SBM Smile Prepaid cards for your online purchases
Since a few weeks, SBM has introduced a new card in its game. The SBM Smile Prepaid Card.
As you perhaps guessed, the card works a bit like your prepaid sim card. You can for buy pre-loaded cards (Up to Rs20,000) and non-loaded cards (Rs30-150,000) and use it anywhere, just like a debit card and also, use it for online purchases.
The similarities/differences as compared to a debit card or a credit card :
- Limit of Rs10,000 per day for the MUR card and up to Rs20,000 for the foreign card.
- Similarly as the debit card, the money is yours. So no interests charged like the credit card.
- You have a PIN code to protect unauthorized access to the money onto your card.
- The card is valid only 6months
- Any money unused after the 6months can be transferred back to your main account.
- The prepaid card is VISA branded.
- Whenever needed, recharge your prepaid card by transferring money to it (through banks)
- Card activated on the same day of application made.
- For those travelling, there exists 6 different currencies for the foreign card and unlike the MUR card, this one can be recharged through internet banking.
What can make me get hold of a smile prepaid card?
Below are some desirable features to make the prepaid MUR card more widely accepted :
- Very important : Allow recharging through Internet Banking or ATMs to remove the hassle of going to a bank for recharging the card.
For example, it does not really make sense for a parent to lose precious time going to the bank monthly when he needs to top up his kid’s pocket money onto the card.
- Remove (or Increase) the Rs10,000 daily limit (The card holder needs to understand the risks)
- 6months validity is a too short period. Increase it.
Without the above mentioned, the card is not too different from the debit card I use daily, while doing my purchases in the supermarket or to withdraw money from an ATM. The limit is still Rs10,000, there is still an application fee each time I need a new card and if am not mistaken, there is no interest accumulated for the money on the prepaid card, unlike for the money which is accessible through my debit card.
More or less similar to the debit card, except that it normally allows internet purchases. No more credit card needed. I am much tempted to get one of the cards to verify if it really works for online purchases through Paypal/eBay.
Anyone wants to try it and let us know? Please share your suggestions/critiques about this new card.