Here’s How Millennials Feel About Prepaid Cards

This might not be common knowledge but millennials now make up a massive part of today’s modern workforce. Another surprising fact about millennials? They love and are using the best prepaid cards they can get their hands on!

If you are a millennial, you can probably attest that the best prepaid cards have become quite popular. In the United States alone, a staggering 29 million millennials already have their salaries loaded onto their prepaid cards.

A B&C study explored the use of the best prepaid cards among millennials. The result of the study provided a lot of insight into the relationship between millennials and their prepaid cards. 

Some of the insights include their views on prepaid cards and the benefits they offer, how and why they opt to use prepaid cards, their overall satisfaction with prepaid cards, and many others.

Overall, the survey revealed that regardless of how and where millennials use their prepaid cards, they are quite satisfied with it. As expected, they also have a positive and favorable experience when it comes to using their prepaid cards for purchases as well as other transactions.

Below are some of the interesting revelations from the survey conducted on millennials and their relationship with their prepaid cards:

Overall Prepaid Card Satisfaction

  • A whopping 83 percent of respondents say they are happy and satisfied when it comes to using their prepaid cards
  • Another 23 percent of prepaid card users say prepaid cards met their expectations and they were not disappointed at all
  • Over 60 percent of the survey participants revealed say that their prepaid card is more useful than they first thought

Prepaid Card Fees

  • At least 33 percent of the millennials that participated in the survey revealed they prefer their prepaid cards over other options like their checking accounts as they won’t have to deal with overdraft fees and other monthly charges
  • At least 20 percent of the survey respondents don’t have checking accounts and were quite worried about needing to maintain a minimum balance when using their prepaid cards

Credit Cards versus Prepaid Cards

  • Of the 64 percent respondents that don’t have credit cards, most chose not to get one by choice and not because they are not qualified to get one
  • Forty-seven percent of the survey respondents opted not to get a prepaid card so they can avoid spending more money than they can afford or would like to
  • Another 42 percent of the respondents say they didn’t get a prepaid card so they can avoid debt

Prepaid Card Usage

  • At least 98 percent of the survey participants revealed that they use their prepaid cards to make purchases
  • Majority of the survey participants use ATM and cash back at the point-of-sale access from their prepaid cards
  • Seventy three percent of the participants use their prepaid cards to withdraw money from automated teller machines (ATMs)
  • A staggering 73 percent of the survey participants revealed they get cash back at the register.
  • Close to 50 percent of the survey participants revealed that they use their prepaid cards to withdraw money from ATMs at least 3 times (or more) monthly

What Makes Prepaid Cards Different

Thanks to their peerless benefits and features as well as the amazing ease and convenience they offer, prepaid cards have become massively popular. In fact, nowadays, businesses, regardless of size are now using reloadable prepaid cards because of the enticing and peerless benefits they offer.

Years prior, credit and debit cards have been the plastic card of choice for many people, even for entrepreneurs. Nowadays, reloadable prepaid cards have given credit and debit cards a run for their money by offering benefits and features that are truly hard to resist.

While reloadable prepaid cards have things in common with other plastic cards, there are certain features that make them stand out. If you are considering using reloadable prepaid cards, below are some of the features that make them stand out:

Reloadable prepaid cards are easy to obtain

While other plastic cards like credit and debit cards offer a lot of amazing benefits and features, they are quite difficult to obtain for some people. For starters, most people have to go through stressful financial and background checks when applying for one. If you have made a few financial blunders in the past, it can get in the way of you obtaining one.

Fortunately, reloadable prepaid cards are very easy to obtain. You won’t have to go through those time consuming credit and background checks just to get approved. Also, any financial mistakes in the past will not hinder you from getting your hands on a reloadable prepaid card and enjoying all the benefits it offers.

If anything, getting a reloadable prepaid card is easy, straightforward, and quick. And since reloadable prepaid cards are not associated with any banks, you won’t have to pay for any exorbitant fees, interests, and other charges.

Reloadable prepaid card users allows you to send your own spending limits

Many people who use credit cards know there is a set spending limit for the card. In other words, the issuer or the bank will be the one to set a maximum amount the cardholder can consume. Unfortunately, this limit can be inconvenient when you want to use the card on something that’s worth more than the balance available on the card. 

Fortunately, with a prepaid card, you are spared from this hassle. Since you get to decide how much you will load on your card, you get to spend your own spending limits in a way.

Holders of reloadable prepaid cards also have the option to load the exact amount they want to load and at any time they deem convenient. The freedom to set your own limit is also very beneficial as you can load money daily, weekly, or monthly, depending on what you deem fit.

Reloadable prepaid cards are accepted by many merchants

Users of reloadable prepaid cards can be very helpful when you want to make payments for various transactions regardless if it’s local or international. In addition, using a prepaid card can also be used to make purchases easy as users have the option whatever it is that they need when using their card.

The wonderful thing is most prepaid cards are accepted by international networks and payment portals. Nowadays, having the option to conveniently perform payment and purchase transactions cannot be overemphasized.

With the world becoming increasingly tech-savvy, the ability to have a tool that can be used for purchase transactions through merchants and online stores is a breath of fresh air. 

After all, the convenience of not carrying cash with you wherever you go and doing purchase transactions online and through merchants can offer comfort and ease that’s just hard to match.

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.

High Impact Use Cases of Prepaid Cards

By year 2022, the size of the prepaid card market will exceed $3.653 trillion. This incredible growth is vastly increasing interest for those in the unbanked populations. Moreover, individuals with bad credit ratings or those who are not qualified to get a bank account now choose to use the best prepaid cards they can find instead.

However, that is not all. Over the years, governments and businesses have also created unique prepaid card offers aside from the ones individual customers enjoy. They target customers either directly or through partnerships with third party payment processors. 

With continued technological innovations, the services availed through the best prepaid cards can become limitless.

Prepaid Cards: High Impact Uses

For Consumers

Consumers use prepaid cards for various reasons. Oftentimes, it involves the purchase of commodities. The card does not only offer utmost convenience, it also helps them stay within the budget and not overspend.

General Purpose Reloadable Cards

This is considered the most basic of all the prepaid cards available. These cards carry the logo of major credit establishments. They can be loaded with a specific amount of money (minimum and maximum limits apply) and can be used to buy groceries, pay for bills, etc. They can also act as a multipurpose payment and budgeting tool.

Prepaid Travel Cards

Prepaid travel cards are great tools for those who want to budget their money when they travel outside the country. The card can be loaded with the home currency before leaving the country and is accepted at merchants or businesses that also recognize the payment service used. The cards frees travellers from the hassles and risks of carrying cash and travelers checks with them anywhere they go.

Prepaid Gift Cards

Hands down, the most marketed of all the prepaid cards is the gift card. Some of the biggest companies in the world (Amazon, Apple, Google, and Netflix) offer gift cards to customers. The cards can be used to purchase applications, games, and memberships. It can also be used to avail of premium offers and get discounts.

For Businesses

Many businesses are not using prepaid cards to make things easy for their employees. This allows employees access to services that were unavailable to them previously. 

Prepaid Payroll Cards

Payroll cards make it possible to transfer salaries to unbanked employees. They can also be used to pay bills, purchase goods, and withdraw money from ATMs. The cards are also considered a favorite by employers and employees alike as they can make the processing of salaries to unbanked employees seamless, quick, and fast.

Prepaid Expense Cards

Prepaid expense cards are designed to  allow clients, contractors, and employees to purchase office supplies, avail of consulting services, and go through trip expenses using only one card. There are also health savings account cards that offer several expenses that can be paid through the card once used. 

Prepaid Card Trends to Look Out For

Top-Up Options: Banks are now allowing multiple ways to add money to prepaid cards. Customers can also now use ATMs at various stores to load money onto their prepaid cards.

Increasing Card Usage: To improve their card activation rates, some providers reward cardholders who keep their cards loaded on a routine basis. Some also waive the annual fees.

Account Management: Some online account management allows cardholders to transfer money from one account to another. It is also likely for prepaid cards to be linked to mobile contactless payments. This can make account management a lot easier.

Card Management Solution: As prepaid cardholders are demanding smarter and safer alternatives to carrying cash, many have turned to prepaid cards. Taking into account all the amazing benefits prepaid cards offer, it’s no surprise it becomes a staple in everyone’s wallet in the near future.

Today’s Reloadable Prepaid Cards: How They Evolved

prepaid cards in Singapore

Nowadays, it has become almost impossible to go about your financial transactions without using some sort of plastic card. Case in point, many people now make car reservations, car rentals, or do purchase transactions using their credit, debit, or reloadable prepaid cards.

So how did people become highly dependent on beneficial financial tools like debit, credit, or reloadable prepaid cards? The answer can be seen when we examine the evolution of the mighty reloadable prepaid cards.

The Plastic Card Evolution

To have a clear understanding of how today’s reloadable prepaid cards evolved, let us go back to where things first started.

Credit Cards

The evolution of credit cards came naturally. During the American West, pioneers charged items they purchased using cash as they had money. The sharecroppers on the other hand depended on the credit given out by landowners. Landowners also provided food and supplies to the sharecroppers and they paid back using a percentage of the crops they harvested.

Later on, stores defined credit limits, with others introducing the 90-day credit discounts. In a similar setup, customers can charge purchases, take the merchandise home with them, and pay for their purchase over a 3-month period without interest. While this setup was initially store-based, they evolved to today’s credit cards.

In essence, credit cards represent borrowed money. It is also agreed that the user can buy on credit and pay for the purchase at a later date. The first ever widely accepted credit card was the Diners Club. It was introduced in 1950. In 1959, Bank of America introduced their first “revolving” charge card known as the Bank Americard.

As the credit card system evolved, computer technology also evolved significantly. This helped further revolutionise banking. In the mid-1980s, ATMs (automated teller machines) enabled access to cash and account information 24/7.

Debit Cards

In 1984, banks introduced a new financial tool known as the debit cards. Unlike credit cards, debit cards are linked to the cardholder’s bank account. When used for purchase transactions, payment is directly withdrawn from the cardholder’s bank account. Thanks to the convenience they offer, debit cards soon became a preferred replacement for checks and cash. By 1998, more people used debit cards than checks.

Prepaid Cards

Recently, another beneficial plastic card was introduced: the amazing reloadable prepaid card. The reception reloadable prepaid cards received has been nothing less than warm and impressive. In fact, a Federal Reserve Payments Study conducted in 2010 revealed that prepaid cardholders conducted a staggering 6 billion transactions amounting to $140 million. And this figure is in 2009 alone!

Need further proof of the reloadable prepaid card’s popularity? From 2006 to 2009, usage of reloadable prepaid cards increased by as much as 20 percent. As if not enough, the value of said transactions also increased by as much as 22.9 annually. At first, transactions using reloadable prepaid cards comprise just a small portion of the total non cash payments.

However, that changed relatively over the years and reloadable prepaid cards became the fastest growing option among the plastic cards. This trend was first noticed in the late 1980s when prepaid phone cards were first introduced. This was then followed in the middle of the 90s with the introduction of the merchant specific or closed-system gift cards.

Open-system cards on the other hand were first introduced in the early 1990s. This was when the US government introduced the Electronic Benefits Transfer (EBT) cards as replacement for the paper-based food stamps. Open-system gift cards were also first introduced to the public in the mid-1990s.

Peerless and Exciting Benefits Reloadable Prepaid Cards Offer

prepaid cards in Singapore

Nowadays, cashless transactions have become the norm. That being said, reloadable prepaid cards have also become very handy. With all the benefits reloadable prepaid cards have to offer, it’s no surprise it has become one of the most popular alternatives among the plastic cards currently available.

The exciting and peerless benefits only reloadable cards offer has helped them earn their rightful place in the hearts and wallets of many. If you’re like many people, you’re probably considering getting a reloadable prepaid cards but unsure if it’s right for you. To help you make a smart decision, we’ve listed down all the unbeatable benefits  only reloadable prepaid cards can offer.

The Enticing, Exciting, and Exceptional Benefits of Prepaid Cards

You are spared from annoying credit checks. Those who have applied for credit or debit cards can definitely attest how tedious and time-consuming the application process can be.

Apart from the fact that you’ll be required to submit financial documents and financial information, you’ll also have to undergo those annoying and tedious background checks.

This also means that if you’ve done a few financial mistakes in the past like not paying credit cards on time or issuing bouncing checks, you can expect your chances of approval to be very slim.

The good news? Getting your hands on a reloadable prepaid card is the exact opposite. Obtaining a reloadable prepaid card is quick, easy, and hassle-free!

You can use it as an effective budgeting tool. Most people who use credit cards often find it very challenging to manage their spending. This is especially true for those who have a very high credit limit.

While a high credit limit is deemed an advantage by many, it can be a disadvantage for those who are trying to curb overspending or those people who are learning how to manage their money accordingly.

It is important to keep in mind that if you don’t use your credit cards the right way, you can end up accumulating mounting debts that might take years for you to recover from. Thankfully, with a reloadable prepaid card, accumulating mounting debts is something you can easily avoid.

Unlike credit cards, reloadable prepaid cards don’t come with any credit capabilities. What this means is your spending will be limited by the balance that’s available on our card. Once all the balance in the card is gone, you won’t be able to use the card until such time that you load money onto the card again. Undeniably, it’s a very helpful tool for those who want to keep their spending in check and would like to manage their money better.

You can use it for online transactions. While shopping is considered an enjoyable leisure activity by many, others see it as a tedious task they prefer not to do. Come to think of it, shopping can require a lot—you have to get dressed, drive through the traffic, and make your way through crowded stores. Not only that, you also have to interact with other buyers and salespeople.

Thankfully, there is a better option available in the form of online shopping. With your reloadable prepaid card, you can easily purchase whatever it is that you want to buy without leaving the comforts of your home or office.

All you have to do is visit the site you want to purchase items from, key in your prepaid card number, and wait for the item to be delivered right to your doorsteps. Undeniably, that’s ease and convenience you just can’t miss!

The Rise of the Mighty Reloadable Prepaid Cards

prepaid cards in Singapore

In today’s modern, fast-paced, and technology-driven world, people have it easy compared to many decades prior thanks to awesome and helpful inventions and technology breakthroughs.

For instance, many years ago, people always had to pay for almost all of their purchases with cash. Nowadays, cashless payment transactions have become the norm. In other words, people now use plastic cards like debit, credit, and reloadable prepaid cards to pay for the majority of their purchases.

That being said, it is also safe to assume that it has become very common for people to use credit, debit, and reloadable prepaid cards for ATM withdrawals as well as purchase transactions, regardless if it’s online or otherwise.

Currently, plastic cards like the reloadable prepaid cards have become a staple in the day-to-day transactions of today’s modern man.

The Impressive Rise of the Mighty Reloadable Prepaid Cards

While they are the latest addition to the growing plastic card family, reloadable prepaid cards have easily earned their rightful place in the hearts (and wallets) of many people nowadays.

Thanks to their unbeatable benefits, reloadable prepaid cards have also experienced a gargantuan rise in both usage and popularity. It’s also safe to assume, it has shown no signs of slowing down.

If you are like many people, it is highly likely that you’re also considering getting a reloadable prepaid card if you don’t have one yet. If you’re not really familiar with this amazing and ingenious financial tool, the following basics should help you get to know it a tad bit more.

You won’t need to go through background and credit checks just to get one.

Without doubt, background checks are time-consuming, tedious, and just downright annoying. However, they are considered an integral part of both debit and credit card applications. The same rings true for checking and savings account applications.

Not only that, apart from scrutinising your background and credit histories, some issuers of debit and credit cards will also take into account your employment history as well as other personal information before their applications are approved.

When issuers discover you were able to make some undesirable financial mistakes in the past, you can kiss your application approval goodbye. Fortunately, getting a reloadable prepaid card is the exact opposite—fast, easy, and straightforward.

You can use it to help you curb overspending and manage your money properly.

Those who use credit and debit cards often find themselves in a mountain of debt if they lack the discipline and control over their spending. They can also end up paying for costly monthly interests, fees, and other charges if they are not careful with their spending.

While prepaid cards do have some transaction fees as well, they are often very minimal compared to their counterparts. What helped prepaid cards earn a really massive following is the fact that they’re not only easy to obtain, they are also very helpful for those who want to be on top of their spending.

For those who do not know, transactions using prepaid cards are limited to the balance that’s available on the card. That means as soon as the balance has been depleted, the spending also stops automatically.

You can use it to pay for online transactions.

There’s no denying online shopping has become almost the norm. And this is not really surprising as online shopping is just over the top in terms of ease and convenience. For starters, you won’t have to leave the comfort of your office or home.

With just a few mouse clicks, you can choose what you want, pay for it using your prepaid card, and wait for the items to be delivered right at your doorsteps. Now, that’s convenience, value, and ease you can’t just resist!

How Your Business Can Benefit from Using Prepaid Card for Business

prepaid cards in Singapore

Nowadays, prepaid cards have become the consummate financial tool for those who have issues managing their spending, those who have bad credit standing, those who have no access to banks, and those who are trying to curb overspending.

However, the appeal and use of prepaid cards is no longer limited to consumers alone. Thanks to their unbeatable features and exciting benefits, prepaid cards have also made their mark in the business world.

Prepaid cards for business have been the go-to option for those who would like to make their transactions quick, seamless, and hassle-free. Today, prepaid cards for business are used to easily allocate budget for logistics and supplies, for employee fare and meals, and for travel and emergency funds, among others.

So what is it with prepaid cards for business that has endeared them to the business world? We’ll take a closer look at all the benefits of prepaid cards for business in this article.

Why Prepaid Cards for Business Are Ideal

●    They are easy to use since they have no tie-ups with any banks

●    They can be reloaded with money anytime

●    They can help warrant company spending is within the budget you have identified. It can also help ensure spending as well as monitoring of transactions is a lot easier

The Enticing Benefits of Prepaid Cards for Business

There’s no denying prepaid cards for business offer benefits that are hard to beat. Some of the most remarkable ones include:

●    They can be used to help regulate and control expenses so the business stays efficient and profitable.

●    They can be obtained without any hassles and can be reloaded with funds just as easily.

●    They are not associated with any banks so no credit checks are required during application. There’s also no need to submit financial documents or personal data.

●    Since no credit capabilities are involved, transactions using prepaid cards for business won’t affect credit in any way.

●    Since they work pretty much like the other plastic cards, there is no learning curve involved. They’re about as easy and straightforward to use as credit or debit cards.

●    Just like other plastic cards, prepaid cards for business can also be used to make online purchases easily.

●    Prepaid cards for business can also be used to separate business from personal expenses. The ability to keep expenses separate from one another is important to manage work-related funds more easily.

●    With a prepaid card for business, keeping tabs of employee spending is a lot easier. In addition, setting limits and monitoring expenses is also a lot easier.

●    For business owners, using a prepaid card for business can also help ensure they are spared from the risk of having employees overspend or mismanage company funds.

●    Prepaid cards for business can be used to easily segregate money for supplies, meals, and whatever else the business needs.

●    With a prepaid card for business, monitoring every transaction can be done easily and conveniently. This can be very helpful especially for those who want to have a detailed report of every spending or transaction.

●    In terms of fees, users would be delighted to know they are way lesser compared to other plastic cards like credit or debit cards. Unlike other plastic cards like credit cards, there is no risk of accumulating huge monthly interest, fees, and other hidden charges.

●    Unlike debit cards, there’s no need to be mindful of paying for overdraft charges.

Undeniably, using prepaid cards can provide countless benefits. It is especially beneficial for those who would like to monitor their transactions and ensure it is within the identified budget.

As a general rule of thumb, it would be wise to use a prepaid card for business as a supplemental card that will not only help curb overspending but also make tracking of any spending very easy.