In the world of plastic cards, the debate has historically been between credit cards and debit cards. However, there’s a new contender in the mix, and that’s a prepaid card. This card looks and works a lot like a debit card, but you load money directly onto the card and essentially have that money available as electronic currency. Here are the top four benefits of prepaid cards.
1. It’s much easier and faster to get a prepaid card than a debit card or credit card. There’s no credit check, a very low minimum initial amount you load onto the card, and no requirement to keep a bank account open. This makes prepaid cards accessible to the thousands of people who can’t qualify for other types of cards.
2. You can’t overdraw a prepaid card or go into debt using the card. You have to have the money available to load the prepaid card, and then you can only spend what’s on the card. If you try to spend more money than you currently have loaded onto your prepaid card, your purchase will be denied. This feature is helpful for people who need help budgeting effectively.
3. Prepaid cards can be used to make purchases online, similar to a credit card or debit card. You just have to enter the number on the prepaid card and the vendor can process it just like they would a debit card transaction. You can also pay bills online with a prepaid card.
4. If you need cash, you only have to insert your prepaid card into an ATM to be able to withdraw some or all of the funds from the card. This flexibility is much more than you would have with a credit card, and you can look up the record of withdrawals from your prepaid card to track where your money is going and how much you’re taking out as cash.
If you’re ready to get a prepaid card, check out our comparison tool at CreditNowUSA.com to find the best card for your lifestyle and needs!
For more information, go to Prepaid Cards at http://www.creditnowusa.com/Prepaid-Cards