With winning $25 on the RedGage daily contest, I had passed the $25 payment threshold required to cashout from the site. In fact, with contest winnings, you need to claim them as quickly as possible or you will lose them and someone else will win the contest.
Payments received from RedGage are to a pre-paid VISA card. With this being the first time I had cashed out any earnings. I’d thought this meant, seeing as they required a shipping address, that I was going to be sent an actual VISA card.
What it actually is is a virtual VISA card that can be used online or the funds withdrawn to a bank account. I haven’t yet set up the bank account, as I don’t have my bank’s SWIFT number to hand, so I don’t know what the charges are to use it. I also want to check to see if it can be used to fund a PayPal account.
The virtual card is run by EntroPay, a company I hadn’t heard of until now. Once you have an account with them, you can add more funds to any of your virtual cards – it appears that you can have more than one. There was a fee for receiving payment from them, of $0.49, which is actually quite a bit lower than PayPal fees for receiving money. There are a few more fees for using various different services, such as transferring or receiving money from plastic, or currency conversions.
Once the virtual card is initially set up, you can see a picture of it in your card section, which shows the card number and expiry date, as well as the security code below. This could be displayed as easily as just text, but I suppose this way is prettier.
The card can be used to make purchases online in the same way that you would use a normal credit or debit card, but at least you can never lose this one.