In this modern era of technology, to stay ahead of others, one needs to utilize his time and money wisely. EBL prepaid cards aim to blend multiple features with advanced microchip technology to make cashless transactions and save time.
Published on: April 4th, 2018
As a long time user of EBL Mastercard Aqua Prepaid Card, I was ecstatic when I came to know that there is a separate prepaid card of EBL that uses Visa Network, named EBL Visa LifeStyle Prepaid Card. Visa is one of the leading payment solution networks in the world and a major card provider in Bangladesh, just like Mastercard. Visa is widely accepted by nearly all the merchants and the points of sales worldwide. So I opted for a LifeStyle card and have been enjoying the benefits of the robust Visa network with the flexibility of EBL’s banking network and service!
Features of the Card
The LifeStyle card is a Dual Currency enabled EMV Prepaid card. Just like Aqua card, I’ve enabled both BDT and USD portion of the card when signing up for it for using inside or outside of the country. As this is an EMV card, it’s much more secure than the traditional magnetic strip cards. You’ll also receive real-time transaction alerts when you deposit funds or make a purchase with your card.
The ability to use USD opens a whole new world and complies with the theme ‘Digital Bangladesh’ the government is trying hard to establish. With the ability to make purchases from online shops of Bangladesh or from across the globe, the possibility is endless what you can do! But the most interesting fact I find is, the ability to pay the fees of numerous online exams. One of the most common concerns of a fresh graduate, who is pursuing higher studies in abroad, is paying exams fees. As international credit cards are very rare for Bangladeshi students, most of them struggle with paying GRE/IELTS/TOEFL etc. exams fees. I’ve seen many young and brilliant minds to frantically search for cardholders in social media platforms and eventually failing to pay the fees in time due to the lack of an international credit card. Fortunately, with the dual currency enabled EBL Visa LifeStyle Prepaid Card, it is now possible even for the students to get a card that can be used for international transaction. And with the $300 limit per transaction, there should be no problem in getting the payment done for almost all of the exams. It is also possible to increase this limit by filling up an Online Declaration Form found in the EBL website and emailing it to them, so that you don’t have to spend time visiting the branch.
You can also use the card to pay any other online transactions. Whether it’s Facebook ads or Aliexpress merchandise or Playstore/Steam/DOTA items, it’s up to you how you may use the card to your benefit. Also, as the card is dual currency, meaning enabling both US Dollar and Bangladeshi Taka, you can also use the card in any merchant shop like Agora, Shwapno, Meena Bazar etc. that accepts Visa cards and may also get cashbacks or deals. The Visa card also comes with several year-round deals for Visa users whenever offered by EBL, so keep an eye for those too. However, you need to load the money in USD/BDT portion during depositing money or you can also convert the deposited money from USD to BDT over phone.
One very interesting thing I find about the prepaid cards is that it doesn’t require the user to have a bank account with EBL. You don’t need to find an introducer in the bank to apply for a LifeStyle card as you need for opening a bank account. While an interest on the deposited money would’ve been a great addition, I think the versatility of the card outdoes these minor features. But one really cool feature is, the ability to transfer fund from your EBL bank account if you already have one. The EBL Visa LifeStyle prepaid card can be reloaded anytime with the EBL SKYBANKING Application which is provided with EBL Account. Therefore, having a prepaid card and an EBL Account will ensure you get to have easy access to funds during emergency.
The ability to use USD opens a whole new world and complies with the theme ‘Digital Bangladesh’ the government is trying hard to establish. With the ability to make purchases from online shops of Bangladesh or from across the globe, the possibility is endless what you can do! But the most interesting fact I find is, the ability to pay the fees of numerous online exams. One of the most common concerns of a fresh graduate, who is pursuing higher studies in abroad, is paying exams fees. As international credit cards are very rare for Bangladeshi students, most of them struggle with paying GRE/IELTS/TOEFL etc. exams fees. I’ve seen many young and brilliant minds to frantically search for cardholders in social media platforms and eventually failing to pay the fees in time due to the lack of an international credit card. Fortunately, with the dual currency enabled EBL Visa LifeStyle Prepaid Card, it is now possible even for the students to get a card that can be used for international transaction. And with the $300 limit per transaction, there should be no problem in getting the payment done for almost all of the exams. It is also possible to increase this limit by filling up an Online Declaration Form found in the EBL website and emailing it to them, so that you don’t have to spend time visiting the branch.
You can also use the card to pay any other online transactions. Whether it’s Facebook ads or Aliexpress merchandise or Playstore/Steam/DOTA items, it’s up to you how you may use the card to your benefit. Also, as the card is dual currency, meaning enabling both US Dollar and Bangladeshi Taka, you can also use the card in any merchant shop like Agora, Shwapno, Meena Bazar etc. that accepts Visa cards and may also get cashbacks or deals. The Visa card also comes with several year-round deals for Visa users whenever offered by EBL, so keep an eye for those too. However, you need to load the money in USD/BDT portion during depositing money or you can also convert the deposited money from USD to BDT over phone.
One very interesting thing I find about the prepaid cards is that it doesn’t require the user to have a bank account with EBL. You don’t need to find an introducer in the bank to apply for a LifeStyle card as you need for opening a bank account. While an interest on the deposited money would’ve been a great addition, I think the versatility of the card outdoes these minor features. But one really cool feature is, the ability to transfer fund from your EBL bank account if you already have one. The EBL Visa LifeStyle prepaid card can be reloaded anytime with the EBL SKYBANKING Application which is provided with EBL Account. Therefore, having a prepaid card and an EBL Account will ensure you get to have easy access to funds during emergency.
Signing up
Practically any adult Bangladeshi who needs a card can get his/her own LifeStyle Prepaid Card. For this, you need to visit an EBL Branch with a valid photo ID and a photo of your own. The national ID or driving license or passport would serve as the photo ID. Also, if you want to enable USD transaction, you must take your valid Passport with you. The branch executive will give three documents to fill up, namely, the Prepaid Card Application form, KYC form, and e-commerce enrollment form. The KYC form and the e-commerce enrollment form are required for online transaction. The passport should also be endorsed for foreign transactions. It is possible to get the card instantly, although it’d take up to 72 hours for being enabled for BDT transaction and up to 5 working days for international transactions. The instant card will bear the name ‘EBL Cardholder’ in place of cardholder’s name, but you can also apply for a customized card to bear your name for no extra charge.
Endorsing Passport for international transactions
For foreign transactions, you must endorse your passport for the amount of money you want to spend. For one calendar year, you are allowed to endorse a maximum of $7000 for SAARC countries and $5000 for rest of the world. You can endorse the whole amount at once but you'll have to keep a few points in mind. This endorsement has nothing to do with cash endorsement. So if you have exhausted all your endorse limit, you may not be allowed to endorse dollar during traveling. Also, the endorsement is divided into all of your cards. So if you have endorsed the whole limit on one of your cards, others won't be eligible anymore.
Using the card
After receiving the card, you will need to activate the card by calling their helpline. Also, you’ll need to make sure that the USD online transaction is turned on with proper endorsement. After successful activation of the card, you’ll receive an SMS. Using the card online is very easy indeed. In the payment page, there are at least three fields, the card number, expiry date and the CVV/security code. Enter the full card number and the expire date as it is on the card. You can find the CVV number on the back of your card. Often times, there’s provisions for entering name and address of the cardholder. If you didn’t apply for a customized card, your card will not bear your name on it. But in place of the cardholder’s name field, you must write your own name as was written in the application form during sign up. Same goes for the address field. After successful or unsuccessful transaction, you’ll receive a transaction alert SMS stating the transaction amount, merchant name, redacted card number and transaction time. In case of failure, you’ll also receive the reason the payment didn’t go through. Contact the customer helpline if you believe there is something wrong. The customer helpline is open 24/7 and have some very cooperative executives determined to solve your problems.
Verdict
The EBL Visa LifeStyle Prepaid Card is one of the best services provided by any bank in Bangladesh, introduced with keeping customer satisfaction in mind. I would recommend everyone to have a card of their own that will open new possibilities for them. With an issuance fee of only 500 BDT (plus VAT) for three years and no maintenance fee or hidden charges, this can truly be one of the best investments.
