Why are International Prepaid Cards Very Popular? Top Reasons
For many years now, credit cards have been the preferred payment option for many people. Without doubt, the ease of use, convenience, and protection credit cards provide make them the ideal choice. Unfortunately, certain restrictions and limitations have hindered many people from having easy access to credit cards.
The good news is prepaid cards have been introduced and have provided almost the same level of convenience and ease minus all the hassles that come with credit card applications. Also, for those people who often travel overseas, international prepaid cards have become a trusted companion.
Fortunately, international prepaid cards work pretty much like credit cards. However, they have one very distinct difference—prepaid cardholders already have a balance set in advance via prepayment. Just like credit cards, prepaid cards can also be used in restaurants, shops, online purchases, and even withdrawal transactions.
So what exactly makes prepaid cards so powerful and very popular? For starters, they offer a lot of peerless benefits, some of the most notable include:
Ease of Use
In many ways, prepaid cards are no different from credit cards in terms of usage. That being said, there is little to no learning curve required. In addition, loading money onto a prepaid card can be carried out effortlessly as there as several loading options available.
Not only that, prepaid cards are also accepted and honoured in places where most credit card are accepted—restaurants, online shops, merchant stores, and ATMs.
Akin to typical credit cards, international prepaid cards are also accepted in places outside the cardholder’s country. This capability enables cardholders to pay, shop, and withdraw money using their prepaid cards.
Also, as mentioned earlier, prepaid cards can also be used for online purchase transactions. That means prepaid card users are spared from all the hassles of leaving the comforts of their homes and offices just to shop. They can effortlessly do all their shopping whenever and wherever they may be.
Unlike credit cards, prepaid card applications won’t require time-consuming and stressful background and credit checks. Simply put, those who would like to secure one won’t have to submit numerous financial documents or go through meticulous screenings. More importantly, prepaid cards don’t have credit capabilities so cardholders are spared from the risk of defaulting on their payments.
For those people who are looking for ways to curb overspending and would like to manage their money accordingly, a prepaid card can be their most helpful ally. Since prepaid cards don’t come with credit capabilities, cardholders are spared from the risk of spending beyond their means or beyond the budget they have set.
Some prepaid card users also treat their cards as a separate bank account. That means they use it to be able to easily track money they want to allot for a specific project and keep said amount separate from their savings and other expenses.
Also, since prepaid cards won’t let you borrow money from the card issuer, there is no need to worry about accumulating a huge amount of debt or incurring costly interests, fees, and other charges.