to open a bank account, note that DCB offers a ‘no frills' account with zero minimum balance requirement to the Freedom Prepaid Card holders.

You can use this card to make payments for services like electricity bill payments, renewal of DTH subscriptions, booking rail and air tickets, cash withdrawals at ATMs, shopping at your favourite store and a lot more.

The card is acceptable at over 5,00,0000 POS outlets, 10,000 ItzCash merchants for digital payments and at over 65,000 ATMs for cash withdrawals.

How to purchase

You can purchase the card at any Itz Cash World Outlet, after completing a one-time registration.

Though the card has initially been launched only in Mumbai, it will soon be rolled out across the country.

Note that you will be required to complete your KYC (requires an address proof as well as an identity proof) if you want to take full advantage of the features offered by the card.

For instance, while you can reload your card for a minimum amount of Rs 250 and a maximum amount of Rs 10, 000, the upper limit goes up to Rs 50,000 if the KYC is complete.

The freedom card typically costs Rs 100 to acquire. But there is an inaugural offer , under which you will need to pay Rs 50 only.

Reloading of the cards is also easy and can be done at ItzCash franchisee, known as ItzCash World (there are over 40,000 ICW outlets in India).

There is a nominal recharge fee here, much along the same lines of topping up a prepaid phone connection. The annual limit of transaction (from date of activation) is Rs 2 lakh (if PAN is not provided) and Rs 6 lakh (if PAN is given).

The card also comes with a fairly long validity period of five years from the date of issuance.

But it cannot be used for transactions in foreign currency. Also, the card can be used only by individuals above 18 years of age.

Security

The card comes with a 16 digit number embossed on its front. Like any other card, the back has a magnetic strip, with a built-in security feature and a signature panel for the card holder to sign.

While the card scores in terms of convenience and control it bestows on its users, it also offers reprieve to those wary of making online transactions – they limit your losses to the amount loaded on your card. Note that the Freedom Prepaid Card comes with a Lost Card Insurance of Rs 1000, covered when the card is purchased.

Apart from this, the card can be insured for Rs 3, 000 by paying an additional Rs 5 a year.

Is it for you?

While the card offers no significant benefits over credit or debit cards, it is undeniably a convenient option for ones who do not have either. Existing credit and debit card holders however can use the card to make specific online transactions as it offers an easy-to-use and safer option.

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