5 Smart Reasons to Get Yourself a Prepaid Card

More and more consumers the world over are resorting to prepaid cards for payments. Taking into accounts all the amazing benefits it offers, the popularity of the best prepaid cards is not really surprising.

In a lot of ways, prepaid cards work pretty much like the typical credit or debit cards. More or less they have many of the amazing features of other plastic cards minus the drawbacks.

If you are considering getting a prepaid card, below are some of the smart reasons to get the best prepaid cards.

1. It allows you to earn rewards

Some prepaid card issuers entice people to get a card by offering rewards. Just like many credit cards, some prepaid card issuers deliver loyalty rewards that allow them to earn points that can be converted to cash.

Some of the activities that merits reward points include incentives, rebates, and purchases. Distributors, customers, and employees also have the option to accumulate and redeem rewards as they see fit.

Studies show that flexible reward programs provide better customer satisfaction as they allow cardholders to purchase exactly whatever it is that they want.

2. It gives you protection

Peace of mind if important when it comes to finances. When using a prepaid card, your funds are protected so you have peace of mind knowing your money is protected. Also, since there’s no bank or credit account information that are at risk, there is enhanced security, real-time monitoring, and instant reporting.

Prepaid card is also safer to use compared to debit or credit cards so it decreases the risk of theft, loss, or fraud. In the event that you become a victim of a fraud attack, you only lose risking the balance that’s available on the card and nothing else as it is not connected to your savings or checking account.

3. Obtaining one is easy and straightforward

Poor credit, no credit, or spotty history? It won’t hinder you from obtaining a prepaid card! Meeting the requirement for a bank account or credit card can be both time-consuming and stressful. 

In most instances, your financial history and background will be looked into. If you have committed some financial mistakes in the past, your chances of getting approved is zero to none.

4. You can reload funds whenever convenient

An open-loop reloadable card is reloadable. Reloadable cards can be topped continuously with additional funds at any time you deem fit. It is a great option if you are looking for a financial tool you can use to pay for bills, make purchases, and handle your day-to-day transactions.

When it comes to loading money onto the card, several options are available. You also have the option to load money onto your prepaid card through a secure online portal. As soon as the amount has been loaded, you can immediately use the card for purchase transactions and ATM withdrawals.

5. It is a great money management tool

Many people turn to prepaid cards to cut down on cost, eliminate debts, and curb overspending. Money management can be challenging at times. Fortunately, a prepaid card can be a really powerful tool that can help you manage your money and can help ensure that you are able to stay on top of your spending.

Also, you can never overspend when using a prepaid card since your spending will be limited by the balance that’s available on the card. Once the balance has been depleted, your spending also stops automatically until such time that you load money onto your prepaid card again.

Prepaid Cards: Are They Right for You?

While they are considered the latest addition to the plastic card family, reloadable prepaid cards have already earned their place in the hearts and wallets of countless people. The popularity of reloadable prepaid cards however is no coincidence. 

For starters, reloadable prepaid cards make it effortless to control spending and avoid debts. Make no mistake about it, reloadable prepaid cards share a few similarities with credit and debit cards. One of the most distinct differences is it is not attached to any banks.

Are Prepaid Cards Right for You?

Conventional plastic cards like credit and debit cards carry with it a few risks many users would rather steer clear of. For instance, transactions using credit or debit cards often come with really costly fees and other charges. That’s not even counting the high interest rate you are expected to pay monthly.

If you are trying to curb overspending, there is no doubt prepaid cards are your best option. With prepaid cards managing your spending is a walk in the park. You won’t have to wonder every now and then how much your remaining balance in the account is or if you are already spending more than you should or allowed to.

With a prepaid card, you can load a specific amount on the card (daily, weekly, monthly, annually—whatever works for you) and use it for whatever purpose you intend to use it for. If you deplete all the available balance in the card, you have the option not to load money onto it again until you want to.

The great thing is loading money onto your reloadable prepaid card is very easy and straightforward. For starters, you can easily load money onto your card through secure online portals. Once the money has been loaded successfully, you can use your card right away for purchase transactions and ATM withdrawals.

The Peerless Benefits of Reloadable Prepaid Cards

They are easy to obtain

Unlike credit or debit cards where you have to submit countless financial documents and go through a stressful application process, obtaining a reloadable prepaid card is the exact opposite. You won’t have to submit any financial documents and you won’t have to go through those background checks.

Even financial mistakes you have made in the past won’t get in your way when it comes to obtaining reloadable prepaid cards. When applying prepaid cards, your financial blunders in the past will be taken into account and might even cost you your approval.

They are easy to use

If you have used credit or debit cards before, you’ll be able to use reloadable prepaid cards with ease. There’s not much to learn, really. You use them pretty much like all the other plastic cards. That means, you swipe them at merchant stores and enter the account number when doing online purchase transactions.

You can also use your reloadable prepaid cards for ATM withdrawals. You use it just like you would any other ATM cards. Once the balance on the card has been depleted, you won’t be able to use it for the time being. That means all the transactions you will do will be declined. You can however use it again once you have loaded money on the card.

They can also be used outside the country

If you love travelling outside the country on a routine basis, you will surely love reloadable prepaid cards. You can also take them with you outside the country and use it just like you would any other plastic cards. Fortunately, it is often accepted in merchant stores and can also be used for ATM withdrawals.

Prepaid Cards for Business: What You Should Know

Prepaid cards for business are considered one of the best financial tools around. After all, unlike debit or credit cards, you won’t be giving employees access to the company account. This is vital when safeguarding the assets of the company. That means you can rest assured no employee can run up any debt using the company credit card.

Prepaid cards for business also allows you to stay on top of your spending. You have the option to load whatever amount you want at the frequency that you deem fit. Also, unlike credit or debit cards, fees and other charges are very minimal. There are also no hidden charges or exorbitant interests.

If you are considering getting prepaid cards for your business, here’s all you need to know:

No credit history required.

Since no debt or credit is involved in the use of prepaid cards, your credit history won’t be looked into when you get one. If you are a new startup and have yet to build up your credit, prepaid cards can be ideal for you. Since you would be spending your own money, you won’t pay anything at the end of the month. This means you are also spared  from costly fees, interests, and charges at the end of each month.

You can empower employees.

Traditional options can restrict employees and can lead to poor spending practices. With a prepaid card, you can stay on top of all the spending. Not only that, you also have the option to limit the spending of those who are using the card and where they spend it. That means, everything is straightforward for you.

You won’t have to go through endless expense and spreadsheets just to see where money is going. Also, unlike credit cards, you won’t have to wait until the end of the month just to trace where all the money went. You also have the option to check daily if you wish so there are no surprises at the end of the month.

You can allocate expenses to several cards.

Prepaid cards for business can be great if you want to allocate certain expenses on different cards. This is crucial so you won’t have to put everything in one card and get all confused as to how the allocation was spent. For instance, you can allocate transportation expenses to one card, miscellaneous expenses to another, etc.

With this kind of setup, everything is very easy for you to trace and manage. If you so wish, you can check expenses at the end of each day so you can gauge if there is a need for you to load additional money or leave things as they are. And since you can check on a daily basis (or more if you like), you can easily spot any discrepancies if there are any.

Once the balance on a specific card has been depleted, you have the option to wait until the start of another month to load money on the card or you can load it immediately if you still have remaining budget left. The great thing is loading money onto the card is a breeze. Depending on what the issuers have set in place, you have different loading options to choose from.

Compared to other options like credit or debit cards, fees and charges are typically very minimal. There is also no need to worry about going over the credit limit. Once the balance has been all used up, spending also stops automatically. Fortunately, you can always load money onto the card anytime you want to. Once the money has been loaded successfully, you can use your card right away.

What to Consider When Choosing a Prepaid Card

Over the years, the best prepaid cards have earned quite a following. This is not exactly surprising as the best prepaid cards come with peerless benefits that are truly hard to miss. In 2015 alone, more than half of Americans purchased prepaid cards for personal use. That’s a massive rise compared to just 19 percent in 2008. 

If you’re considering getting a prepaid card but unsure if it’s the right fit for you, you’ve come to the right place. This article will cover all you need to know about prepaid cards so you gauge if it’s the best option for you and you will know what to consider when getting one.

Prepaid cards work more like a debit card than a credit card.

While prepaid cards look just like the typical debit or credit cards, they are actually very different in terms of features. Unlike credit cards where the bank will have to pay for your purchases first, with prepaid cards, you will be spending your own money. Also, unlike debit cards, your prepaid card is not connected to any bank account.

The great thing about prepaid cards is you can also use them for purchase transactions and ATM withdrawals just like you would when you’re using a credit or debit card. Prepaid cards are also often backed by major financial institutions so they are accepted and honored by many merchants the world over.

Your prepaid card can also be used for online purchases. This is one thing many people find really inviting. After all, it spares them from all the hassles associated with going to the malls, braving the traffic, and dealing with fellow shoppers and sales clerks.

Prepaid cards can be a great alternative to banks.

If you don’t like dealing with banks or would like to avoid the hassles associated with it, prepaid cards can be a wonderful alternative you can look into. In the United States alone, a whopping 68 million people have no checking account. Fortunately, they can use prepaid cards as an alternative. 

What makes prepaid cards a truly enticing alternative is how easy they are to obtain. Unlike prepaid and debit cards where you have to submit financial documents and personal information and subject yourself to credit and background checks, prepaid cards are straightforward to get. No credit and background checks and no need to submit any financial documents or personal information!

They can help you manage your money accordingly.

If money management is a challenge for you, you are not alone. Many people also find it extremely difficult to manage their money accordingly and stay on top of their spending. Fortunately, prepaid cards can be your most powerful and helpful ally. For starters, all the transactions you will do using your card is deducted directly from the balance available.

When using credit cards, you can do purchase transactions and carry out ATM withdrawals while “borrowing” money from the bank. In other words, the bank pays for the purchases first and you’ll have to pay the bank at a later date plus interest. The unfortunate thing is it’s easy for you to spend even if you are not allowed to or can afford to.

With a prepaid card, all the spending will be deducted from your balance in real-time. Once the available balance on the card has been depleted, the spending also stops. You won’t also be able to do any transactions if the balance on the card is already zero. You however have the option to load money onto the card so you can use it again for whatever transactions you have in mind.

Getting an International Prepaid Card? Read this First!

Pre-COVID-19, many people travelled for diverse reasons. Regardless if it’s business or pleasure, travelling was made easy with international prepaid cards. Before international prepaid cards were introduced, people relied mainly on their credit and debit to help them manage their expenses while outside the country.

However, many people can attest that managing expenses can be tricky when outside the country. After all, you have the tendency to let loose and enjoy and not worry about how you’re spending and what you’re spending them on. Fortunately, this is where international prepaid cards can come in handy.   

International Prepaid Cards: All You Need to Know

So exactly are international prepaid cards and why are they deemed the consummate travel companion? Discover all you need to know about international prepaid cards in this article.

International Prepaid Cards in a Nutshell

Sometimes referred to as currency cards, international prepaid cards allow users to load money onto the card before they leave the country and travel overseas. Even while outside the country, the card can still be used for purchase transactions and ATM withdrawals.

Some international prepaid cards can offer multi-currencies, something very useful when travelling overseas. Since the international prepaid card is preloaded with money, it makes it very easy for cardholders to stay on top of their spending and manage their money accordingly. 

For utmost ease and added convenience, some issuers of prepaid cards give users the option to manage their cards online or through their mobile phones. Just like the typical debit and credit cards, international prepaid cards are associated with major and established financial and credit companies.

How International Prepaid Cards Work

For many, international prepaid cards are the ultimate travel companions. In fact, many people never travel to other countries without it. Why? For starters, international prepaid cards come with amazing and exciting features other plastic cards don’t offer. As if not enough, they also have very minimal costs, fees, and charges.

Just like debit and credit cards, international prepaid cards can be used for ATM withdrawals and purchase transactions, both online and through merchants. Cardholders also have the option to preload their international prepaid cards with a currency of their liking. In addition, they can also perform currency transfers while managing expenses online or through an app.

Unlike credit and prepaid cards which can be very hard to obtain (hint: tedious and time-consuming background and credit checks), getting an international prepaid card is a breeze. Since they don’t come with credit capabilities, you are spared from all the hassles associated with background and credit checks.

Once you have the card, you can immediately load money onto it and start using it for purchase transactions and ATM withdrawals. There are also several options when it comes to loading money onto the card. For instance, money can be loaded onto the card through secure online portals. 

You also have complete control over the frequency of loading money onto your card. Depending on what you deem fit, you have the option to load money onto your card weekly, monthly, or daily. Basically, anytime that’s convenient for you! Once the money has been loaded onto the card, you can immediately use it again.

Since transactions are deducted from your prepaid card immediately, you’ll stay on top of your spending. Not only that, once the balance on the card has been depleted, spending also stops automatically. This is a really great feature since it puts a halt to people’s tendency to overspend.

Once the balance has been depleted, no transactions using the card will be accepted. You either wait until the next schedule to load money onto the card or you can load money again if your budget still allows.