Need Some Bucks For Immediate Action? Try Prepaid Credit Cards For A Change
Reading Time: 5 minutes Nowadays, carrying green cash seems to be a thing of past. More transactions are taking place through a plastic sheet of paper, known as a credit card instead of cash. Prepaid credit cards now have their practice use like any of the other categories. Moreover, prepaid cards can be used for any purpose.
Whether planning to pay an EMI or buying gifts for any festive season, these cards are life saviors. Most of the credit card companies will have the availability of procuring prepaid cards. Just like any other card, this option has its share of pros and cons. But, one thing about the prepaid card is that the number of pros can easily outweigh the cons in no time.
Difference between the traditional debit card and a prepaid one:
What makes traditional debit cards a bit different from the prepaid ones? The main difference is that prepaid cards are not quite linked to any of the bank accounts and will have no personal information about the holder in question. Whenever you are trying to use any prepaid card, you are actually spending money you have loaded onto the card. It is more like a prepaid SIM for your mobile phone.
At some point in time, these differences might be a bit confusing as both prepaid cards and credit or debit cards have network logos like Visa, MasterCard, Discover and American Express. Whenever you are trying to use a credit card, you are practically borrowing money from the financial center. On the other hand, whenever you are using prepaid credit cards, you are going to spend the only pre-set money you have put on the card in advance.
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Check out the differences in repayment:
Whenever you are using traditional debit or credit card, always remember that the borrowed money needs to be paid with an interest rate added, especially when you fail to repay the balance in full. If you fail to pay the monthly amount, which is due on time, you might be charged some extra fees and that might prove to be a hefty amount! But, whenever you are heading towards the use of a prepaid card, you are spending only the amount set on the card. So, you don’t have to face any issue of not being able to repay the amount later. If the cards don’t have any money left, your shopping list will get barred for the time being, until you recharge the card all over again.
Basics focusing on prepaid debit card:
One of the fastest ever growing payment methods in the USA has to be prepaid debit cards. The use is increasing dramatically and every passing day. There are some surveys, which have completely indicated that over $160 billion has been spent by 2018 in the only gift card industry! Wow, now that’s what you call a huge number!
Why do you bother going for a prepaid debit card:
You have heard quite a lot about prepaid debit cards and it’s enough to prove its importance among people. But, why is the main question? There are so many reasons. The most common one among the lot is that more people who cannot qualify for the standard debit or credit card can actually head for this prepaid value. As such a number of people is growing faster with every passing day, so there is a huge growth in prepaid credit or debit cards as well.
A prepaid debit card is your ultimate solution whenever you are finding it hard to access unsecured credit card, or it seems impossible. Even though not everyone can get simple and easy access to traditional cards, it is also becoming way too difficult to go on with your daily life without any sort of credit card.
Working as your sole identity:
When you are traveling, staying up in a comfortable hotel is your basic necessity. Moreover, you might need a rental car to help you roam around the place with ease. But, there are some hotels and rental car companies available, which won’t serve you anything unless you have a credit card. It means you need to have some sort of credit card to find ways around the modernized society. For those with no credit card or lower credit score, it can be hard to get hands on a regular one. For those with borderline credit with staggering monthly fees have to get along with the prepaid credit or debit card for a change.
Sign up for the cards now:
Just like any other credit or debit card, you need to check out for the best-prepaid card option, matching your fit the most. Prepaid cards are available in so many sizes and shapes. One major benefit of prepaid card over secured card is that you don’t have to deal with any minimum balance of $500 that secured cards might ask for. So, even if you have 100 bucks in your pocket and want a card with it, prepaid cards are readily available. Most of these cards are free of charge and some have minimal charges against their uses. In case you agree to have paycheck direct deposit onto cards, the financial institutions might wave the fee against it.
However, there are some things you need to look for whenever you are researching for prepaid debit cards. Those features are bonus points, cash back rewards, monthly fees and more. These points are subject to vary from one card to another, based on the advantages available.
Best candidates for prepaid cards:
If you are planning to use credit cards for basic payments or just need it to rent a car or book a hotel, prepaid cards are best for you. Moreover, if you have this bad tendency to spend money without keeping a track, you might fall into some serious mess with standard credit cards. Avoid being in that situation by keeping a hold on prepaid cards. This way you can actually keep a track on money you have settled for the card and won’t be able to shop anymore once you have no amount left.
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