Practical (and Smart!) Reasons to Get a Reloadable Prepaid Card

In today’s technology-driven and fast-moving world, seamless and cashless transactions have almost become the norm. In other words, nowadays, almost all financial transactions are carried out using a debit, credit, or reloadable prepaid card.

Without doubt, these awesome and undeniably ingenious tools have become the financial tools of choice by many over the years. However, of the three mentioned, the reloadable prepaid card is the most recent addition.

While relatively new, it is reassuring to know that reloadable prepaid cards are not inferior in any compared to other cards in terms of the convenience and ease offered. Given that you know all the basics of your reloadable prepaid card, you’ll be able to maximise and enjoy all the benefits it has to offer.

Reloadable Prepaid Cards: Your Smart and Practical Plastic Card Alternative

If you’re considering getting a prepaid card or you already have one but clueless when it comes to the benefits they offer, we’ve listed them down for you. While there’s no shortage of benefits reloadable prepaid cards offer, some of the most remarkable ones include:

They are so easy to obtain

Have you tried applying for a bank account or a credit or debit card? If you have, you can definitely attest to how hard they can be to apply for. For starters, you’ll have to go through those time consuming and meticulous credit and background checks.

If anything, you’ll have to be prepared to submit financial documents and share personal information.

If you’ve made a few financial mistakes in the past (i.e. issuing bouncing checks or not paying bills on time), it is very likely that your application will be declined. Thankfully, even if you don’t get your hands on a credit or debit card, you can easily obtain the next best thing—reloadable prepaid cards!

With reloadable prepaid cards, you no longer have to worry about submitting financial or personal documents. That means you are also spared from those tedious credit and background checks.

What’s even better? Since reloadable prepaid cards don’t come with credit capabilities, you are spared from the risk of spending beyond your means.

They can help you manage your money better

When you use a credit card, you need to always be aware of your spending. Otherwise, you can end up buried in a mountain of debt that will take years for you to fully pay.

Come to think of it, you can easily get stuff and pay for them at a later date. Unless you’re being really wise with your spending, you’ll always have to constantly deal with the temptation of spending more than you’re supposed to.

Thankfully, with a reloadable prepaid card, you won’t have the same dilemma. Since you get to decide how much to load to the card, you can also limit your spending to the balance that’s available on the card.

You are free from the impulse to purchase things you don’t really need just because you can pay for them at a later time.

As if not enough, prepaid cards can also be very effective as a budgeting tool since it allows you to easily track your spending. It is also considered ideal for those who want to strictly adhere to the budgets they’ve set.

They can make shopping online really easy

Shopping in stores and malls especially during these times of quarantines, lockdowns, and social distancing has become extremely challenging. Of course, for most, it’s also not practical or safe.

The good thing is, your reloadable prepaid card can be used to shop online so you don’t have to go out to get what you want. To ensure the safety of your online transactions, be cautious about the sites you’ll purchase items from.

Spend some time to check if they are indeed legit and trusted. Fortunately, with reloadable prepaid cards, your risk is way lower even if it is compromised since it is not connected to your bank accounts or any of your personal or financial information. Truly, safety, ease, and convenience you can’t find anywhere else!

Your Quick Guide to Prepaid Cards for Business

Nowadays, a new and ingenious financial tool has earned quite a following in the business world—prepaid card for business. While dramatic, the popularityprepaid card for business are currently enjoying is not really surprising.

If we look into all the benefits this amazing financial tool offers, it’s easy to see why they’ve earned so much following in such a short amount of time.

While once viewed as a beneficial financial tool only consumers have easy access to, prepaid cards have slowly made their way and dominated the business world.

Which brings us to the following key questions: what exactly are prepaid cards for business? What makes them so popular? And how exactly do they work? Discover all the answers and more in this quick and comprehensive guide!

Prepaid Cards for Business in a Glance

The Basics

Since they share several surface similarities, many people mistake prepaid cards for business for the the typical debit and credit cards. If anything however, that’s often where the similarities end.

Prepaid cards for business have a few distinct differences that clearly sets them apart from the typical cards used nowadays.

For starters, those who issue credit cards put heavy consideration on the financial status of the applicant as well as the business profile before considering them qualified.

The exact opposite is true as far as obtaining a prepaid card goes.

If you’ll apply for a prepaid card, you won’t have to provide any financial documents. You are also spared from all the hassles associated with tedious and time-consuming credit and background checks.

While having access to really high credit limits can have its upsides, it can also have massive downsides. Case in point: if your business has a credit card with a really high credit limit, it also becomes very easy for employees to overspend since they won’t be shelling out cash to pay for the purchases.

With a prepaid card on the other hand, money has to be loaded on the card before it can be used. This gives business owners one very helpful feature—it puts them in total control of how much they’ll be spending.

In addition, transactions using prepaid cards will be limited to the balance that’s available on the card. That means no overspending when you can’t afford to!

Set Up

Many businesses are quite delighted to know that obtaining a prepaid card is both easy and straightforward. Since it does not have any credit capabilities, you don’t need an impressive credit and financial standing just to get one.

Also, businesses who are using prepaid cards have the option to have the card personalised using the company colours and logo. They are also given the luxury to choose if they would prefer a generic prepaid card or one that’s issued only to a few staff.

Limitations

Without doubt, the flexibility prepaid cards offer is one of the main reasons businesses have ditched their other plastic cards. Another benefit prepaid cards offer that many people consider too enticing to resist is the ability to load money at their convenience.

Once the balance has been depleted, users have the option to load money onto the card again or delay it at a later time.

Since spending is limited by the balance available on the card, it’s a lot easier for prepaid card users to stick to the budget they have set for a specific period.

For instance, if the card is used to pay for miscellaneous purchases, cardholders can easily look into their spending patterns so they’ll be able to budget the money until a specific time.

Prepaid cardholders also have the option to load money onto their cards at any time that’s convenient and ideal for the business—whether it’s weekly, monthly, quarterly, or daily, you call the shots!

6 Reloadable Prepaid Cards Myths and the Truths Behind Them

Understandably, there will always be misconceptions about new tools and technologies and reloadable prepaid cards are no exception. While credit and debit cards have been around since the 70s, prepaid cards are considered the most recent FinTech innovation.

Since they are considered relatively new, it’s not really surprising that people are still unfamiliar with reloadable prepaid cards and don’t know the truth behind some of the most prevalent reloadable prepaid card myths.

In this article, you’ll learn all there is to know about prepaid cards and the truths behind some of the most common reloadable prepaid card misconceptions.

Myth Number 01:

You can’t obtain a reloadable prepaid card if you have bad credit.

Truth:

There’s no truth to this. When you use a prepaid card, you won’t be able to borrow money from the bank. Instead, purchase transactions and ATM withdrawals will be deducted from the money available on your card.

That being said, prepaid card issuers won’t take into account the credit standing of those who would like to obtain a prepaid card. Additionally, when you get a prepaid card, you are spared from submitting financial documents and the annoying long wait just to get your application approved.

Myth Number 02:

Prepaid cards and gift cards are one and the same.

Truth:

While many people often mistake one from the other, prepaid cards are different from gift cards. For starters, prepaid cards are typically sold at grocery stores and can be loaded only once. In addition, gift cards can also be used only once.

This means you’ll have to purchase another gift card once you’ve depleted the balance available on your card. On the other hand, reloadable prepaid cards have a way higher limit and can be used for online transactions as well as ATM withdrawals.

Myth Number 03:

Only those with no access to bank accounts can use prepaid cards.

Truth:

Prepaid cards are often used by freelance specialists, parents, smart budgeters, travellers, and business owners. If anything, it’s an awesome financial tool everyone can use, not just those individuals who don’t have access to banks.

For those who have access to banks, reloadable prepaid cards can also serve as an easy-to-get additional account. The charges and fees of reloadable prepaid cards are also often very minimal while its functionality and features are topnotch.

Myth Number 04:

Reloadable prepaid cards are risky to use and prone to security breaches.

Truth:

Nothing can be farther from the truth. If anything, reloadable prepaid cards are considered very secure. In fact, some prepaid cards even come with two-factor authentication just like some debit cards.

Each time the card is used for ATM withdrawals, a PIN will be required so transactions are secured and protected.

Myth Number 05:

Just like credit cards, prepaid cards can also be overdrawn.

Truth:

If your bank account comes with an overdraft feature, it’s easy for you to spend beyond the balance available. Fortunately, with a prepaid card, your spending is limited by the balance available on the card.

This makes prepaid cards ideal for parents who want to teach their children the value of money and not spending beyond what they can afford to.

Myth Number 06:

You can’t use your reloadable prepaid card for online shopping.

Truth:

Online shopping is one of the enticing activities you can do using your prepaid card. If truth be told, many people consider using a prepaid card ideal for online purchases.

Why? For starters, since it’s not linked to your bank or savings account, you won’t be compromising your account or any personal information.

So why risk getting your bank accounts compromised when you have a preloaded, safe, and independent prepaid card?

Effective Ways to Properly Manage Your Reloadable Prepaid Card

Nowadays, more and more people are relying on reloadable prepaid cards for their day-to-day transactions. Taking into account all of the benefits this amazing Fintech innovation offers, its popularity is not exactly surprising. 

As the name implies, a reloadable prepaid card is a card you can use for purchase transactions and ATM withdrawals. However, money has to be preloaded on the card before you can use it.

Unlike credit cards that come with credit capabilities, prepaid cardholders will use the money that’s been loaded on the card for their transactions. Transactions are deducted directly from the balance available on the card.

Once all the balance in the card has been depleted, transactions will be declined. However, you can immediately use the card for transactions again once you have successfully loaded money onto the card again.

How to Manage Your Reloadable Prepaid Cards Wisely

While reloadable prepaid cards are easy to use, not many know how to use them accordingly so they can maximise all the amazing benefits they offer. If you want to manage your reloadable prepaid cards appropriately, here are some beneficial tips you need to keep in mind:

Use them to effectively manage your finances

Do you find sticking to the budget you have identified extra challenging? Do you always run out of money before the next payday? If you answered yes to any of these questions, getting a reloadable prepaid card might be a great option for you.

To manage your finances better, you can try using one prepaid card for a specific monthly expense. For instance, you can have one reloadable prepaid card for rent, another one for allowance, another one for transportation, etc.

By using this technique, you’ll be able to allocate a specific amount without the risk of spending beyond your means or what you can afford to. If all the balance in the card has been depleted, you have the option not to load it again until you have the money.

Use them when you travel overseas

Another way to use your reloadable prepaid card wisely would be to take them with you when you travel overseas. Prepaid cards can be used for payments as well as purchase transactions and ATM withdrawals.

Prepaid cards can also be used to pay for local transfers, plane tickets, and hotel or other accommodations. Using your reloadable card to pay for those transactions is not only convenient, it might also entitle you to rebates, promos, and other discounts.

Another enticing benefit of bringing and using cards overseas is you won’t have to carry wads of cash with you as you move from one place to another. You can keep your money securely in your prepaid card and you can just request for blocking in case your card gets lost or stolen.

Use your prepaid card as a piggy bank

If you want to save money, loading it in your reloadable prepaid card would be a good idea. This is especially helpful for those who don’t have access to banks or those people who don’t like dealing with banks.

Since you have the option to withdraw money at ATMs, reloadable prepaid cards is no doubt a convenient tool. Using a reloadable prepaid card is also a practical idea if you like purchasing items online.

Using a reloadable prepaid card is also ideal if you are wary about getting your personal or financial information compromised. Since your reloadable prepaid card is not linked to any bank or savings account, there is no risk of shady characters getting access to your confidential data in case your account gets compromised.

Prepaid Cards: Fast Facts You Should Know

Basically, the best prepaid cards work like a combination of a credit card and a checking account. Oftentimes, they are issued by bank holding companies and are branded by established financial institutions.

Before the best prepaid cards can be used, money needs to be loaded on the card first. Just like a credit card, prepaid cards can be used for purchase transactions (online and at merchants) as well as for ATM withdrawals. Also, akin to most credit cards, prepaid cards are honoured where most credit cards are accepted.

While prepaid cards share a few features in common with credit cards in terms of functionality, it’s financial side is more identical to that of a checking account. What that means is any amount spent or withdrawn will be deducted from the total balance available on the card. In addition, prepaid cardholders won’t be able to spend beyond the balance that’s on the card.

Prepaid Card Fast Facts

If you’re considering getting a prepaid card, here are some fast facts you need to know:

  • For some, prepaid cards are the convenient alternatives for various transactions that will require the use of credit cards. That being said, prepaid cards can be especially beneficial for people who don’t have access to banks or have minimal to zero knowledge in terms of how they work.
  • Prepaid cards can also be awesome for people who have no access to banking services or those individuals who are locked out of the banking system because they have poor credit scores.
  • Those who like to give gift cards as tokens would be delighted to know prepaid cards provide a much better alternative thanks to some of the beneficial features they come with. For instance, some prepaid cards come with protection in the event of loss or theft.
  • Most of the time, cash cannot be used to pay for online services or products. Fortunately, prepaid cards can be used to pay for transactions done online. Unlike gift cards, prepaid cards can also be used to withdraw money from the ATM.
  • Thanks to the topnotch benefits they offer, prepaid cards have evolved into one of the fastest growing niches in the financial sector. In fact, many experts project the number of prepaid cards sold to rise by as much as 22 percent annually from 2015 to 2020. Another prediction indicated that the total amount that will be loaded by prepaid cardholders will rise to as much as $116 billion by the year 2020.
  • To be able to pick the best prepaid cards for your needs, consider it best to analyse your spending habits first. From there, opt for a card that will charge less in areas where you are more likely to be charged. For instance, if you use your card for a lot of transactions, it would be wise to choose a prepaid card that will waive fees each time you exceed the money transaction limit.
  • Another beneficial tip you should keep in mind when looking for a prepaid card is structure that you can easily understand. You have to remember that some prepaid card providers use the flat-free model while others charge users for most card transactions. Analyse your monthly card activities so you can gauge if a flat-free model would be a good fit for you.

Practical Reasons to Get a Reloadable Prepaid Card

In today’s modern and highly connected world, convenient and cashless transactions made possible by credit, debit, and reloadable prepaid cards have become the norm. Nowadays, these highly innovative financial tools have become an integral part of many people’s day-to-day activities.

However, while several of these ingenious plastic cards are deemed a staple by many, it is surprising to note that not everyone is fully aware of their ins and outs. Unfortunately, this is especially true as far as reloadable prepaid cards are concerned since they are considered new compared to their other counterparts.

Practical Reasons to Get a Reloadable Prepaid Card

If you are one of the many who’s considering getting a reloadable prepaid card but still unsure if it’s the best fit for you, below are some of the practical reasons you can take into account:

You no longer have to deal with tedious and time-consuming credit and background checks

Let’s face it, while important, credit and background checks can be time-consuming, stressful, and just downright annoying. However, whether people like it or not, credit check are deemed an integral part of credit and debit card applications.

Since credit cards have credit capabilities, banks adhere to a very strict process in terms of background checks. These checks can sometimes include checking the applicant’s personal, financial, and even employment history.

When you’ve made significant financial blunders in the past (i.e. issuing bouncing checks, not paying your credit card bills on time, etc.), you’ll have a very slim to zero chance of getting your applications approved.

Fortunately, if you wish to obtain a reloadable prepaid card, you are spared from all the hassles of submitting financial documents or undergoing background checks.

More than anything however, you are spared from the risk of accumulating mounting debts as well as paying for over the roof interests, fees, and other charges.

You can use your reloadable prepaid card as an effective budgeting tool

Do you need help when it comes to managing your money properly? Do you always find yourself accumulating massive credit card debts? Do you find it hard to stop overspending? If you are experiencing any of the dilemmas mentioned, you’d be glad to know you have a reliable ally in reloadable prepaid cards.

Unlike credit cards, reloadable prepaid cards don’t come with credit capabilities. That means it is a lot easier for cardholders to stay on top of their spending since their spending will be limited to the amount that’s available on the card.

Once the balance in the card has been depleted, spending also stops automatically and users can’t use the card until money has been successfully loaded onto it again.

You can use it to shop online effortlessly

Whether you admit it or not, shopping in stores has become quite draining lately. You need to get dressed, load gas on your vehicle, brave the traffic, and deal with total strangers as well as sales clerks.

Fortunately, if you have a reloadable prepaid card, you can use it for online shopping so you don’t have to deal with any of the inconveniences and hassles associated with shopping in stores.

Regardless if it’s clothes, gadgets, or whatever else you need, you can purchase it online using your reloadable prepaid card. The process is both quick and effortless.

All that’s needed is for you to visit the site you want to purchase items from, pick the items you want, and order and pay for the item with just a few mouse clicks.

The items will be shipped to you and you’ll be done in just a few minutes right without the need to leave the comfort of your very own homes or offices.

New to Reloadable Prepaid Cards? Keep These Essentials in Mind

Reloadable prepaid cards are also known as general purpose reloadable cards. Over the years, they have become more and more popular thanks to the exciting and enticing benefits they offer. 

Unlike other plastic cards like credit and debit cards, reloadable prepaid cards are not linked to any savings or checking accounts. With that said, they are considered a lot safer compared to the other two.

What makes reloadable prepaid cards even more endearing to many consumers is they can easily be obtained. That means, you don’t have to go through the hassles of filling out registration forms or submitting personal and financial documents just to get ahold of one.

In addition, if you take into account all the unbeatable and peerless features and benefits reloadable prepaid cards offer, it’s easy to see it’s all the card you’ll ever need. You can use it for several purposes and you won’t need to carry other plastic cards if you already have one.

However, while reloadable prepaid card users have grown tremendously over the years (and have not shown any signs of slowing down), not many people can really claim to know their reloadable prepaid cards inside out. 

For instance, not everyone is aware that there are also international prepaid cards that frequent travelers consider their ultimate travel companions. Unlike the typical prepaid card that’s designed for local use, international prepaid cards come with a few other features that are beneficial for globetrotters.

That being said, the importance of knowing all the basics about your reloadable prepaid card cannot be overstated. For starters, you won’t be able to fully enjoy all the features of this amazing financial tool as well as all the benefits they have to offer when you don’t even know the essentials.

To help you out, here’s all the basics you need to know about this one-of-a-kind tool:

Some reloadable prepaid card transactions have corresponding fees/charges.

When you use your card and notice a deduction in the balance after, it’s safe to assume you were deducted a fee for the transaction. Since prepaid cards are not linked to savings or checking accounts, many assume transactions using the card is also free.

The good news? Compared to other plastic cards, fees/charges when you use your prepaid card is minimal. The thing is you just need to be aware of these charges so you know if the deductions are correct.

In line with this, consider it best to check with your prepaid card issuer in terms of their fees/charges for transactions. If your issuer has a website, check their website out so you’ll know the charges as well as other things you need to be aware of when using your card.

Most reloadable prepaid cards are accepted by many merchants and establishments.

This is great news for those who intend to use their prepaid cards in various establishments like department stores, restaurants, and boutiques. What’s even more amazing is prepaid cards can also be used for online purchase transactions as well.

That means you are spared from leaving the comforts of your home and office just to purchase what you want. Just ensure your prepaid card has sufficient balance and you can already use it to purchase any items you want.

Online transactions are not only secure, they are also highly convenient and practical. Everything is done in just a few minutes and you won’t have to get dressed or interact with other shoppers or sales people just to purchase what you want.

Prepaid cards can also be used for withdrawal transactions.

This is something not many people are aware of. But yes, you can also withdraw money using your prepaid card. Most prepaid cards are compatible with most ATMs so withdrawing money is always a breeze.

It is also important that you are aware of your card’s daily spending limits (if any) so you can accurately plan your cash withdrawals and online purchases. Check with your issuer regarding those and visit their website for other essentials and instructions.