The Wiz Prepaid VISA Debit Card is offered by United Bank Limited (UBL) in the country of Pakistan. The card is the first of its kind to be available in the country, and offers significant advantages over both cash and traditional credit card options. The UBL Debit Card offers cardholders convenience and security in an easy-to-budget service.
Budgeting
The UBL Wiz debit card allows the cardholder to deposit or "load" only the exact amount of money that is needed for spending. This allows for easy budgeting and help prevent overspending. If a person is going out for a night with friends, for example, he can load the UBL Wiz with his budgeted amount and use the card for all purchases that night. While a traditional credit card allows for spending beyond a budgeted amount, the Wiz card helps keep users within their preset budget constraints.
Because the UBL Wiz is linked to an electronic account, record keeping for budget purposes is simple and straightforward. Instead of manually recording every transaction, as with a checkbook ledger, the holder of a Wiz debit card can easily view all previous transactions online. These expenditures can be exported and printed for simple budget record keeping.
Security
The UBL Wiz debit card offers several security benefits compared to cash. When a large amount of cash is lost or stolen, it is nearly impossible to track and difficult to recover. With the Wiz, however, a stolen card can be deactivated with a quick phone call to the issuing company, or from any computer online. This way, users can "freeze" their accounts, preventing unauthorized withdrawals.
UBL Wiz cards are simple to replace if they are ever lost. The United Bank is able to issue replacement cards to account holders who verify their identity. Replacement cards provide access to the frozen assets within the account, but they use a new debit card number in order to prevent fraud. These features help make the Wiz card very secure.
Convenience
The UBL Wiz debit card is part of the VISA network. This means that it can be used anywhere VISA is accepted. Additionally, the United Bank operates over 400 of its own ATMs throughout 86 different cities in Pakistan. At these ATMs, Wiz cardholders do not have to pay any surcharges for withdrawals.
Locations such as banks, retailers and gas stations commonly have debit card readers that allow users to complete transactions using only the card and a personal PIN number. This allows people to make purchases quickly and securely. Purchases made on a Wiz debit card are completed electronically, eliminating the need to carry cumbersome currency and large amounts of loose change.
Flexibility
The UBL Wiz card offers flexibility for making purchases even outside of Pakistan. The card can be used over the Internet from any country in the world, and can be used to make online purchases with any website that accepts VISA.
Additionally, the UBL Wiz can be used to access funds from international ATMs. This is a major benefit for travelers, as it automatically converts funds on the card to local currency. For example, a citizen of Pakistan with a UBL Wiz card can travel to the United States, access an ATM and access cash in American currency. Conversions between currencies are calculated electronically based on the current exchange rate, eliminating the need for a traveler to visit a bank.
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