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Closed-loop prepaid card

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Definition Edit

A closed-loop prepaid card

generally does not have a network logo on it (Visa, MasterCard, American Express, or Discover). You can only use these cards at certain locations — for example, a specific store or group of stores for a gift card, or your public transportation system for a transit card.[1]

References Edit

  1. Consumer Financial Protection Bureau, "What is a closed-loop prepaid card?" (full-text).

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