What Makes Prepaid Cards Massively Popular?

Posted By : admin

May 25, 2020


Prepaid Cards in Singapore

For many decades, many people considered credit cards the ideal method of payment. Undoubtedly, this can be because of the convenience, ease of use, and protection credit cards offer. The sad thing is certain restrictions and limitations have prevented people from getting access to credit cards.

Thankfully, prepaid cards have come to the rescue. They offer pretty much the same ease and convenience credit cards offer minus all the discomfort and hassles associated with credit card applications. For those who frequently travel overseas, they have a trusted ally in international prepaid cards.

Akin to most credit cards, international prepaid cards also have a lot of beneficial features. However, unlike credit cards, they have one distinct difference—prepaid cards have a balance set in advance through prepayment. The awesome thing is just like credit cards, prepaid cards can also be used for transactions done online and through merchants as well as online transactions.

Reasons Prepaid Cards Have Become Immensely Popular

What makes prepaid cards popular and powerful? For starters, they offer countless notable benefits that are truly hard to match. Some of the exciting benefits prepaid card users can enjoy include:

Availability. Unlike credit cards, prepaid card users won’t have to go through time-consuming and meticulous credit checks just to obtain one. That means those people who would like to have prepaid cards won’t have to pass rigorous screenings and background checks just to get one. In addition, since prepaid cards don’t have credit capabilities, users are also spared from accumulating huge debts or defaulting on their payments.

Convenience. Just like most credit cards, prepaid cards are accepted in many places both local and international. This feature gives prepaid cardholders the capability to purchase and pay for items with just a swipe of their cards. Not only that, since prepaid cards can also be used for online transactions, that means cardholders won’t have to leave the comforts of their homes or offices just to shop. 

Ease of use. In many ways, prepaid cards are used pretty much the same way as other plastic cards so no massive learning curve is needed. In addition, loading money onto the prepaid card can be effortlessly done. Also, it is awesome to know that most prepaid cards are accepted and honoured in places where most credit cards are accepted.

Budget-friendly. Those who would like to manage their finances accordingly and stick to the budget they’ve set can benefit from the amazing prepaid cards. This might not be common knowledge but prepaid cards can be really awesome and effective budgeting tools. However, since prepaid cards don’t have credit capabilities, there is no tendency for users to overspend or spend beyond the budget they have identified. 

In addition, to further help them with budgeting, prepaid cardholders can also use their cards as a separate bank account. When used as a separate bank account, prepaid cards can be used as a place where money for a particular project can be stored. Since cardholders won’t be borrowing any money from the bank, prepaid card users are also spared from incurring hefty fees, interests, and other charges.