Say goodbye to transaction costs: Benefits of using Co-op Bank prepaid card

Making payments with prepaid cards is one of the most efficient ways to avoid transaction costs in an economy where digital payments are on the rise.

A prepaid card is a reloadable payment card with funds loaded onto it in advance. The card works like a debit card but isn’t linked to a bank account, offering better spending control, easier approval and limited loss if lost.

The Co-op Bank prepaid card comes with multiple benefits and can be used to make payments in Kenya, abroad or online, or to withdraw cash from any Visa-branded ATM.

It can also be used as a pocket money card for students. The parent or guardian can load the card anytime from M-Pesa, at any Co-op Bank branch or any Co-op Kwa Jirani agent.

The student can use the card to pay for back-to-school shopping in supermarkets & other outlets, pay for snacks and other items at the school canteen, withdraw cash from any Co-op Bank ATM or Co-op Kwa Jirani Agent, or manage expenses during school holidays.

Benefits of having a Co-op prepaid card

Free transactions

There’s no charge for making payments with your Prepaid Card. The only amount that is deducted from the card is the cost of the item or service you are paying for.

You can pay any amount with your Prepaid card; it’s just like paying with cash.

Safety and convenience

It is safer to carry a Card than to carry cash. Even if the card is lost or stolen, it cannot be used without your secret PIN for amounts above Sh2,000.

Co-op Prepaid cards have a tiny chip embedded in the card, making the card virtually impossible to copy. In case the card is stolen, inform Co-op Bank immediately to block it.

Track your spending

You get SMS alerts on your mobile phone (if you have opted for them) every time you use the Pre-paid Card.

If the card is being used by your child in school, it is the parent who will get the SMS alerts so they will know when to top up the card.

Also, you can receive monthly account statements or print mini statements at any Co-op Bank ATM or Co-op Kwa Jirani Agent.

This allows you to see where you’re spending your money in real-time, and can help you to budget your monthly expenses.

Also Read: How to apply for Co-op Bank prepaid card