Consumer Financial Protection Bureau Seeks Comments Regarding General Purpose Reloadable Prepaid Cards

05/29/12

A GPR card is issued for a set amount of dollars in exchange for payment made by a consumer. If the GPR card is “reloadable,” consumers can add funds to the card. In addition, prepaid cards may either be “closed-loop” or “open-loop.” “Closed-loop” cards are prepaid cards that can only be used at a specific merchant or group of merchants, while “open-loop” cards can be used at any location that accepts payment from a retail electronic payment network. Learn More