What Makes Prepaid Cards Exceptionally Appealing
Initially, prepaid cards were promoted as a very convenient option for those who don’t have access to banks. It turns out, the best prepaid cards actually have a much broader appeal. In fact, a report from the Pew Charitable Trusts indicated that those who use the best prepaid cards have given up on other options.
Prepaid cards can also be used at any store that honours and accepts other plastic cards like credit and debit cards. Prepaid cards also provide cardholders easy access to ATMs in case they want to withdraw cash. There is also no need for credit checks when applying for one.
The Pew study also looked into the reasons prepaid cards have earned quite a following even among people who already have debit or credit cards. Primary, what they found out is many respondents believe they are able to control their finances better when they use a prepaid card.
Not only that, they also believe that using a prepaid card spares them from paying those over the roof fees, interest, and monthly charges. Icing on top of the cake is they can credit a certain amount of money on the card and limit their spending to that amount alone.
While prepaid cards also have fees for certain transactions, they are undeniably way lesser compared to other plastic cards. No wonder many people consider them more economical. Some experts also claim that prepaid cards are universally less costly in terms of charges compared to its other counterparts.
The Exceptional and Undeniable Appeal of Prepaid Cards
Prepaid cards offer benefits that are hard to match. Some of the remarkable benefits they offer include:
No credit checks needed. This might not be common knowledge but banks run credit checks on every individual who applies for credit or debit cards. That means for those who have made grave financial mistakes in the past like issuing bouncing checks or not paying their bills on time, their chances of getting approved is very slim.
Fortunately, obtaining a prepaid card is as easy as can be. No credit checks are required and applicants won’t be asked to submit financial documents or personal data. People can also get as many prepaid cards as they want, depending on how many they think they need and they can all get them without any hassles or issues.
It’s an efficient budgeting tool. Going into debt can sometimes send people into a financial tailspin that might take years for them to recover from. For those who have a tendency to overspend, a prepaid card can be a very powerful tool. For many, the prepaid card is seen as a very effective and convenient way to manage money accordingly.
Those who don’t have access to banks, students who need quick access to cash but can’t get a credit card, and those parents who would like to teach their children proper money management skills all rely on prepaid cards to help them out.
With a prepaid card, spending also stops automatically as soon as the balance on the card has been depleted. That means you can limit your spending and just load money back on the card again whenever you deem fit.
You can use it to shop online. Online shopping has become a favourite of many and for good reason. For starters, online shopping allows you to purchase whatever it is that you want without having to leave your house or office.
All you have to do is visit the site you want to purchase items from, browse through all the available stocks, pick the one you want, pay for your purchase using your prepaid card, and just wait for the items to be delivered to your doorsteps. That’s convenience and ease you just can’t miss out on!