Your Quick and Comprehensive Guide to the Amazing Reloadable Prepaid Cards
If you are like most people, it is highly likely that you are considering getting a reloadable prepaid card. If anything, you are not alone! In fact, in 2015 alone, at least half of Americans got themselves a reloadable prepaid card for personal use.
However, the massive spike in the use of reloadable prepaid cards does not come as a surprise if we take into account the unbeatable benefits they offer.
If getting a reloadable prepaid card is something you are also considering, here are some of the essentials you need to know:
Prepaid cards share some common features with debit cards.
While similar in appearance to credit cards and can be used almost like one, there is one distinct difference—prepaid cards have no credit behind them.
In essence, prepaid cards work just like the typical debit cards—that means when you use them you are spending your own money and not that of the issuing bank.
However, unlike the conventional debit cards, prepaid cardholders are not required to have a bank account to use their cards. All they need to do is load money onto the card directly and then use the available balance for purchase transactions.
Once the balance on the card has been depleted, prepaid cardholders need to load money onto the card again before they can use it for purchase transactions or ATM withdrawals.
Since most prepaid cards are associated with major financial institutions, they can be used almost anywhere conveniently. They are also accepted and honoured in most places where the major financial institutions they are associated with are accepted.
That means you can easily use your prepaid cards to pay for your gas, purchase groceries, or pay for online purchases with ease.
It can be a really beneficial tool that can help you manage your money.
Even for those individuals who have access to regular bank accounts, prepaid cards can be a welcome and beneficial addition to their financial arsenal.
Why? For starters, prepaid cards can be used as an effective budgeting tool for those who are looking to curb overspending and those who want to manage their budget accordingly.
For instance, if you wish, you can load money onto the card and allocate it for a particular project alone. Let’s say you’ll use it for grocery purchases alone. When the balance has been depleted, your spending also stops automatically.
Essentially, reloadable prepaid cards are designed to help consumers effectively and effortlessly manage their money and spending while limiting both risks and costs.
Not only that, with a reloadable prepaid card, users can do away with worrying about accumulating mounting debts or paying for those exorbitant monthly or annual fees, interests, and other charges.
Cardholders have plenty of reloading options.
In case you need to load money onto the card, you’d be glad to know there are several convenient alternatives available at your disposal.
Some of the available reloading alternatives include:
- Transferring money from a bank or financial institution
- Having an employer deposit the paycheck directly onto the card
- Transferring money from a PayPal account
- Reloading money using a secure online portal