Fandom

The IT Law Wiki

Open-loop prepaid card

32,181pages on
this wiki
Add New Page
Talk0 Share

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.

Definition Edit

Open-loop prepaid card are

prepaid cards that typically carry a card network brand logo (such as Visa, MasterCard, American Express, or Discover). These cards can be used at a wide variety of merchants that accept or honor cards displaying that brand. They generally are issued by financial institutions. Due in part to higher compliance and consumer service costs, there cards are more likely to expire and to be subject to fees compared to closed-loop prepaid cards, including card issuance and transaction-based fees. Many state gift card laws do not apply to open-loop bank-issued prepaid cards.[1]

References Edit

  1. Pillsbury Winthrop Shaw Pittman LLP, Virtual Currency & Beyond: Acronyms, Abbreviations and Key Definitions, at 9 (full-text).

Also on Fandom

Random Wiki