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.