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The Unbeatable Advantages of Using a Prepaid Debit Card
Article by Imogen Reed | Read more submitted articles here
Prepaid cards are a convenient solution for thousands of people worldwide. Originally conceived as an alternative to carrying around foreign currency when enjoying a far flung vacation, now people are using prepaid cards as a debt free and hassle free alternative to their credit cards. Thinking of getting a prepaid debit card of your own? Here are just some of the unbeatable advantages of using a prepaid debit card:
Your Credit Rating Doesn't MatterIf you have a poor credit rating and worry that you'll never be accepted for a credit card again then a prepaid card would be the ideal solution for you. The balance of your prepaid card will only ever be the money you have pre-deposited on it, and prepaid cards are only issued on that basis. That means you don't have to go through a credit check, and you'll never have to worry about running up more debt or bills than you can't afford. Because you don't have to go through a credit check or any other pre-approval process to receive a prepaid cash card, another advantage is that the process is very quick: you could be in receipt of your card almost instantly, and begin spending that very same day. When choosing a prepaid card, choose one that is known to report to one of the major credit bureaus. That way, if you manage your account in a positive way then having a prepaid card could actually help you to build up your credit rating at the same time. It would be hard not to manage your account well, as you can only spend the cash you have. That means you'll never have to worry about late payment fees of large bank charges ever again!
Why Not Just Use Cash?
We've established that a prepaid card works just like cash, and that you can only spend the cash you have. Many people will be wondering, therefore, why not simply use cash? The answer is that there are some circumstances when it isn't easy or convenient to pay for something in cash, and where the vendor would prefer the security of a debit card transaction. The main example of this is for shopping online: your prepaid card will allow you to make online purchases easily and securely, and you can use it in just as many (if not more) online stores as you could your credit card. Many landlords also insist that their rent payments are made by card. Similarly when paying for your insurance policies, such as your home insurance, your car insurance, and even your life insurance, there often isn't an option available to pay for these premiums with cash. If you are in receipt of any particular government benefits you may also find it convenient to have a prepaid debit card, so that your benefits can be paid directly onto it for you. Whilst you could collect your benefit amount in cash cash at a specific pay point on a particular day, the prepay card saves you the hassle of having to make that regular journey.
Make Instant Connections With Friends and Family
According to the Federal Reserve Payments Study in 2010, prepaid cards are the highest-growth non-cash payments in America. Their use is also growing quickly here in South Africa, in the UK, and in wider Europe too. It is thought that this growth is a response to the aftermath of the global recession: it could also be because of the convenience the prepaid card offers. This means that it's likely your friends and family members both at home and around the world will have a prepaid card already, or easy access to one, making it much easier to pay, share and transfer money to them. Transfers from one account to another with a prepaid card are processed instantly, meaning you won't have to wait for a bank transfer or clearance process. If you need to send or receive cash in a hurry then a prepaid card is the fastest and safest option available to you right now.
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